Development and Implementation of the Business Unit
- Take overall responsibility for compiling and maintaining compliance risk universe documents for the business units.
- Effectively interpret legislation and provide practical advice with regard to interpretations, while maintaining appropriate (second-line of defence) independence from business unit.
- Manage and execute the process to identify, assess, manage, monitor and report on compliance risks that the business unit faces.
- Implement, monitor and report on end-to-end compliance processes.
- Develop compliance documentation, including the risk management plans and monitoring frameworks for the business unit.
- Provide compliance input and direction into the design and approval of new and existing products.
- Provide professional advice and guidance to the business unit regarding compliance matters.
- Identify compliance risks through the Combined Assurance Model and actively participate to achieve business unit compliance within the Group.
- Initiate regular interactions with operational departments to stay informed of business developments and important information which may be required to understand and identify compliance risks and build credibility.
- Keep abreast of compliance laws, rules, standards, and new developments in the compliance landscape pertinent to the Business Unit.
- Execution of compliance activities based on the compliance monitoring plan.
- Provide compliance support that is aligned to business strategy.
- Contribute to projects in the Business Unit to ensure that compliance risk is minimal.
- Support the business by evaluating and prioritising risk-based compliance assurance activities.
- Build strong relationships through providing specialist know-how and leadership to others, expressing positive expectations.
- Manage relationships with the various regulatory authorities and industry bodies pertaining to the business unit.
Responsible for Highlighting Risk Exposures
- Conduct regular risk assessments to identify and assess potential compliance risks for the Business Unit.
- Develop and implement strategies to mitigate identified risks in the business unit.
- Ensure that the Business Unit compliance framework is robust and up to date.
- Share compliance risks with Business Unit management to facilitate early resolution and enable them to take remedial action.
- Liaise with the legal department where necessary (e.g. when new processes and/or procedures are developed or when existing processes and/or procedures are amended that may have legal implications).
- Identify compliance risks through the Combined Assurance Model and actively participate to achieve business unit compliance within the Group.
- Assist Heads of Control with ad-hoc activities where necessary.
Policy and Procedure Development
- Review and update compliance policies and procedures for approval by Heads of Control.
- Effectively interpret legislation and provide practical advice with regard to interpretations.
- Give input for the development of compliance documentation, including the risk management plans and monitoring frameworks by Heads of Control.
Compliance Business Partner
- Take responsibility for being the Compliance business partner to the business unit and for providing comprehensive compliance support, including stakeholder management and developing a detailed knowledge of the products, channels, and features of the business unit to provide timely, appropriate, and technically sound compliance advice.
- Require minimal supervision and direction in providing professional support to the business unit while ensuring that collegial relations are maintained with the rest of the Compliance Department, which must be kept abreast of developments within the business unit.
- Produce written compliance assessments and opinions when requested, undertake research, and keep fully abreast of compliance requirements and regulatory developments to promptly and professionally serve the compliance needs of the business unit.
- Ensure that the compliance guidance provided to the business unit is aligned with the overall strategic direction of the Group and with the risk appetite of the Group, keeping the Head of Compliance Control Function fully informed of developments within the business unit.
Training and Education
- Conduct training sessions for employees on compliance issues specific to the Business Unit.
- Provide ongoing workshop support and education to staff about compliance best practices as and when required.
Monitoring
- Plan and execute compliance monitoring activities in accordance with the compliance scope.
- Monitor the efficiency and consistency of compliance controls.
- Update the relevant compliance monitoring programs where necessary.
- Undertake professional reviews of departments’ compliance with legislation.
- Assist with ad-hoc activities where necessary.
- Collaborate with internal auditors when necessary.
Reporting
- Execute the regulatory compliance breach management and follow-up process to address the identification, analysis, and resolution process and escalation procedures.
- Prepare reports on compliance status and present findings to senior management of the Business Unit.
Regulatory Complaint and Incident Support
- Investigate compliance-related complaints and incidents and provide guidance to the operations teams.
- Check whether appropriate action has been taken to resolve issues and implement processes to prevent recurrence.
- Liaise with regulatory bodies such as the National Credit Regulator (NCR) and the Micro Finance South Africa (MFSA) for compliance matters.
Data Protection and Privacy
- Monitor that the Business unit complies with the Protection of Personal Information Act (POPIA) and other relevant data protection regulations.
- Bachelor’s degree in law, Finance, Business, or related field. A postgraduate qualification in compliance or risk management is an advantage.
- Minimum of 7 years of experience in a compliance role within the financial services industry.
- Thorough understanding of South Africa’s financial regulatory environment, including the National Credit Act, POPIA, and FIC.
- Experience dealing with regulatory bodies such as the NCR, MFSA, FIC, PA.
- Previous experience in training and educating staff on compliance matters.
- Knowledge of anti-money laundering (AML) regulations and practices.
- Proficiency in MS Office and compliance management software.
- Minimum of 7 years’ experience in a compliance role within the financial services industry with specific focus on insurance.
- Minimum of 7 years of experience in a compliance role within the financial services industry with specific focus on Micro-lending and Investments sectors.
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