RESPONSIBILITIES INCLUDE:
- Drive a compliance culture that focuses on proactively establishing a compliance advisory support functionality that provides technically sound and mature compliance advice at all levels.
- Work hand in hand with management and staff to identify and manage regulatory risk.
- Maintain open lines of communication by, confidently and maturely, engaging with all relevant decision makers, the FAIS regulator, internal stakeholders, and keeping all parties informed of regulatory changes.
- Review policies, provide technical support, and act as a professional sounding board, in so doing, providing comfort and assurance to Head of Compliance, Executives, Project Steering Committees, and Product Development forums.
- Assisting the Head of Compliance in discharging their obligations in terms of regulatory requirements.
- Be in collaboration with business, identify, coordinate and implement applicable regulatory requirements within the Society and provide assurance that the Compliance Risk Management process is implemented across the Society.
- Guide business through regulatory change by interpreting regulatory rules, guidance, and practice notes issued by the authorities.
- Identify the impact of change and work with the procedures and process owners to implement change in a manner that minimises the effect on “business as usual” activities.
- Review and manage all the existing compliance controls to ensure that current controls address all current regulatory information and business requirements.
- Develop compliance related policies, risk management plans, assessing and quantifying risks, implementing procedures and controls to mitigate risks.
- Sign-off on the work, especially the audits, of the compliance practitioners with a particular focus on the quality of work produced by the department, this may include monitoring and reviewing the compliance output and provide training if required.
- Draft and compile the Group compliance coverage plan in line with identified regulatory risks.
- Assess the overall testing coverage on regulatory risk for the business and address deficiencies.
- Evaluate risks specifically related to non-compliance with legislation and policy.
- Appropriately and assertively adding value to the Combined Assurance Model and interact, with the other Control Function team-members (i.e. Actuarial, Internal Audit & Risk);
- Provide regulatory awareness through a regulatory training awareness program.
- Review the coverage plan, the scope of each review, and conclusions and final report of each review.
- Identify, manage and monitor compliance obligations and risks, as well as reporting, interacting with regulators, industry bodies, and internal clients in relation to key legislation.
- Evaluate findings to establish possible contraventions and report a contravention of legislation to management, Exco, and the Head of Compliance.
- Drive the resolution and follow up on remedial actions required to mitigate and manage compliance risks identified in the course of compliance reviews and, report and escalate failures to implement.
- Deliver effective solutions that will enable the business to achieve its growth objectives within the regulatory framework.
- Participate in the Compliance approval of products, projects, and initiatives where required.
- Ensure commercially sound compliance advice, guidance, and support for the implementation of relevant regulatory requirements.
- Support stakeholders by providing well researched compliance opinions and articles.
- Establish objectives and critical performance areas as well as management control and development of members of the department.
- Provide mentorship and training as and when required to members of the department.
QUALIFICATION REQUIREMENTS FOR THIS POSITION:
- Compliance Degree or similar.
- Post Graduate Diploma in Compliance.
- Regulatory Examination 1.
EXPERIENCE AND KNOWLEDGE REQUIRED FOR THE POSITION:
- 8 Years’ experience in the financial services sector, especially in long-term insurance.
- Approved Compliance officer in terms of section 17 of the FAIS Act and Board Notices.
- 8 Years post qualification legal experience of which at least 4 years should be in a senior specialist role.
- 8 Years’ experience in mitigating risk and compliance.
- Comply with the same requirements determined by the Registrar under section 8(1)(a) of the FAIS Act.
COMPETENCIES REQUIRED FOR THE POSITION:
- Ability to maintain effective workflow under pressure.
- Logical, analytical & sound problem solving ability.
- Good communication abilities and sound interpersonal skills.
- Good negotiation skills, adaptable and accountability.
- Business acumen and grasp of governance and related matters.
- Ability to resolve conflicts and disagreements in a constructive manner.
- Attention to detail.
- Sound problem solving and analytical skills.
- Customer orientated, sound problem solving, and analytical skills.
- Good verbal and written communication skills.
- Ability to interact professionally at all levels of management, employees as well as internal and external stakeholders.
- Good understanding of actuarial modeling principles.
Desired Skills:
- financial services
- RE1
- long term insurance
- FAIS
- Risk and compliance
- complinance officer
- mitigation
- Board notice
- legal experience
Desired Work Experience:
- More than 10 years Investments, Insurance & Assurance
- More than 10 years Health, Safety & Environment
Desired Qualification Level:
- Degree
About The Employer:
AVBOB, Africa’s Largest Mutual Assurance Society Providing a One-Stop Funeral Insurance and Burial Solution, has a vacancy for a Senior Compliance Specialist
Employer & Job Benefits:
- Performance Bonus
- Pension Fund