PURPOSE OF THE ROLE
- The primary purpose of the Fund and Corporate Compliance Specialist function, as a second line of defence, is to embed and promote a compliance culture within SALT EB and to provide assurance to SALT EB’s board, executive management, the Head of Legal, Risk and Compliance and relevant committees on the level of compliance within the business;
- and to assist in achieving the Legal, Risk and Compliance unit’s mandate in providing assurance on the regulatory risks and controls within SALT EB as well as to highlight and mitigate compliance risk exposures within the business.
- The Compliance Specialist is further responsible for the management of Fund Legal and Compliance business. The incumbent will perform all legal and compliance duties on any assigned fund/s administered by SALT Employee Benefits.
- The Compliance Specialist, in conjunction with the Head of Legal, Risk and Compliance, will be responsible for (but not limited to) the following:
Drafting of Rules, Special Rules and Rule Amendments
- Drafting and submitting to the Trustees for signoff and to the FSCA for registration and approval, main rules, special rules and rule amendments for selected Funds under our administration;
- Amend service level agreements and related documentation in line with approved rule amendments, where applicable;
- Once registered and approved, communicate rule changes to the business, Trustees and other stakeholders if and when required.
Provide a Complaints Resolution Management Function
- Ensure that, in respect of selected Funds under our administration, complaints, queries and enquiries from the office of the Pension Funds Adjudicator, the FSCA, external attorneys and Fund members are properly investigated and responded to timeously. This is to be done in accordance with the legislation, rules, policies, administration procedures and the service level agreements applicable to the Funds in question;
- Monitor relevant mailboxes on a daily basis to ensure that that all complaints, queries and enquiries are captured and complied with, in particular complaints and determinations issued by the office of the Pension Funds Adjudicator;
- Produce monthly and quarterly reports on all complaints, queries and enquiries in respect of the selected Funds under our administration for purposes of board and sub-committee meetings;
- Ensure that complaints, queries and enquiries from the office of the Pension Funds Adjudicator, the FSCA, external attorneys and Fund members are captured and maintained on the RESPOND case management system and further ensure that proper controls and record keeping of all complaints, queries and enquiries are kept and are up to date;
- Investigate, analyse and monitor escalations and complaints. Report trends and implement preventative measures thereof with a view to ensure that compliance-related complaints, queries and enquiries are reduced;
- Identify, develop, enhance, document and make proposals to implement policies, procedures and processes that are relevant to the Complaints Resolution function.
EMPLOYERS THAT ARE UNDER BUSINESS RESCUE OR IN LIQUIDATION
- Ensure that claim forms are completed and submitted timeously to business rescue practitioners and liquidators for the recovery of arrear contributions, late payment interest and other claims that Funds may have against terminating employers;
- Liaise with business rescue practitioners and liquidators, resolve queries and attend to all related administrative matters in respect of terminating employers, on behalf of selected Funds under our administration;
- Produce monthly and quarterly reports on employers that are under business rescue and/or in liquidation in respect of selected Funds under our administration for purposes of board and sub-committee meetings;
- Attend to all administrative matters, in conjunction with the Administration department, in respect of participating employers (or Funds, if applicable) that are to be liquidated in terms of section 28 of the Pension Funds Act, including liaison with the FSCA and liquidators appointed by selected Funds under our administration.
FUND GOVERNANCE AND RISK & COMPLIANCE REPORTING
- Assist the boards of the Umbrella Funds under our administration with governance requirements to ensure compliance with regulatory requirements, if and when required;
- Produce monthly and quarterly reports to the boards of selected Funds under our administration on relevant Compliance and Risk Management matters per agreed procedures and templates.
PROVIDE COMPLIANCE MANAGEMENT FUNCTIONS TO ENSURE THAT
- SALT EB’s compliance framework and policies are properly embedded and implemented in the business;
- There is regular reporting on compliance breaches and progress on mitigation and management plans;
- Regulatory information is submitted to the FSCA as and when required, including details of participating employers in the Umbrella Funds under our administration;
- SALT EB continues to adhere fully to the SLAs with all the Funds under our administration and to the regulatory requirements;
- Ensure that SALT EB remains proactive by staying abreast of issues relating to the Funds’ SLAs and non-SLA compliance issues thereby avoiding ‘nasty surprises’;
- Conduct monitoring within SALT EB and the Funds under our administration on the impact of legislation, regulation and regulatory practice notes as per the annual Compliance Monitoring Plan;
- Compile monitoring reports following reviews and discuss findings as well as recommended action plans with the Compliance Manager and relevant departments within SALT EB.
PROVIDE RISK MANAGEMENT FUNCTIONS TO ENSURE THAT
- SALT EB’s risk framework and policies related to risks and controls are properly embedded and implemented in the business;
- All key risks affecting SALT EB and the Funds under our administration are identified, assessed, and adequately reported to the business and thereafter mitigated;
- Develop appropriate solutions/remedial actions to identified losses and risk exposures and ensure the effective implementation thereof;
- Operational risk losses due to frauds and/or control breakdowns are analysed, reported and monitored;
- Business/departmental performance is evaluated through risk scorecards and operational dashboards.
- Regular reporting on compliance breaches and progress on mitigation and management plans;
- Provide support in managing fraudulent activities as well as Professional Indemnity (PI) claims;
- Provide support in managing the Fit & Proper Requirements for SALT EB Key Individuals and Representatives;
- Provide support in ensuring that policies are properly embedded and implemented in the business;
- Assist in conducting / delivering annual regulatory or awareness trainings on Risk and Compliance requirements to all SALT EB employees.
- Provide input from a Fund Compliance perspective into the monthly EXCO report on the activities of the Legal, Risk and Compliance unit, for submission to the SALT EB board;
- Assist with litigation matters, including research and liaison with attorneys, if and when required by the Head of Legal, Risk and Compliance;
- Cultivate and manage objective working relationships with a variety of stakeholders, including regulators such as the FSCA, the office of the Pension Funds Adjudicator and external attorneys, in the interest of the business;
- Maintain expert knowledge on relevant legislation, regulation and industry best practice and the provision of proactive advice and solutions to relevant stakeholders.
- LLB, B Proc. or equivalent legal qualification; (Would be advantageous)
- Admission as an advocate or attorney of the High Court of South Africa will be an advantage.
Technical Knowledge :
Detailed knowledge of Financial Services (preferably in the retirement fund industry) and its regulatory environment;
- An in-depth knowledge and understanding of various statutes impacting SALT EB, including but not limited to the Pension Funds Act, Long-term Insurance Act, Financial Advisory and Intermediary Services Act and subordinate legislation etc.;
- Litigation skills and experience;
- Good verbal and report writing skills;
- Good presentation skills (including communication and negotiation);
- Good to excellent communication skills.
- Ensure adherence to all organizational objectives
- Devote the whole of your time, attention and abilities during working hours to discharge of your duties with strict accuracy.
- Use your best endeavours to properly conduct, improve, extend, develop, promote, protect and preserve the business interest, reputation and goodwill of the company.
- Any other duties as determined by the business needs and to participate in all organisational events as required.