My Short Term Insurance Client is looking for a dynamic and energetic individual to fill the Risk and Compliance Officer Position.
You will be primarily responsible for developing and monitoring the business risk and compliance framework and providing assurance on industry and regulatory compliance programs in line with the prevailing legislative environment governing the financial sector in insurance.
- Degree in Law (Essential)
- Certified Anti Money Laundering Specialist (CAMS) will be an advantage
- 2-5 years of compliance-related experience
- Experience in the insurance and financial services industry.
- The client is establishing, implementing, and maintaining a regulatory compliance management framework and function within the business in accordance with the overall risk management framework and group and licence holder requirements.
- Creation of compliance risk management plans and monitoring compliance in terms thereof.
- Management of compliance functions within the various regions of the business, where applicable, and
- external compliance providers.
- Assisting businesses in creating processes to mitigate the identified compliance risks within the business.
- Conduct SOPs conformance testing on all SOPs relating to prevailing legislation and processes and track management actions developed to address issues identified.
- Drafting and implementation of compliance policies.
- Training of employees on compliance policies and legislation, including the drafting of training material.
- Addressing compliance-related queries from within the business.
- Creating a compliance culture within the business.
- Reporting to management, the stakeholder, and the relevant regulators on compliance on the business.
- Advising business on regulatory changes which may impact compliance management within the business.
- Establishing and maintaining relationships with regulators and other internal and external stakeholders.
- Complaint investigation and management.
- Enable the business to acquire new business within the legislative and operational framework.
- Ensure the reporting of cash transactions and suspicious transactions on a timely basis to the MD.
- Maintaining an ongoing profile of key risks and emerging trends across the business.
- Monitor and keep up to date with risk management, compliance, and legislative developments domestically and internationally.
- Maintain the Operational Risk Register and track management actions. Collate and report risk events and corrective action is taken.
- Implement the Legal Risk Management Programme and monitor all legal affairs with the business.
- Maintain awareness of regulatory framework and specific obligations within the Financial Advisory and Intermediary Services (FAIS) Act, code of conduct, and requirements.
- Consult on an ongoing basis with Operational managers to ensure conformance with applicable laws and regulations.
- Manage, oversee and monitor Financial Advisory and Intermediary Services (FAIS) compliance to ensure that representatives comply with all financial soundness requirements, licence conditions and annual levies.
- Perform statistical sampling and monitoring.
- Maintain a register of representatives and informs the Registrar of any changes.
- Responsible for the control of the Anti-Money Laundering and Anti-Money Laundering Foreign Account Tax
- Compliance Act (FATCA) regulations.
- Analyse received documents and interact with the Office Manager to advise if received documents are acceptable.
- Responsibility includes monitoring and validation of investor files, technical and documentary support to investor teams, updating of operational procedures and participation in compliance committees.
- Identify potential areas of compliance vulnerability and risk, develop, and implement corrective action plans for resolution of problematic issues, and provide general guidance on how to avoid or deal with similar situations in the future.
- Provide Compliance reports to Management so as to mitigate risk and assess success.
- Ensure effective risk management and internal control for the area of responsibility.
- Administrative duties related to the above.