Group Compliance Officer

Introduction The role of the Group Compliance Officer for Market Conduct is critical in ensuring the organization adheres to its legal and regulatory responsibilities while fostering a robust compliance culture. The role entails working collaboratively across the group to achieve Risk and Compliance objectives, providing ongoing guidance and oversight to meet evolving regulatory requirements

Key responsibilities include preparing comprehensive compliance reports for executive leadership, conducting market and regulatory research, and liaising with regulatory bodies such as the Financial Sector Conduct Authority. The officer will play a pivotal role in identifying legislative impacts, advising on compliance controls, and facilitating compliance across the business. Additionally, maintaining strong relationships with both internal stakeholders and external clients is essential to drive compliance initiatives that align with business objectives while ensuring adherence to service level agreements and best practices

This role demands a high level of expertise in regulatory compliance, strong communication skills, and the ability to proactively manage compliance-related challenges within a dynamic business environment?

Disclaimer As an applicant, please verify the legitimacy of this job advert on our company career page
Role Purpose To ensure an effective compliance function capable of assisting the board of directors in overseeing that the insurer meets its legal and regulatory obligations, and promotes and sustains a sound compliance culture. To partner proactively and constructively with the Compliance community across the group to facilitate the achievement of Risk and Compliance objectives and to provide ongoing guidance and oversight where needed

Requirements

• Insurance, Prudential & Market Conduct Regulatory Universe
• Compliance Risk Management
• Drafting Policies and Frameworks
• Industry best practice in all areas relevant to the role
• Evolving technology and digital adoption

COMPLIANCE REQUIREMENTS:

• Regulatory requirements and changes thereto (local and cross border) LTIA, STIA (including the PPR’s), Insurance Act & the Prudential Standards (GOI’s, GOG’s, FSI’s, FSG’s), FSRA, Pension Funds Act, Companies Act, FAIS, FICA, CISCA, POPIA, CoFI, etc)
• Compliance policies, frameworks, methodologies and practices
• Display a sound understanding of the regulatory universe and how it applies to different businesses
• Understanding of broader Risk framework and how individual legal risk elements are managed
• Conducting gap analyses, providing compliance assurance and monitoring
• Ability to draft succinct compliance reports at Board level
• Create dashboard reporting
• Provide Compliance related Training and review of training material

MINIMUM QUALIFICATIONS:

• Qualifications as per fit and proper requirements to be registered as a licensed compliance officer with the Financial Sector Conduct Authority (FSCA)
• Post graduate qualification in Compliance Management
• Legal qualification
• Degree in Commercial, Risk Management, Audit, Finance, Legal, Business or related field

MINIMUM EXPERIENCE:

• 3 to 5 years of experience

Duties & Responsibilities INTERNAL PROCESS

• Prepare and submit Quarterly Group Compliance Report for presentation to Momentum Group Exco, Group Board of Directors and governance forums
• Compilation of Group Compliance Report by collaborating and reviewing Business unit compliance reports
• Drafting Compliance Report for the Group ORSA
• Compilation of Market Conduct Reports for Market Conduct governance committees and reporting
• Liaison with the Financial Sector Conduct Authority in respect of all Market Conduct related topics
• Attendance at Market Conduct onsites
• Submission of Conduct of Business Returns and analytics
• Conduct research to identify and monitor regulatory and market trends
• Identify and prioritise relevant legislation and perform impact analyses
• Identify controls needed to manage compliance with legislation
• Create and communicate a compliance manual
• Identify gaps and agree on corrective action and remediation time-lines
• Assess controls and determine frequency of monitoring
• Oversee the implementation of the coverage plan and quarterly reporting thereon
• Work with other assurance providers to provide combined assurance where relevant
• Oversee completed audits and ensure follow up on outstanding findings and required areas of improvement
• Maintain regulatory universe and regulatory body list following updates to relevant regulations and co-ordinate input from business
• Review processes and tools in the light of changing requirements and monitor the broader implementation thereof
• Provide professional advice, guidance and training to group on compliance matters
• Analyse legal compliance requirements and communicate them holistically
• Assess the possible impact of any regulatory development on the operations of the business and work with the business to manage compliance
• Provide ongoing advice to business on compliance and implementation of controls, including control effectiveness and adequacy assessments
• Make recommendations to leadership regarding the development / updating of existing frameworks, policies, procedures and/or systems to attain high levels of performance and build competitive advantage
• Provide ongoing support and guidance to the Compliance community to build the right Compliance capabilities at all levels
• Stay abreast of relevant cross-border legislation to be able to advise international businesses on compliance matters where needed
• Provide ongoing advisory and business support in the form of frameworks, templates, policies, opinions, etc where needed to ensure alignment with the SA business
• Ensure adequate preparation, co-ordination, and facilitation of the quarterly engagement meetings with the Regulator and each of the businesses in Momentum Group
• Engage and collaborate with business for the timeous formulation of responses to regulatory queries/complaints / Information requests/thematic reviews
• Ensure timeous summary and distribution of regulatory notices/legislative updates/communication/updates
• Build and enhance relationship with Senior Management at the Financial Services Conduct Authority
• Work with various businesses to drive the improvement of the market conduct reports and ensure buy-in for appropriate consistency
• Review reports to check for consistency and ensure that any key emerging topics or themes are highlighted in the relevant executive summary
• Communicate any specific market conduct developments from the Regulator to the respective businesses

CLIENT PROCESS

• Build and maintain relationships with clients and internal and external stakeholders
• Deliver on service level agreements applicable to clients and internal and external stakeholders in order to ensure that client expectations are managed
• Make recommendations to improve client service and fair treatment of clients within area of responsibility
• Participate and contribute to a culture which builds rewarding relationships, facilitates feedback and provides exceptional client service
• Continuously monitor turnaround times and quality standards and resolve issues speedily to enhance client service delivery
• Drive client service delivery goal achievement in line with predefined standards in order to ensure that clients receive appropriate advice and after sales service
• Manage client query processes and ensure that queries are tracked, accurately resolved and used as a mechanism to improve client service and business processes

PEOPLE PROCESS

• Contribute to creating a positive work climate and culture to energise employees, give meaning to work, minimise work disruption and maximise employee productivity
• Contribute to and drive a culture that guides and directs best practice, fostering an environment of continuous learning, people growth and improvement and cohesiveness
• Effectively manage your performance within the team in order to ensure business objectives are achieved
• Be a role model for innovation, change agility and collaboration behaviours within the team

FINANCE PROCESS

• Identify solutions to enhance cost effectiveness and increase operational efficiency
• Manage financial and other company resources under your control with due respect
• Manage high risk and problematic financial issues in area of accountability and contribute to the development of policy

Competencies

• Excellent written communication skills, ability to write qualitative compliance reports for Board
• Business Acumen
• Project Management
• Relationship Building
• Report Writing
• Stakeholder Management