Compliance Specialist

ABOUT THE COMPANY

1Life is one of South Africa’s leading financial services providers. Our portfolio includes short-term insurers, a long-term insurance products. We’re pioneers with a hunger for best, bringing customer-focused innovation and service excellence to the financial services industry. We’re an undivided team of diverse thinkers and doers who believe in leading through technology and pushing past their limits.

JOB PURPOSE

The successful incumbent will be responsible for proactively and constructively assisting 1Life in managing its responsibility to comply with all regulatory requirements and minimise compliance risks through the providing of advice and guidelines to operational management through the application of risk management principles, policies, processes and procedures

RESPONSIBILITIES

Regulatory & Compliance Management

• Compliance risk assessment, identification, managing and reporting of regulatory requirements.
• Comment on draft Bills and other draft regulatory requirements.
• Implement compliance risk assessment and compliant risk management and compliant risk management plans for prioritized regulatory requirements.
• Recommended corrective actions – prescribing and escalations.
• Manage regulatory breaches and compliance risk exposures.
• Implementation of requirements arising from new and amended regulatory requirements.
• Contribute to the creation of a compliance culture and compliance awareness in the division by becoming a trusted advisor to the 1st line (whilst maintaining independence of mind as part of 2nd line).
• Execute on all Regulatory Compliance projects (end –end) within set timelines.
• Provide compliance advice, guidance and recommendations to 1st and 2nd line on structuring agreements in terms of various insurance legislation.
• Ensure accurate and timely reporting on any non-compliance, the management of compliance risk, and state of compliance in the division
• Provide advice, guidance, and recommendations to stakeholders on the state of regulatory compliance by reporting on how key risks are being managed, highlighting areas that require immediate attention and recommend corrective action to and by stakeholders.
• Present potential compliance regulatory findings to stakeholders through formal engagement. Take an active part in all Regulatory Compliance governance activities.
• Have a monthly one and one engagement with each of your key stakeholders in 1st and 2nd line (e.g. business, risk team, legal team).
• Assist in filling regulatory reports to the respective regulators, keeping the company in good standing with regulatory bodies.
• Compliance reporting.

BEHAVIORAL COMPETENCIES

• Action Oriented.
• Analytical thinking.
• Sense of urgency and able to work under pressure.
• Result and learning orientated.
• Team player.
• Innovative.
• Collaborative.
• Attention to detail.
• Effective communicator.
• Effective management of stakeholders.

SKILLS

Compliance Management and Risk Management Methodology

Use comprehensive knowledge and skill to act independently while guiding and training others on achieving full compliance with applicable rules and regulations in management and/or operations.

Monitoring and Advice

Work independently and provide technical guidance when required to conduct monitor and provide advice, identify exceptions and develop specific solutions or recommendations.

Review and Reporting

Apply comprehensive knowledge and skills to work independently while providing guidance and training to others to review and create relevant, lucid and effective reports.

Policy and Regulation

Work independently and provide guidance and training to others to interpret and apply comprehensive knowledge of laws, regulations and policies in area of expertise.

Data Management

Work independently and provide technical guidance when required to acquire, organize, protect and process data to fulfill business objectives.

Data Collection and analysis

Work independently and provides technical guidance when required to analyze data trends for use in reports to help guide decision making.

Verbal & Written Communication

Apply comprehensive knowledge and provide guidance and training to others to use clear and effective verbal communication skills to express ideas, request actions and formulate plans or policies.

Action Planning

Work independently and provide technical guidance when required to develop appropriate plans or perform necessary actions based on recommendations and requirements.

Planning and Organizing

Work independently and provide technical guidance when required to plan, organize, prioritize and oversee activities to efficiently meet business objectives.

Policy and procedures

Work independently and provide technical guidance when required to develop, monitor, interpret and understand policies and procedures, while making sure they match organizational strategies and objectives.

Project Management

Use comprehensive knowledge and skills and guide and train others to manage projects and/or programs within desired cost, time and quality parameters.

Computer skills

Support business processes by understanding and effectively using standard office equipment and standard software packages, while providing technical guidance as needed.

PROFICIENT IN MS OFFICE, TECH SAVVY

TOOLS

Compliance

Knowledge of Automation; Exception Reporting; Compliance Management Rating Systems and Tools.

EDUCATION

General Education

• Law degree (s) (essential).
• Certificate or Diploma in Compliance Management (advantageous).
• Member of Compliance Institute of South Africa (preferable).

General Experience

• At least 2-3 years’ experience in regulatory and risk management, monitoring compliance and risk management, monitoring and reporting in the Insurance and Financial Industry (essential).

• Financial Services Regulatory environment (Life Insurance).

• Advanced level of knowledge of financial sector laws including the FAIS Act, Insurance Act, LTIA and its relevant regulations, PPR’s, FICA, POPIA, National Credit Act, and the Companies Act.

ADDITIONAL INFORMATION

*SAQA Accredited Equivalent - it is the onus of the applicant to provide 1Life and its subsidiaries with certified evidence that their qualification(s) meet the equivalent NQF level required for this role at time of application. *Financial Sector Conduct Authority (FSCA) competency requirements: FAIS recognised qualifications / Regulatory Examinations / Class of Business Certification and / or CPD according to your DOFA (where applicable). As a registered Financial Service Provider, we are mandated to ensure that all our representatives are and remain fit and proper at all times. By applying for this role, you consent to having your relevant qualification and or accreditation or confirm that you are working towards meeting the competency requirements. You further consent to the relevant information being verified.