CC Operational Governance Executive at Old Mutual

Job Description

Old Mutual is regarded as one of the Top Employer in South Africa and remains the Industry Leader in Financial Services and Insurance. We are rooted in our purpose of “Enabling Positive Futures” and believe that a great customer experience is anchored in a great employee experience. We strive to enable our employees to Unleash Their Greatness through a Great Career, at a Great Global Company, with Great Leaders, in a Great Culture with Great Rewards and Recognition.

ROLE DESCRIPTION:

This role is responsible to assist the Chief Operating Officer of Old Mutual LTD to have appropriate oversight of the key risk, compliance, audit and forensic matters facing the business. This role will assist with improving the control environment in the Capability Cluster (“CC”) through the implementation of the Group’s approved operational risk and compliance management frameworks, by assisting the business with the identification of key risks, the design and implementing of appropriate risk mitigating controls and implementing appropriate monitoring and reporting capabilities within the Cluster. This role interacts with Senior Management within the CC, 2nd line Control Functions and other key stakeholders within OML on a strategic level on risk and compliance developments that may influence the strategic direction of the Cluster. This role is individually accountable for achieving results through a team/s, over periods of 1-2 years.

SPECIFIC KEY RESULT AREAS:

Operational, Legal and Regulatory Risk

• Assists management with the pro-active identification of Operational (including IT and Digital), Legal and Regulatory Compliance Risks within CC.

• Co-create with management appropriate risk mitigating controls and actions

• Develop and monitor key risk indicators to enable management to proactively identify risks outside its risk appetite.

• Developing appropriate operational monitoring mechanisms to enable management to review the effectiveness of their controls.

• Facilitates control self-assessments with controls owners and 2nd line Control Functions, in line with the approved Group Framework and approach.

• Assist management with root cause analysis of risk events and key control breakdowns and assist management with implementation of process improvements.

• Coordinate compliance and risk efforts across the entire Cluster, including audits and forensic investigations, identifications of “IBAM’s” and actively manages the timeous implementation of agreed controls with management.

• Support Risk Policies owners within CC with the implementation of processes and controls to drive enhanced compliance levels in line with the policies and frameworks adapted by the Group.

• Provides accurate and timeous risk and compliance reporting to the Capability Cluster (CC) Exco and applicable subsidiaries in CC.

Compliance Assurance

• Co-operate with the 2nd line Regulatory Change Executive to understand how legislative changes will impact CC and to determine the work required to implement these changes.

• Assists management with the implementation of compliance requirements to ensure compliance in the most cost-effective way and provide support to the business with the design and development of controls within processes to ensure compliance with new, amended and current legislative requirements.

• Supports the business in applying the Group compliance methodology and framework and that the reported compliance risk profile is complete and quantified appropriately.

• Participates, on behalf of CC, in industry initiatives as appropriate. Such engagements will be done in accordance with the Group’s Regulatory Engagement Framework and in co-operation with the Compliance Control Function.

• Supports the execution of business and regulatory change programmes and /or continuous improvement initiatives to improve overall effectiveness and compliance.

• Participates in Cluster Exco’s, Pension and Retirement Fund Boards, and Board of reporting Entities within the Cluster, as required.

• Maintain exposures and events identified within CC according to the approved Group Frameworks and Processes.

Culture Change Agent

• Responsible for reinforcing and implementing a compliance and risk culture across the Capability Cluster.

• Drive compliance and risk-based thinking in business operations.

• Ensures appropriate training is provided to the business to fulfil their responsibilities with respect to compliance and risk.

Stakeholder Management (including Client Relationship Management)

• Engage as appropriate with Regulators on operational matters and in accordance with the Regulatory Engagement Framework.

• Establishes, influences, builds and maintains relationships with key stakeholders within the business to promote a compliance and risk culture and ownership.

Specific requirements for the role

• Thorough understanding of operational management activities and supporting IT infrastructures

•  Strong influencing, relationship building and collaboration competencies

•     Expertise in variety of governance functions, like risk, compliance and internal audit

•     Risk management expertise in developing single risk profiles, developing and evaluating risk mitigating actions and controls for effective reporting

•     Ability to interact at all levels within the organisation.

Team Effectiveness

•     Ensures team remains close to business, engaging regularly and deeply understanding the risks and issues facing the business, and the state of the control environment 

•     Works collaboratively with Capability Cluster management.

•     Balances own priorities with directing and motivating others.

•     Creates a climate for optimal performance.

•     Guides and directs staff to achieve operational excellence standards.

•     Individually accountable for staff time, tasks and output quality over periods of 3 months to a year.

•     Selects and grows staff to strengthen team capability.

Role Qualifications:

• 8 -10 years’ compliance and risk related experience, preferably in Financial services

• Advantages to have passed the prescribed regulatory examination(s)

• Comply with the Fit and Proper requirements in respect of Honesty and Integrity

Additional qualification and experience requirements

• It will be advantageous if the applicant has compliance experience in Long Term Insurance, FAIS, Pension Funds Benefit Administration and AML

• Management experience and track record

• Excellent written and verbal communication skills, especially presentation skills

• Solid integration and analysis skills

Core Competencies

• Strategic

• Collaboration (Relating)

• Leading with Influence

• Customer First

• Execution

• Innovation (Perspective)

• Personal Mastery (Learning)

KINDLY NOTE: UPDATED CLOSING DATE IS 15 OCTOBER 2021