Compliance Manager at Bidvest Insurance

Position Overview

The Compliance Manager role is responsible for supporting the Head of Compliance with delivery of effective compliance risk management to ensure that Bidvest Insurance complies with laws and regulations as well as with internal policies applicable to financial service providers and short-term insurance business operations.

Key Responsibilities and Duties

• Provide advisory on regulatory compliance matters, engage stakeholders on resolution of compliance matters and interpretation of legislation.
• Assist the Head of Compliance in management of the licensing requirements, engage stakeholders and provide guidance and support to ensure licensing requirements are met timeously, monitor compliance with license conditions and restrictions and facilitate submissions to the regulator.
• Design, review and sign-off compliance documents as and when required.
• Keep abreast of regulatory developments and changes in the financial services industry, with particular focus on the Prudential, Market Conduct and all subordinated legislation.
• Analyse regulatory changes and facilitate requests for comments on new and amended legislation.
• Communicate regulatory requirements to stakeholders; and provide guidance and support on new and amended legislation.
• Complete gap and impact assessments and conduct workshops on new and amended legislation; and track implementation thereof.
• Manage regulatory engagements and complex compliance queries, non-compliance issues, and fines and penalties.
• Facilitate meeting interactions with the relevant business stakeholders and the regulatory and/or industry bodies; ensure that questionnaires and surveys are timeously completed business.
• Manage and oversee submissions to the regulator such as but not limited to CBR, QRR, QRT, ORSA, PAIA reports, FSTC BBBEE reports, annual financial statements, payment of annual levies, etc. and ensure timeous submission to the regulator.
• Responsible for drafting and review of compliance and reports to various committees, regulator and/or industry
• bodies.
• Provide comprehensive reports and feedback to senior management and committees.
• Manage and oversee projects such as new business initiatives and third-party interactions as and when required.
• Manage and oversee the outputs of the team, to guide and motivate team members to achieve a common goal, setting objectives for the team and supporting them to ensure that the team’s annual objectives are met.
• Build, develop and maintain strong cross-functional relationships with the key internal and external stakeholders relevant to the functional area and / or area of specialisation to assess and anticipate emerging risk areas across Bidvest Insurance Group entities.

Qualifications

• Matric
• BCom Internal Auditing/ Accounting/ Risk management/ LLB
• Advantageous – Post Graduate degree in Law, compliance management
• Advantageous – Key Individual FAIS exams
• Insurance experience – 8 years
• Management experience – 5 years

Required Experience

• Insurance Detailed knowledge of local (South African) legislation relating to financial services and able to interpret and apply legislation, including, but not limited to the following: FAIS, POPIA, Insurance Act.
• Sound understanding of compliance methodology, working knowledge of all elements comprising.
• Problem solving skills and conflict-management of situations in a constructive and professional manner.
• Ability to make rational judgements from the available information and analysis and provide considered and consistent advice.
• Strong communication, reporting and presentation skills.
• Ability to work as a team, understand the impact of decisions and be confident enough to raise concerns within the team and to senior management.
• Strong research ability and attention to detail.
• Detailed and technical expertise in the operation and governance requirements of FSPs and life and non-life insurers.
• Develop an effective network with business representatives and to build the necessary trust relationship with business representatives.
• Writes in a well-structured and logical way – must have ability to write and review compliance policies and draft compliance guidance notes and reports with detail required to inform the business of regulatory requirements and potential impacts.
• Able to work well under pressure.
• Efficient time management skills, including quick turnaround time on quality work.
• Foster a positive work environment that promotes employee satisfaction and retention.
• Strong leadership and teamwork qualities.
• Experience and skills to manage a professional team.

Knowledge and Skills

• Insurance Act
• Short-term Insurance Act (STIA)
• Financial Sector Regulations (FSR)
• Governance and Operational Standards of Insurers (GOI) and Insurance Groups (GOG)
• Policyholder Protection Rules (PPR)
• Financial Advisory and Intermediary Services Act (FAIS)
• Financial Sector Transformation Codes (FSC)
• Financial Intelligence Centre Act (FICA)
• Protection of Personal Information Act (POPI)