Job Advert Summary
The Compliance Manager: Business Support and Market Conduct Risk will be responsible for proactively and constructively assisting Hollard Life Solutions to manage its responsibility to comply with applicable regulatory requirements; standards and codes of conduct through both the provision of advice and guidance to all levels of management as well as the application of risk management principles, policies, processes and procedures.
The role also provides assurance that company policies and procedures are being complied with and that the organisation meets the company's own internal standards of compliance as well as market conduct and associated customer conduct risk management conduct and best practice standards related to the marketing, distribution and administration of the Life Solutions product range.
Further, the Compliance Manager is responsible for the development of compliance risk management solutions within strategic guidelines and policies and facilitates the management of breaches within the business through application of risk management principles and reporting practices.
Key Responsibilities
The Compliance Manager: Business Support and Market Conduct Risk will be responsible for:
Business support: Implementation of legislation; regulations; standards and codes of conduct:
- Is responsible for the implementation of legislative and regulatory requirements.
- Is responsible to document Compliance Risk Management Plans (CRMP’s)/Control Self Assessments (CSA’s) by capturing documented controls, processes and procedures onto the compliance risk management framework and systems;
- Proactively identifies non-compliance issues, investigates and suggests remediation action plans;
- Preparing and submitting progress reports;
- Ad hoc reporting.
Business Support: Providing compliance advice and guidance to business on an ongoing basis:
- Receive and respond to general compliance queries raised by business and other stakeholders;
- To provide ongoing support to business by reviewing processes and suggesting changes to ensure compliance to Group and Life Solutions policies; procedures and framework as well as industry regulations and codes of conduct;
- Periodically updates the compliance risk management framework and related policies to ensure best practice and alignment with relevant legislation and regulation;Represents Compliance at the Monthly Business Reviews; DivCo’s; Credit Committee and other internal governance and oversight forums to provide guidance and inform compliance related decisions on behalf of the Compliance function;
- Proactive identification of control failure and recommendations to remediate and mitigate the risk of non-compliance.
- Uses information obtained from compliance monitoring to continually review and improve on CRMP controls;
- Identify, evaluate and advise on current or future compliance risks, given changes in the regulatory and compliance landscape.
- Provide business with regular information regarding new legal developments (which include new Bills, Acts, Regulations, Directives and Case Law) and clear actions plans to manage the impact and effect of the risk for the business;
- Assesses all new legislation and regulation and prepares high level impact analyses relevant to business;
- Updates the Risk Universe and CRMP’s/CSA’s with new legislation that impacts the business;
- Provide appropriate, proactive compliance advice through the interpretation of regulation, acts and other appropriate standards and policies;
- Provide simple interpretation, develop guideline documents and training for the effective implementation of compliance controls and processes;
- Keeps abreast of industry developments and changes to relevant laws and regulations;
- Provides advice, awareness and training on matters pertaining to compliance that is relevant to the business.
Required Knowledge and Experience
- 8 years Compliance/Risk management, of which 5 years’ experience gained in Financial Services;
- Financial services compliance monitoring or/and advisory;
- 2-3 years people management;
- Previous engagement in Combined Assurance Model preferred;
- Exposure to risk management practice and methodologies.
- Insurance legislation and regulations including Insurance Act; Short-term insurance Act, Long-term Insurance Act, as well as supporting PPR’s; FAIS, FICAA, POPIA, GOI Standards, etc. etc.
- General knowledge of the financial services and insurance industry
- ASISA & SAIA Standards
- General legislation applicable to greater the business environment
- Interpretation and application of legislation
- Report writing
- General business acumen
- General computer literacy
- Customer focused with strong interpersonal skills
- Good verbal and written communication skills
- Presentation skills
- Strong negotiation skills
- Strategic partnering
- Proactively take initiative and add value
- Resourcing across multiple sources of information
- Relationship building, networking and collaboration
- Focused on delivery
- Sound thinking skills and problem solving
- Clear communication
- Flexibility and agility of thinking and approach
- Attention to accuracy and detail
- Act authentically, build trust and respect
- Team player and team contributor
- Ability to prioritize and multitask
- Organizing and planning
NB: The role may require travel on an ad-hoc basis, with stay overs, to Partners and Operations based in South Africa. The role will require flexible work hours, with the incumbent being required to respond to / manage support needs with very short notice and within tight deadlines.
Educational Requirements
- Bachelor's Degree (Law, Commerce, Auditing)
- Certificate in Compliance Management or Post Graduate Diploma in Compliance Management or studying towards these qualifications would be advantageous
- Member of the Institute of Directors and/or Compliance Institute of South Africa.
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