Compliance Officer at Discovery Limited

Job Purpose

• The Financial Advisory and Intermediary Services Centre of Excellence (FAIS COE) is a compliance function within Group Compliance that provides compliance oversight and advice to Discovery Financial Services Providers (FSPs), Key Individuals and Representatives.
• The purpose of this role is to provide sound advice to FSPs in terms of legislation, to implement and maintain the FSP Governance Framework, be responsible for drafting and completion of all FSP reporting obligations, manage and facilitate all FAIS-related regulatory engagements and submissions, attend to all legal obligations for FSPs, and ensure that the FSPs follow best practices and the compliance methodology.

Areas of responsibility may include but not limited to

• Provide advisory notes to business on regulatory compliance matters, engage stakeholders on resolution of compliance matters and interpretation of legislation, and draft and review of compliance guidance notes.
• Keep abreast of regulatory developments and changes in the financial services industry, with particular focus on FAIS and all subordinated legislation.
• Develop and review company policies, frameworks and processes in line with compliance best practice protocols and ensure that they are appropriate for the business and to obtain sign-off.
• Draft, review and obtain sign-off of responses for submission to the regulator and attend to the drafting of exemption applications to regulatory bodies.
• Ensure all the licensing requirements for FSPs are completed, engage stakeholders and provide guidance and support to ensure licensing requirements are timeously met, monitor compliance with license conditions and restrictions and facilitate submissions to the regulator.
• Facilitate the drafting of legal opinions and sign-off, vetting of contracts, including consulting with legal firms as and when required.
• 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.
• Responsible for drafting of all FSP reports to various committees.
• Responsible for drafting of all reports to the regulator and/or industry bodies and to obtain sign-off.
• Ensure that all reports are timeously submitted to the various committees.
• Complete impact assessments and conduct workshops on new and amended legislation where applicable and track implementation thereof.
• Design, review and sign-off compliance reports as and when required.
• Facilitate meeting interactions with the relevant business stakeholders and the regulatory and/or industry bodies.
• Ensure that questionnaires and surveys are timeously completed by the FSPs. Provide support on projects such as new business initiatives and third-party interactions as and when required.

Education and Experience

• Relevant tertiary education
• 3 years’ of working experience in a financial services compliance role in the application of FAIS within the FSPs as well as thorough understanding of the legislation.
• Recognised compliance qualification from accredited institution (Advantageous)
• Member of Compliance Institute of South Africa or Financial Planning Institute (Advantageous).

Skills

• 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.
• 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.