Compliance Specialist at 1 Life Insurance

RESPONSIBILITIES

Regulatory & Compliance Management

• Help design and implement a compliance program, liaising with the regulator to ensure the program adheres to regulatory and compliance standards.
• Assist with the development and implementation of the compliance risk management and monitoring plan.
• Plan ongoing compliance activities and output.

Regulatory Affairs

• Take responsibility for providing specific elements of the regulatory affairs service with guidance from senior colleagues.
• Implement initiatives that promote a compliance culture.
• Ensures timely regulatory reporting, managing the relationship with the Regulator with the support of senior management.

Compliance Monitoring

• Plan and manage the delivery of compliance advisory and monitoring in multiple disciplines, ensuring identification of risks and that it addresses the identified risk areas.
• Monitor the closeout of findings to ensure that agreed corrective actions are implemented and that risks are managed effectively; refer major issues or inadequate responses through the management line.
• Identify any compliance risks and take immediate remedial action.
• Drive and participate in compliance activities in line with the compliance risk management and monitoring plan.

Insights and Reporting

• Contribute to the design and creation of reporting strategies and templates. Lead execution of complex reports, identifying and interpreting complex patterns and trends, and translating those insights into actionable recommendations.
• Ensuring Group compliance with relevant legislation through ongoing analysis and reporting.
• Report on the compliance status of the Group internally to the General Manager,
• Executive Heads, Group Chiefs and key individuals on a monthly, quarterly and annual basis.
• Drive utilization of the various compliance systems to enhance reporting.

Information and Business Advice

• Provide specialist guidance on the interpretation and application of policies and procedures, resolving queries and issues and referring very complex or contentious issues to others.
• Provide compliance advice and solutions to business and compliance monitoring officers proactively and on request.
• Involvement in various organisational projects such as new product development, new business partnerships, new compliance developments and business forums.

Compliance Management System

• Contribute to the identification and evaluation of current policies and business processes that are in the scope of the Compliance Management System; contribute to the design of the CMS; provide specialist compliance management input to the drafting of new policies and procedures, and design of business processes; contribute to the quantification of the costs and business benefits of change.
• Manage and maintain an effective compliance system.

Stakeholder Engagement

• Contribute to stakeholder engagement through identifying stakeholders, finding out their needs/issues/concern and reacting to these by arranging meetings and events and drafting supporting materials to promote understanding and commitment.
• Build relationships with various internal and external stakeholders.
• Keep all stakeholders informed of regulatory requirements, changes and deadlines.

Policy Development & Implementation

• Help develop policies and procedures for an area of the organization or the group as a whole and monitor their implementation.
• Drive an awareness of these policies and procedures and ensure training is undertaken throughout the organisation on an ongoing basis.

Contract Requirements

• Ensure contracts meet all compliance requirements and where required, notifications have been actioned.
• Identify trends, summarize findings, and give feedback on existing contract requirements, and provide input to ensure compliance in contract processes.

Leadership and Direction

• Communicate the local action plan; explain how this relates to the function's strategy and action plan and the broader organization's mission and vision. motivate people to achieve local business goals.

Improvement / Innovation

• Identify shortcomings and suggest improvements to existing processes, systems and procedures, then delivers a plan for a small element of a change management program with guidance from a project/program manager.

Personal Capability Building

• Develop own capabilities by participating in assessment and development planning activities as well as formal and informal training and coaching; gain or maintain external professional accreditation where relevant to improve performance and fulfil personal potential. Maintain an in-depth understanding of technology, external regulation including new compliance developments, and industry best practices through ongoing education, attending conferences, and reading specialist media.

EDUCATION

General Education

• Grade 12/ SAQA Accredited Equivalent (Essential); BProc/LLB Degree or other equivalent degree
• Registration as Compliance Officer with the FSCA (Essential)
• Registration with the Compliance Institute (Advantageous)
• Diploma in Compliance Management (Advantageous)
• Admitted Advocate/Attorney (Advantageous)

EXPERIENCE

General Experience

• 5 or more years’ relevant experience in the Insurance and Financial Industry (Essential)
• Knowledge of monitoring and compliance processes (Essential)

Managerial Experience

• 1 - 3 years’ experience in supervising and directing people and other resources to achieve specific end results within limited timeframes (Essential)