Executive Compliance and Risk Management - Johannesburg at Old Mutual South Africa

Job Description

This role is responsible for developing, managing, and directing, a strategy and operating model for the Risk and Compliance functions for the Retail business. Takes accountability for the business plan and integrates delivery and metrics across people, process, finance, and customer dimensions of the business. Ability to deliver on strategic projects, as required.

Develop medium to long-term strategies across a range of different aspects.

• Formulate strategic objectives for the Risk and Compliance functions across the Retail.
• Coordinates and manages the annual strategy formulation, business planning, and budgeting process for Retail Risk and Compliance function.
• Co-accountable for the execution of the business plan.
• Strategy realisation through decisions related to strategic objectives, organisational goals, and the overall management of interconnected operations across the organisation.
• Set the strategic direction of and ensure effective Risk and Compliance functions are provided, including management of spending, expense management, exceptional customer delivery, and effective risk management.
• Create appropriate frameworks and processes for strategy implementation.
• Directs, coordinates, and administers all aspects of the Risk and Compliance function across the Retail business.
• Apply judgement on interconnected operational areas and impacts the overall organisation functioning.
• Manages the successful execution of strategic projects in collaboration with the executive management team.
• Design and implement best practice operations for the group schemes bordereaux processing team including future improvements in line with strategic projects.
• Establish an aligned departmental Balanced Scorecard focused on the implementation, measuring, and management of the group schemes strategy.
• Ensure process optimisation is prioritised to deliver targeted strategic advantage.
• Establish and promote healthy vertical and horizontal business processes that ensure efficient and effective client delivery within set expectations and agreed performance standards in area of accountability.
• Oversight of Agency Management function by ensuring that all intermediaries are loaded correctly and compliant with legislation in terms of FAIS, VAT, and Income Tax including improvements that support strategic projects.
• Lead the implementation of risk reduction plans (including compliance and assurance providers' findings) to remedy key current and emerging risks.
• Ensure that risks are within set Risk appetite targets and Key Risk Indicators (KRIs) thresholds.
• Ensure adherence to privacy standards and compliance with the Privacy Compliance Framework.
• Lead the Closed file reviews process across the Retail business including, but not limited to Claims, Underwriting, and discounting across all business areas.
• Manage the enhancement of quality control, including Underwriting principles.
• Direct and coordinate Underwriting controls ( Audits, Renewals, post-loss, remediation, product).
• Provide proactive regulatory and compliance advice, support to, and manage regulatory change within Retail.
• Ensure that products, business solutions and services within Retail are provided within the existing regulatory framework and in an efficient and value-adding manner.
• Be accountable to Risk Control functions (Compliance, Legal, Forensics and Enterprise Risk Management) regarding regulatory compliance and risk practices specifically within Retail.
• Implementation of risk management responsibilities in collaboration with Compliance, Legal, Forensics and Enterprise Risk Management

Continuous improvement to ensure effective service

• Ensure statutory and legislative knowledge is always current to resolve customer complaints, advise the business on corrective solutions to mitigate risks and improve the customer experience whilst complying with governance requirements.
• Ensure adherence to organisational policies, practices, and procedures.
• Identify solutions to enhance cost-effectiveness and increase operational efficiency.

Service delivery to ensure customer satisfaction

• Maintain service, quality, and desired outputs within a specific functional process by ensuring compliance with tactical policies, procedures, and standards.
• Establish productive relationships with key stakeholders in the various channels and administrative teams.
• Share knowledge on, and participate in the creation of new standards, control systems, and procedures to maintain service delivery.
• Craft service practices and standards that meet clients and own organisation’s needs.
• Ensure effective relationships and SLA management with internal and external stakeholders.
• Build and maintain excellent relationships between own team and key internal interest groups.

Ensure cost efficiency through financial and corporate governance

• Contribute to the development and implementation of fit-for-purpose budgets.
• Manage budgets associated with projects.
• Proactively ensure the use of time, of resources, money, materials, or equipment is in line with policies and procedures.
• Comply with corporate governance policies, procedures, and standards.
• Operate within agreed mandates.
• Ensure that the departmental operating framework and model is adequately budgeted for through the development and implementation of fit-for-purpose budgets.
• Ensure effective financial management, control, and corporate governance.
• Take accountability for management of business-related risks within own area.
• Ensure applicable governance framework observed in the process design.

Nature a culture of high performance

• Align own behaviour with the organisation culture and values.
• Share and transfer risk and compliance knowledge to colleagues.
• Ensure achievement of own performance objectives.
• Actively share information with other team members regarding successes, issues, trends, and ideas.
• Actively participate in own professional development and career path.
• Manage the team’s performance and career development.
• Actively promote a culture of learning and high-performance culture amongst team members.
• Develop and implement a robust succession plan for all Direct Reporting roles.
• Develop and manage an audit team that must monitor and report on business rules adherence as well as legislative and regulatory compliance within the third-party binder holders.

Experience, knowledge & skills required

• Relevant post-graduate degree in risk management, finance, and or business management (preferably CA(SA))
• An MBA is preferable.
• 7 years’ experience in the field of risk management and/or operations
• 5 years’ experience in the management of people