Head: Insurance Compliance at Capitec Bank

Purpose Statement

• To be responsible for and promote an adequate level of compliance in Capitec’s Insurance business so that Capitec meets and complies with regulatory and statutory requirements.
• Accountable for the strategic direction and operational effectiveness of the Compliance department within Capitec’s Insurance business.
• To lead and manage the Compliance function, accountable for optimising performance through business planning, budgets, goals and metrics, people, standards, principles and processes.

Experience
Minimum:

• Complying with the fit and proper standards contained in the Generally Accepted Compliance Practice (GACP)
• 8-10 years’ proven experience in all matters related to legislative and regulatory requirements, in compliance management in the financial services industry, with exposure to insurance in at least 5 of the years

Ideal:

• More than 10 years’ experience leading all matters related to legislative and regulatory requirements within a similar industry
• 7 years’ proven experience in compliance / risk management in the financial services/insurance industry
• 7 years’ experience in managing a team of specialists within a similar environment
• Proven experience in operating at a senior management level

Qualifications (Minimum)

• Bachelor's Degree in Law or Accounting - Financial Accounting

Qualifications (Ideal or Preferred)

• Masters Degree in Law or Accounting - Financial Accounting

Key Performance Areas
Strategic Complaince Management

• Develop and execute the compliance strategy
• Implement the annual compliance coverage plan.
• Drive compliance risk management and controls.
• Monitor regulatory developments and best practice.

Management of the Compliance Department

• Manage and be responsible for the overall performance of the department
• Monitor and manage the department's budget on an on-going basis.
• Facilitate the process of compliance to ensure that management develops and implements controls which are monitored on a continuous basis.
• Identify, assess and report on issues of compliance risk and risk acceptance by the business.
• Ensure the operational effectiveness of the department

Management of the Compliance Framework

• Design and maintain a Compliance Management Framework.
• Design, implement and maintain the First Line of Defence Monitoring (FLOD) Framework.
• Identify, assess and mitigate compliance risks.
• Drive compliance awareness and training.

Reporting 

• Report on compliance risks and trends.
• Prepare Board, Executive and Committee reports.
• Submit regulatory and statutory reports.
• Engage with regulators and key stakeholders.

Knowledge
Minimum:

• Insurance industry 
• Compliance risk management including compliance risk identification, compliance risk assessment and compliance risk monitoring
• Process and controls development 
• Laws and regulations applicable to the insurance/financial services environment 
• Business acumen and an understanding of business drivers 
• Legal / statutory interpretation

Ideal:

• Insurance industry 
• Capitec risk management environment 
• Financial, insurance and insurance legislation

Skills

• Analytical Skills
• Communications Skills
• Computer Literacy (MS Word, MS Excel, MS Outlook)
• Interpersonal & Relationship management Skills
• Problem solving skills