Head of Compliance Financial Services at Shoprite Group of Companies

Job Objectives
Regulatory Oversight and Compliance Strategy:

• Develop, implement, and maintain a comprehensive compliance framework to ensure adherence to all relevant regulatory requirements, including but not limited to the Financial Sector Conduct Authority (FSCA), South African Reserve Bank (SARB), National Credit Act (NCA), Financial Intelligence Centre Act (FICA), and other applicable legislation.
• Monitor changes in regulatory requirements and ensure timely updates to policies, procedures, and controls across all Shoprite Financial Services products (Money MarketBank Account, Voucher Account, Credit, Remittances, etc.).
• Provide strategic guidance to senior management on compliance risks and mitigation strategies.

Leadership and Team Management:

• Lead, mentor, and develop the Financial Services compliance teams, fostering a high-performance culture and ensuring alignment with organizational objectives.
• Oversee the day-to-day activities of compliance teams, ensuring effective management of compliance processes for each financial product.
• Collaborate with the Head of Business to align compliance initiatives with business goals, maintaining a dotted line reporting structure to ensure strategic alignment.

Risk Management and Monitoring:

• Identify, assess, and mitigate compliance risks across all financial services products and operations.
• Design and implement robust monitoring and reporting mechanisms to detect and address potential compliance breaches.
• Conduct regular compliance audits and reviews to ensure adherence to internal policies and external regulations.

 Stakeholder Engagement and Reporting:

• Act as the primary point of contact for regulatory bodies, ensuring proactive and transparent communication.
• Prepare and present compliance reports to the General Manager, Head of Business, and relevant governance committees.
• Build strong relationships with internal stakeholders, including product heads, legal, risk, and operations teams, to embed a compliance-first culture.

 Policy Development and Training:

• Develop, review, and update compliance policies, procedures, and controls to reflect regulatory changes and industry best practices.
• Design and deliver compliance training programs to ensure all staff are aware of their regulatory obligations and responsibilities.

 Incident Management and Resolution:

• Oversee the investigation and resolution of compliance-related incidents, ensuring timely reporting to regulators where required.
• Implement corrective actions to prevent recurrence of compliance issues.

Qualifications

• Bachelor’s degree in Law, Finance, Business Administration, or a related field (a postgraduate qualification or professional certification, e.g., Certified Compliance Professional, is highly desirable).

Experience

• Minimum of 10 years’ experience in a compliance or regulatory role within the financial services industry, with at least 5 years in a senior leadership position.
• Proven experience in managing compliance for diverse financial products, such as banking, credit, remittances, or similar services.