Head of Compliance & Regulatory Affairs - Menlyn at Assupol

Duties & Responsibilities:

Ensure Assupol complies with applicable legislation in an efficient and effective manner

• Responsible to provide management with legal advice and opinions as and when required
• Provide support to the Compliance Department relating to the implementation of legislation and sign-off of debarment charge sheets.
• Responsible and accountable for –
  • Ensuring that Assupol stays informed of the latest legislative developments affecting the business of Assupol – forward looking approach
  • Ensuring that policies and procedures are updated in line with legislation and drafted in plain language
  • Formulating of and collating of comments on proposed new legislation and update line management of new changes
  • Arrange strategic sessions to discuss the impact of possible regulatory changes and coordinate feedback
  • Ensuring compliance with laws, regulations and industry regulatory requirements by updating policies and procedures
  • Develop policies where necessary and ensure that policies and procedures are updated in line with legislation
  • Strategic planning for business adjustments relating to legislative developments in the context of the regulatory avalanche currently experienced.

Regulatory Universe

• Provides input to the Regulatory Universe.
• Responsible for the completion and/or maintenance of the Regulatory Universe.

Compliance Risk Management Plans (RMPs)

• Adopts Risk Management Plans (RMPs) with the embedded business risk management function.
• Develops, in consultation with the embedded business risk management function
• Ensures the appropriate use of the compliance risk management tool

Advisory

• Analyze & identifies compliance risks and provides advice to management, relevant committees, the business risk management function and employees, in order to effectively manage compliance issues.
• Provides assistance and advice on compliance issues (new businesses, products, marketing campaigns, promotional items, trademarks and other initiatives such as projects).

Reputational Risk

• Safeguards the reputational risk of the Assupol Group by ensuring compliance with the related reputational risk policies & procedures.

Monitoring

• Creates a compliance monitoring plan in consultation with the embedded business risk management function and tracks progress thereto.
• Monitors (on an on-going basis) in conjunction with the the embedded business risk management function and the combined assurance structure, the adherence to the Compliance framework, legal and regulatory standards in order to identify further areas of improvement and detect significant compliance breaches and exposures.
• Ensures that there is the RMP for all high risk legislation pertinent to the Business and are in line with the compliance plan for the year.
• Utilizes Exclaim to ensure self-monitoring for all high risk legislation as identified in the Regulatory Universe process.
• Assists the Business in conjunction with the embedded business risk management function, with the resolution of compliance audit issues.
• Establishes a line of communication, via the Group Head: Legal and Compliance, to the relevant executive committees of Assupol Group , in order to monitor compliance with regulatory requirements.

Compliance Manuals, Standards, Policies/Procedures & Training

• Responsible for the maintenance of the Compliance Manual.
• Assists, as and when required, in the development, drafting and updating of policies and related training programmes.
• Assists in the delivery of the training and awareness.

Regulatory Requirements

• Remains aware of regulatory & legislative developments, and practices of regulatory authorities, which are relevant to the Business.
• Assists the Business in implementing existing, new and/or amended regulatory requirements.
• Assesses and advises the Business on the impact of regulatory developments.
• Provides input or comment in relation to the drafting of proposed regulatory requirements.

Compliance Culture

• Actively promotes, on an ongoing basis, the Compliance Function, to ensure that a culture of compliance is established.
• Seeks to establish a compliance culture that contributes to the overall objective of prudent risk management by the Group
• Cultivates relationships within the Business which results from proactively seeking Compliance involvement in their dealings.

Feedback, Reporting & Escalation

• Utilises established mechanisms for reporting and resolving non-compliance with regulatory requirements.
• Immediately reports material compliance related matters to the Group Head: Legal and Compliance to report same to the Assupol Group Chief Executive Officers (Life and Holdings).
• Contributes to and involves the embedded business risk management function in the annual sustainability reporting process.
• Informs the Group Head: Legal and Compliance and/or the Assupol Group Chief Executive Officer (Life and Holdings) about regulatory inspections and acts as a conduit for any significant information requests, comments and findings.
• Completes formal monthly and quarterly compliance reports as may be required by various Group governance structures and regulatory requirements.
• Plans in cooperation with the Business, corrective action regarding audit and regulatory findings.
• Monitors the timely and effective implementation of the plans, escalating progress and results to the Assupol Manco.

Complaints

• Oversee the management of an efficient and effective functioning of the Complaints Department including a complaints management process
• Oversee the management of dispute resolution
• Oversee the Management of the training and awareness on Complaints Matters

Broker Advisory & Intermediary Relations

• Oversee the management of the Debarment Process in Assupol, in accordance with the legislative requirements, approved policies and manuals
• Oversee the management of the Replacements of policies within Assupol, in accordance with legislative requirements, approved policies and manuals
• Oversee the management of the requirements of the Assupol Credit Control Committee.
• Oversee the management of debt collection
• Oversee the management of monitoring of compliance with broker agreements

Other

• Will be tasked to act as an approved Compliance Officer in terms of applicable legislation.
• Creates and maintains an appropriate electronic record and filing system.

Business Planning/Decision Making

• Prepares the combined assurance- &, if relevant, FAIS monitoring teams, the annual compliance & monitoring plans and submits it to the Exco for approval

Value Management

• Strives to influence a continual reduction in costs within the areas under control.
• Ensures that service delivered remains cost-effective and efficient.

Requirements

Formal Education:

• LLB Degree/Relevant
• Post graduate qualification in compliance risk management (advantage)

Experience

• Minimum 8 years’ experience in the Long-term Insurance industry, of which 5 years should be in Regulatory Compliance Risk Management.
• Experience in compliance monitoring principles.