Officer Compliance at Absa Group Limited (Absa)

Job Summary

• Forms part of a professional team providing specialist Compliance support and commercially sound compliance guidance and advice in respect of applicable regulatory requirements and group policies across ABSA Group Limited (AGL) compliance officers and their business to protect the business from regulatory (compliance) and reputational risk. This is achieved through establishing and implementing a clear compliance risk management framework, setting common standards and assessing adherence thereto, providing training, creating awareness and assisting with the overseeing of compliance monitoring (where relevant). The role requires the incumbent to be proactive in anticipating and addressing risks, driving adherence to the Values of the group, building a solid network of relationships and being a role model for Compliance across the industry.

Job Description

Embedding the compliance risk management framework and methodology

• Provide expert advice on the transition to the Twin Peaks model (and related legislation) to all clusters
• Advise clusters on the Conduct of Financial Institutions Bill (CoFI)
• Advise  Business Compliance Officers on the regulatory requirements to ensure that configuration of fit and proper rules onto the HR system is up to date
• Subject Matter Expert on the following policies: Market Conduct Policy; Transactional Services Policy and Sales Practices Policy
• Advise clusters on the  FAIS “classes of business” training
• Advise clusters on the FAIS “product specific’ training
• Advise and monitor the new CPD framework within clusters
• Initiate specialist monitoring exercises such as special reviews, post-implementation reviews and Hot Spot Reviews as he/she sees fit based on business interactions and areas of FAIS risk that are identified. (E.g. utilising data mining of customer complaints data, reported non-compliance findings within business and ombudsman complaints received.)
• May be requested to act as the group’s specialist representative at SA Industry Forums regarding relevant regulatory developments as far as FAIS and regulatory reform in this area as introduced by Twin Peaks is concerned and the future impact on FAIS Regulation in SA, and coordinate such developments with compliance and business stakeholders to ensure full transparency and business involvement.
• Develop, socialise, implement and coordinate the FAIS Compliance strategy and overall FAIS programme across all Clusters, with specific focus on the enhancement of governance, specialist guidance and oversight activities.
• Contribute to the strategic success of the Rules Mapping and Risk Assessment Function .
• Contribute to the on-going improvement of the effectiveness of the Compliance risk management framework and methodology through the proactive identification of weaknesses and the implementation of solutions.
• Share regulatory, technical product and transactional knowledge of the business across the Compliance function, including ensuring that a uniform compliance advisory approach is followed across Africa.
• Contribute to the continued development and on-going improvement of the compliance methodology, standards and manuals based on own experience, research conducted, information received from stakeholders, industry Compliance developments and ideas for functional change.
• Assist with and oversee the process for the drafting and maintenance of basic Risk Management Plans (RMP) and where required to draft basic RMP’s including generic controls for Group-wide utilisation, ensuring appropriate consultation with business compliance officers and line management.
• Assist and oversee the maintenance of up to date, accurate and complete regulatory risk control assessments.
• Facilitate the timeous submission of consolidated Compliance Officer Reports related to allocated regulatory requirements including ad hoc reviews in support of the submission of independent Compliance Officer Reports.
• Maintain the Rules Mapping and Risk Assessment process, including providing assistance to Compliance Officers in respect of allocated regulatory requirements, policies or business areas.
• Develop relevant compliance tools for allocated regulatory requirements/policies to assist business in the management of the associated compliance risk.
• Prepare and submit regular reports relating to activities conducted to various stakeholders and relevant governance structures.
• Perform compliance risk due diligence reviews on request in line with the compliance due diligence checklist and coordinate the compliance due diligence reviews where required.
• Conduct ad hoc special monitoring such as special reviews and Hot Spot Reviews as and when required. Monitoring to be done in consultation with and with participation from the relevant business Compliance Officers, using the Absa Group Limited monitoring methodology.

Regulatory  Compliance  and Policy Support

• To provide assistance with, oversee a process for the delivery of or deliver commercially sound compliance guidance and support in respect of allocated and /applicable regulatory requirements and policies in a professional and helpful manner, always considering the potential alternatives within the applicable rules and regulations, endeavouring to find solutions to ensure compliance as well as the enablement and continuation of business.
• Actively participate in and contribute to process re-engineering, new product development and approval processes and other project meetings, where relevant, by providing subject matter expertise on compliance risk management or allocated regulatory requirements and policies.
• Apply expertise to the maintenance of allocated policies as well as ensuring the group’s global standards and local regulatory requirements are set.
• Conduct quality assurance of compliance documents such as RMP's, compliance monitoring and assurance documents, compliance findings, opinions by business compliance officers and provide detailed feedback within agreed upon time-lines.
• Provide input into the New Regulatory Requirements (NRR) Forum tier sheets in respect of allocated regulatory requirements and provide oversight of NRR submissions across Absa Group Limited.
• Monitor new regulatory developments and trends within allocated cluster of regulatory requirements and policies and provide input into comment to regulators as facilitated by the NRR or industry bodies.
• Assist with co-ordination and formalisation of Regulatory Knowledge Network (RKN) activities.
• Participation and involvement in compliance monitoring planning, Quality Circles and providing guidance in respect of allocated regulatory requirements and policies, the relevant sections to be monitored and the frequency of monitoring in order to ensure consistent application of the compliance methodology and assessment of findings.

Stakeholder Relationship Management

• Continued pro-active stakeholder engagement and involvement on a business, regulatory (where relevant) and industry level.
• Maintain good relationships with Compliance colleagues and business across Absa Group Limited.
• Participate in industry-related initiatives and establish networks with key role players
• Serve as company nominated members of industry committees such as BASA sub-committees where relevant to allocated cluster of regulatory requirements or any other committee as requested by line manager.
• Proactively providing feedback to stakeholders on compliance issues of common interest in relation to industry developments and trends.

Training

• Provide on-going compliance methodology training to all Absa Group Limited compliance staff in line with the compliance standards and manuals.
• Provide subject matter related training where required and specialist input to the development of compliance related training material.
• Drive specialist awareness activities as and when required e.g. presentations to business
• Continually develop personal business acumen/expertise, through relevant training and personal research.

Education

Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)

• Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.
• Absa Bank Limited reserves the right not to make an appointment to the post as advertised