Compliance Specialist

Job Description

To monitor processes and related controls in accordance with compliance methodology and minimum standards and provide support to experienced Regulatory Risk and Compliance professionals that require robust regulatory compliance advice and guidance.

The role purpose is to assist the Head of Compliance advice, guide and monitor compliance with all legislation relevant to the non-banking financial services industry and pension fund administration environment and report on the level of compliance results to the respective governance forums.

Requirements Qualifications

• Relevant legal qualification
• Member of the Compliance Institute of Southern Africa
• C.Prac (advantageous)
• Risk management (advantageous)
• RE1
• RE5 (advantageous)
• Meet the requirements to be registered with the FSCA and FIC for relevant regulatory roles.

Experience

• Minimum 5 years’ experience in an end-to-end compliance function with in-depth knowledge of the life insurance (group business), consulting business and pension fund industry.
• Must have technical understanding of the Insurance Act and Pension Funds Act; must have a strong understanding of the Financial Advisory and Intermediary Services Act, Financial Intelligence Centre Act.

Skills and Attributes

• Ability to identify compliance risks and make recommendations that are appropriate for the business.
• Attention to detail and meticulous accuracy is essential.
• Ability to professionally communicate with various levels of staff and management.
• Ability to explain technical legal requirements to non-legal persons in plain and understandable language.

Duties & Responsibilities

INTERNAL PROCESS

• Execute compliance activities based on the Compliance Monitoring Plan in order to provide assurance on the level of regulatory compliance.
• Monitor new regulatory mandates, rules and requirements; ensure that compliance policies are kept up to date and that revisions are disseminated in a timely manner.
• Design and implement compliance training and educational programmes; actively participate in management training, including new starter induction programmes.
• Provide advice on compliance with applicable laws and regulations to the business to ensure ongoing adherence and compliance.
• Assess the possible impact of any regulatory development on the operations of the business and work with the business regarding compliance.
• Conduct compliance monitoring reviews and audits based on audit schedule and ad hoc requirements as required by the Internal Auditor or business leader.
• Review and monitor completed audits and follow up on any recommendations made.
• Execute the regulatory compliance breach management and follow-up process in order to address the identification, analysis and resolution processes to be followed as well as the escalation procedures.
• Provide professional advice and guidance to business regarding compliance matters.
• Contribute to the initiation of critical statutory projects relevant to the business and monitor the appropriate implementation thereof by the business.
• Create awareness within the business regarding new compliance requirements or provide guidance on potential impact of compliance requirements.
• Support the business stakeholders in identifying compliance risks or weaknesses for which the business should consider additional mitigating action, or processes and/or procedures.
• Initiate, contribute and prepare the necessary documentation for the submission of business enabling statutory applications to applicable regulatory and industry or supervisory bodies.
• Build relationships with internal and external stakeholders as well as the wider compliance community within FNB.
• Provide input from a compliance perspective and act as a trusted advisor in business projects and initiatives.
• Deliver compliance reports that highlight compliance activities and instances of non-compliance, both internal and external within agreed time frames.
• Initiate and contribute to the review of all critical business policies from a regulatory compliance perspective and make recommendations for improvement.
• Identify, assess, manage, monitor and report on compliance risks that the company faces.
• Execute compliance activities based on the Risk-based compliance plan in order to provide assurance on the level of regulatory compliance.

CLIENT SERVICE

• Build and maintain relationships with internal and external stakeholders.
• Contribute to the process of negotiating objective and realistic service level agreements, monitor appropriateness and recommend adjustments.
• Deliver on service level agreements made with clients and internal and external stakeholders in order to ensure that client expectations are managed.
• Make recommendations to improve client service and fair treatment of clients within the area of responsibility.
• Participate and contribute to a culture which builds rewarding relationships, facilitates feedback and provides exceptional client service.

PEOPLE

• Build strong relationships through providing specialist know-how and leadership to others, expressing positive expectations.
• Continuously develop own expertise in terms of industry and subject matter development and application thereof in an area of specialization.
• Positively influence and manage change and offer specialist support where required.
• Contribute to continuous innovation through the development, sharing and implementation of new ideas and involvement of colleagues and staff.
• Participate and contribute to a culture of work-centric thinking, productivity, service delivery, and quality management.
• Take ownership for driving career development.

FINANCE

• Contribute to the development of business cases for proposals to decision-making bodies.
• Identify solutions to enhance cost-effectiveness and increase operational efficiency.

Job Details

Take note that applications will not be accepted on the below date and onwards; kindly submit applications ahead of the closing date indicated below.

17/11/24

All appointments will be made in line with FirstRand Group’s Employment Equity plan. The Bank supports the recruitment and advancement of individuals with disabilities. In order for us to fulfill this purpose, candidates can disclose their disability information on a voluntary basis. The Bank will keep this information confidential unless we are required by law to disclose this information to other parties.