Senior Regulatory Relations and Compliance Specialist

Empowering Africa’s tomorrow, together…one story at a time.

With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.

Job Summary

This role reports to the Head of Regulatory Relations within the Absa Financial Services (AFS) Insurance Group. The role is responsible for compliance advisory and support, as well as regulatory and compliance developments and relations for AFS Insurance Group to support the Group’s understanding and adherence to relevant financial sector regulations, laws, and industry guidelines.

Job Description

Stakeholder Management

The role requires close interaction with senior managers within business, such as Business Unit Compliance Officers (BUCOs), EXCO members, and Group Secretariat.

Compliance Advisory and Support

Provision of proactive, real-time guidance and advice on the compliance aspects of transactions and other wider organisational decisions. Assisting the insurance cluster to formulate, update and implement control procedures and policies that will ensure adequate risk management to enable business; adequately monitoring instances of non-compliance with the company’s policies and procedures and generally establishing a compliance culture and creating an awareness of compliance through interaction with business in industry-related initiatives and establish networks with key role players.

Regulatory Relations and Regulatory Horizon Scanning and Advice

Support the AFS Head of Regulatory Relations through the development of and execution of the regulatory relations programme. Conduct horizon scanning to identify and interpret emerging regulatory requirements. Evaluate the impact of regulatory changes and support the implementation of necessary updates. Manage the cluster regulatory universe. Comment on draft regulatory requirements and co-ordinate submissions on proposed regulatory requirements for submission to Absa Group, relevant industry bodies and/or regulatory authorities. Keep Business appraised of regulatory developments and notifications distributed by the regulator impacting the business. Identify, monitor and escalate to the Head Regulatory Relations on any or potential material risk to business with a regulatory impact. Support the preparation of regulatory communications, notifications, and applications.

Forum Participation and Reporting

Actively engage in internal compliance forums and committees, including Group Compliance Committees. Ensure the provision of relevant and accurate information for inclusion in various stakeholder reports, such as internal and board committees. Take responsibility for analyzing data and reporting on regulatory relations metrics, as well as overseeing the management of regulatory commitments. Contribute to the drafting of the regulatory newsletter and/or articles on matters pertaining to local and international regulatory developments.

Board Training

Provide support in the development and execution of the Board compliance training programme.

Professional / Technical Experience:

• Minimum of 5 years proven experience within financial services.
• Intricate knowledge of financial services prudential and market conduct regulatory frameworks.
• Advanced level of knowledge of financial sector laws with a focus on Insurance Act and Prudential Standards, FAIS Act, STIA, LTIA, PPRs, etc.
• Previous regulatory relationship management.
• Experience in compliance advisory that balances the compliance requirements with commercial objectives.
• Experience in developing compliance related policies, risk management plans, assessing and qualifying risks, implementing procedures and controls to mitigate risks, training, monitoring, and review.
• Excellent Microsoft Office knowledge.

Minimum Qualifications

• BCom (or similar)/LLB (or similar) or relevant insurance related qualifications.
• Certificate or Diploma in Compliance Management (advantageous).

Attributes

• Ability to work as part of a team.
• Ability to take initiative and think strategically.
• Strong organisational and interpersonal skills.
• Attentive to detail.
• A sense of urgency and an ability to meet deadlines.
• Ability to manage multiple tasks effectively and efficiently.
• Proficient engagement abilities.
• Assertive, with an ability to manage conflict – clearly understanding and articulating the regulatory, governance and control requirements.
• Sound understanding of Business’s vision, values, mission and strategy.
• Express and implied ethical responsibilities.
• Challenge conventional thinking.

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.