Risk & Compliance Officer at Caritas MFB

Risk & Compliance Officer Job Purpose

Assist the Internal Audit Manager in executing the bank’s internal audit plan; identifying risks associated with the business and evaluating the controls in place to mitigate those risks.

Risk & Compliance Job Key responsibilities and accountabilities

• The Risk and Compliance officer will be required to carry out the following tasks during audits;
• Participate in opening meetings with the auditee to explain the scope and objectives of the audit engagement and provide an overview of all steps in the audit process.
• Develop a thorough understanding of business processes in scope for assigned audits, identify and document inherent risks and controls within the business processes.
• The implementation of all aspects of the risk function, including implementation of processes, tools and systems to identify, assess, measure, manage, monitor and report risks.
• Assist the process for developing risk policies and procedures, risk limits and approval authorities.
• Manage the process for elevating control risks to more senior levels when appropriate.
• Manage the corporate risk and control assessment reporting process as well as manage and maintain infrastructure elements (e.g. management reporting, including reporting to senior management).
• Prepare high-level user requirements to assist in preparation of Project Initiation Documents.
• Develop a risk based test plan by selecting appropriate audit approach, test procedures and sampling criteria based on professional judgment and departmentally defined internal audit methodology.
• Perform audit tests and prepare working papers in accordance with professional IIA standards and the bank’s internal audit methodology.
• Evaluate the adequacy of process design and the effectiveness of controls in meeting business and control objectives. Identify and document control and process weaknesses and provide evidential support for findings.

Minimum Qualifications and Experience for Risk & Compliance Job

• Bachelor’s degree in Business, Accounting or Finance.
• A certified accountant (CPA, ACCA) with recognized professional designations in audit (CIA or CISA) as an added advantage.
• 2 to 3 years’ experience in risk and compliance management in the financial services industry.
• Solid understanding of risk and control concepts. Ability to apply these concepts to evaluate the adequacy and effectiveness of business processes and controls to mitigate risk to tolerance levels defined by management.
• Comprehensive and current knowledge of legislation applicable to Microfinance institutions including the CBK Prudential Guidelines and the Microfinance Act.
• Good understanding of accounting principles and financial statements as well as well-developed technical skills in Microsoft word and excel.