Assistant Manager (Risk and Compliance) at Kenya Orient Insurance Limited

Key Tasks, Duties and Responsibilities
 

Risk Management

• Develop and maintain a comprehensive process for identifying, assessing, reducing, monitoring, controlling and reporting key business risks that might impair the achievement of the company’s goals and objectives.
• Plan, design and implement an overall risk management process for the organization by developing operating models such as COSO framework & stress tests on key risks and KRIs.
• Develop corporate risk register and review departmental risk registers annually.
• Conduct annual reviews of the company policies.
• Conduct follow ups on actionable areas on a quarterly basis.
• Conduct risk rating for the entire company per function.
• Develop an annual risk plan.
• Assist in identifying and evaluating emerging risks in the departments & business as well as proving trends and support in mitigating the identified risks.
• Assist management with integrating risk management policy within the strategic development process.
• Work with all departments to establish, maintain and continuously improve risk management capabilities.
• Monitor normal business activities and major decisions to ensure there are no hidden risks from the decisions made.
• Create and continuously update the Risk policy manual that defines the company’s risk appetite reinforcing it to all staff.

Compliance Role

• Be responsible for efforts throughout the Company to ensure compliance with internal policies and procedures and with external requirements imposed by law, regulations, and contracts.
• Review compliance to regulatory and statutory standards.
• Keep abreast with Legal changes and update and communicate changes to the Legal Requirements.
• Design & implement a monitoring mechanism on risk management and compliance programs.
• Identify compliance issues that require follow-up or investigation.
• Facilitate training on the compliance and risk management.
• Keep informed regarding pending industry changes, trends, and best practices and assess the potential impact of these changes on organizational processes.
• Assist in preparation of the annual compliance plan.
• Any other duties as may be assigned from time to time.

Reporting

• Prepare report regularly to senior management of the company regarding the analysis of the company’s risks.
• Prepare comprehensive monthly, quarterly and annual risk reports to be used for internal analysis by the various departments, the Board of Directors and also for evaluation of the Company’s financial status by external and internal stakeholders.
• File reports necessary to comply with law and the insurance regulatory authorities.
• Prepare monthly reports to the management on the departments’ performance or on any other issue affecting the risk & compliance department.
• Report violations of compliance or regulatory standards to duly authorized enforcement agencies as appropriate or required.

Requirements

• Bachelor of Commerce Degree (Accounting Option) or any other relevant Degree. (A degree in Risk Management will be an added advantage)
• CPA (K), ACCA, ACA or any other recognized professional accounting qualification
• MBA will be an added advantage
• Minimum 7 years’ Relevant working experience 3 of which should be in risk management in a financial institution
• Knowledgeable about processes, risks and control/ controls design
• Excellent Interpersonal & Communication Skills.