Bancassurance Risk & Compliance Manager at Sidian Bank

JOB PURPOSE

The job holder will provide independent risk and compliance oversight of the Bank’s bancassurance business, ensuring that bancassurance activities are conducted within the approved risk appetite, regulatory requirements, insurance intermediary obligations, customer protection standards and the Bank’s governance framework.
The role will also serve as a key second-line control function between the commercial Bancassurance business and the Bank’s broader Risk, Compliance and Governance framework.

The Insurance (Bancassurance) Regulations apply to bancassurance intermediaries and provide for their registration and supervision. They also address confidentiality, complaints, reporting, technical staff and governance requirements.

KEY RESPONSIBILITIES AND ACTIVITIES

Bancassurance Regulatory Compliance

• Maintain a comprehensive Bancassurance Regulatory Obligations Register. 
• Monitor compliance with among others: 
  • Insurance Act 
  • Insurance (Bancassurance) Regulations, 2020 
  • IRA regulatory requirements 
  • CBK requirements applicable to banks 
  • Consumer protection requirements 
  • Data Protection Act 
  • AML/CFT/CPF requirements 
  • Applicable Bank policies and procedures. 
• Track regulatory circulars, guidelines and changes affecting bancassurance. 
• Assess regulatory changes and coordinate implementation with relevant stakeholders. 

AML/CFT/CPF & Fraud Risk

• Ensure bancassurance ML/TF/PF risk assessment  is conducted and submitted as required and that any activities bancassurance  are incorporated into the Bank’s ML/TF/PF risk assessment where relevant. 
• Assess AML/CFT/CPF risks associated with customers, products, distribution channels and transactions. 
• Ensure appropriate KYC/CDD/EDD requirements are applied. 
• Monitor fraud indicators and suspicious activity associated with insurance transactions. 
• Coordinate with Compliance, MLRO and Fraud Risk teams on material cases. 

Regulatory Reporting & Governance

• Coordinate required bancassurance regulatory submissions and internal reporting to include among others Report on compliance with all the IRA guidelines, the annual risk assessment to IRA. 
• Maintain a regulatory reporting calendar. 
• Review submissions for completeness and accuracy. 
• Support responses to IRA and CBK regulatory requests. 
• Prepare periodic reports for: 
  • Management 
  • Management Risk Committee 
  • Board Risk Committee 
  • Other relevant governance forums. 
  • Prepare an annual report on the performance of bancassurance business to the Insurance Regulatory Authority within three months after the end of the reporting year. 
• Coordinate closure of audit, regulatory and compliance findings
• Support regulatory inspections and audit engagements

Bancassurance Risk Management

• Maintain the Bancassurance Risk Register. 
• Identify, assess and monitor among others : 
  • Regulatory risk 
  • Operational risk 
  • Reputational risk 
  • AML/CFT/CPF risk 
  • Data protection risk 
• Ensure bancassurance risks are incorporated into the Bank’s enterprise risk taxonomy and RCSA. 
• Establish and monitor appropriate KRIs and risk appetite thresholds. 

RCSA & Control Testing

• Maintain the Bancassurance RCSA. 
• Define key risks, controls, control owners and testing frequency. 
• Conduct/coordinate periodic control testing. 
• Track control failures and remediation actions. 
• Require quarterly management attestation on key controls. 
• Monitor closure of KYC, documentation, customer disclosure, licensing and operational exceptions. 
• Monitor and report bancassurance risk incidents, losses and near misses.
• Escalate breaches of approved risk appetite thresholds.
• Identify and assess emerging risks affecting the bancassurance business.

Product Governance & Approval

• Provide independent risk and compliance review of new and amended insurance products. 
• Participate in Product Approval Committee processes where applicable. 
• Ensure identified risks are appropriately mitigated before product launch.

Insurance Partner / Third-Party Risk

• Conduct risk-based due diligence and ongoing monitoring of insurance partners. 
• Review insurers’: 
  • Regulatory status 
  • Financial strength indicators 
  • Complaints profile 
  • Claims performance 
  • Regulatory issues 
  • Service levels 
  • Business continuity arrangements 
  • Data protection controls.
• Monitor contractual obligations and service-level agreements. 
• Escalate material deterioration in insurer risk profile.

Complaints & Customer Outcomes

• Monitor bancassurance complaints and resolution timelines. 
• Perform root-cause analysis of complaints. 
• Identify recurring conduct or process weaknesses. 
• Ensure appropriate escalation of systemic issues. 

Data Protection & Confidentiality

• Ensure confidentiality of customer insurance information. 
• Review data-sharing arrangements between the Bank and insurance partners. 
• Ensure appropriate data protection clauses and processing arrangements. 
• Coordinate with the Data Protection Office on privacy impact assessments and data-sharing risks. 

Training & Awareness

• Coordinate mandatory bancassurance risk and compliance training. 
• Ensure relevant staff understand: 
  • Insurance products 
  • Regulatory requirements 
  • Customer disclosure 
  • AML/CFT/CPF/ KYC 
  • Data protection 
  • Complaints 
  • Conduct requirements. 
• Monitor competency and certification requirements for technical staff. 

KNOWLEDGE, SKILLS & EXPERIENCE

Minimum

• Bachelor’s degree in Risk Management, Insurance, Finance, Banking, Business, Law, Compliance or related field. 
• A minimum of 4–7 years’ experience in banking, insurance, bancassurance, risk or compliance. 
• Knowledge of Kenyan banking and insurance regulatory frameworks. 
• Understanding of RCSA, operational risk and compliance monitoring. 

Desirable

• ACII/IIK qualification or progress toward professional insurance qualification. 
• CAMS or equivalent AML qualification. 
• Risk/compliance qualification. 
• Experience with IRA and CBK regulatory engagements. 
• Experience in bancassurance product governance and customer conduct monitoring

Technical / Functional Skillset

• Knowledge of CBK, IRA and Insurance/Bancassurance regulatory frameworks 
• Bancassurance risk and compliance management 

Behavioral Competencies

• Strong integrity and customer-centricity 
• Independent judgement and professional scepticism 
• Strong analytical and investigative capability 
• Confident challenge and escalation 
• Strong communication and stakeholder-management skills 
• Proactive problem-solving 
• Accountability and ownership 
• Ability to work effectively across Business, Risk, Compliance, Legal, Operations and insurers