Head of Risk and Compliance at Old Mutual Kenya

Job Description

To provide support to the board, MD and management in the development, implementation and maintenance of an effective and integrated enterprise risk management framework and compliance to internal and regulatory requirements. Monitoring compliance status and reporting on the same.

KEY MEASURABLE GOALS

• Ensure the developing, implementing and reviewing of Risk Management Policies and compliance processes in line with regulatory bodies’ requirements and best practice.
• Overseeing the monitoring of compliance to policies and procedures and ensure corrective action is taken where there are deviations to minimize loss exposure.
• Plan for the Undertaking of compliance checks on adherence to policies and processes in all business units.
• Ensure that training to all staff in regard to KYC/AML and other regulatory requirements are carried out.  This includes new development in regulations.
• Ensure adherence to Principles of Corporate Governance & best practices.
• Act as a focal point for compliance issues across the bank.
• Act as the link between the bank, CBK and other regulatory bodies on compliance issues.
• Ensure that the bank is compliant with local and international regulations and best practices on Know Your Customer and Anti Money Laundering.
• Ensuring the bank has in place effective reporting systems for violations or potential violations to relevant authorized enforcement agencies.
• Formulating & annually review the Compliance/ Regulatory Function’s Policies, Procedures, Templates, Job description, & Objectives.
• Ensure measurement of compliance risk (e.g., by using performance indicators) and use such measurements to enhance the institutions risk assessment. Champion the Management of Compliance Risk.
• Monitor developments in legislation and regulation and assess their impact on the Banks’ business operations and its policies and procedures.
• Monitor compliance to the Old Mutual Group Operating Manual and GOM Risk Policies. This includes updating the business of new developments with regard to Old Mutual Policies and Standards.
• Enhance risk awareness among staff and assist in creation of a risk culture within the organization. Contribute to the overall risk management strategy of maintaining / reducing the level of risk as business grows.
• Assist in developing, implementing, and reviewing of Risk Management Policies and processes in line with the needs of the business and regulatory requirements.
• Design and maintain appropriate risk identification and risk management tools for the business.
• Ensuring the Bank has in place, effective reporting systems for risks and risk exposures to relevant stakeholders.
• Assess risks that the Bank is exposed to and advise on mitigation.
• Building on effective and efficient risk management and compliance team for the Bank.
• Good turnaround times and quality of fraud and forensics investigations.
• Assist and advice the Bank in setting its risk appetite.

KEY RESPONSIBILITIES

• Ensure Design and maintenance of risk registers for relevant business units.
• Ensure that there is monitoring and assessment of indicators for the Bank’s key risks and report on adverse movement in these risks.
• Prepare and submit MI reports on key risks and risk exposure to the Management, Board Risk Management Committee, Old Mutual and other stakeholders. Assist in developing and proposing risk exposure limits for the Bank.
• Advise the business on developments in the external environment that may expose the Banks to risks.
• Raise the visibility of compliance issues, internally across all stake holders within the organization.
• Roll out and track implementation of Old Mutual policies and Group Operating Manual/policies.
• Carry out and ensure there is adequate risk management and compliance training to all relevant staff.
• Liaising with line managers, internal & external Audit, Examination functions & the relevant departments to identify significant risks and control lapses or weaknesses and highlighting the same relevant stakeholders.
• Advising risk owners on appropriate controls and risk management strategies and measures.
• Assessing potential risks on new products and offerings under development and advice the product owners/business.
• Any other duties assigned to you by the Head of Risk and compliance from time to time.
• Manage, assess and co-ordinate to enable the Bank to comply with the regulatory requirements so as to avoid violations or non-conformance with laws, rules, regulations, prescribed practice, or ethical standards.
• Develop and manage mechanisms which will ensure adherence to principles of good corporate governance and ethics. These to include the establishment and adherence to Board and Directors’ Charters, Board and Sub-board composition, Board of Directors’ Performance Evaluation, Meetings, Minutes.
• Respond to alleged violations of rules, regulations, policies, procedures, and standards of Conduct by evaluating or recommending the initial investigative procedures.
• Provide reports (MI) on a regular basis, and as directed or requested. Keep the Board Risk Management Committee and Senior Management informed of the operations and progress of compliance efforts. This shall be done through the Head of Risk.
• Ensure proper reporting of violations or potential violations to relevant authorized enforcement agencies as appropriate or required to prevent further penalties/ fines.
• Ensure training of staff members in Anti Money Laundering and Know Your Customer in order to assist in combating money laundering and terrorist financing.
• Formulate and annually review the Compliance/Regulatory Function’s Policies, Procedures, Templates, Job Descriptions and Objectives to make sure they are in tandem with the changing operational environment.
• Co-ordinate with Internal & External Audit/Examination functions & relevant departments to prevent/investigate areas that show signs of current of future non-compliance/weaknesses to regulations.
• Oversee the fraud and investigations of fraud in the organization. Ensure the cases are reported internally and to law enforcement arms where necessary and action taken.
• Any other duties assigned by the Head of Risk from time to time

Education

• Bachelor’s degree in business or finance
• CPA or ACCA, Risk Management Qualifications, Legal Awareness

Knowledge and skills

• Knowledgeable in Enterprise Risk Management and banking regulations. Compliance and banking operations knowledge and skills
• Good investigative skills.

Experience

• At least 10 years’ experience in banking/financial institutions, 5 of which should be in risk management/internal audit/compliance.

Personal Attributes

• Good decision-making skills.
• Assertiveness.
• Good communication skills.
• Attention to details.
• Keen to follow up.