To discharge their responsibilities relating to the compliance risk management process in ROA, as required by relevant regulatory requirements, applicable codes of conduct and minimum standards. Integrate the ROA legislation, taking into account and provide strategic advice related to the complexity applicable to each Country. Assists line management and the business risk management function by providing advice to guide line management in discharging their responsibility to comply with applicable statutory, regulatory and supervisory requirements: To maintain and develop a thorough understanding of the relevant regulatory requirements applicable to the Business Unit that he/she represents as a Compliance Officer; thereby facilitating the establishment of a compliance culture.
Generation of Regulatory Universe and Compliance Risk Management Plans (RMP’s)
- Provides input to the ROA and Regulatory Landscape
- Responsible for the completion and/or maintenance of a Business Unit specific Regulatory Landscape.
- Understand compliance related legislative requirements and be able to explain the impact and assist with practical solutions together with the Business Unit. Facilitate a comprehensive and up to date understanding of the status of compliance and regulatory matters.
- Embed Compliance policies in the relevant Business Unit
- Develops, in consultation with the relevant Business Unit, Compliance policies CRMP’s and the maintenance thereof.
- Ensure that there is workable strategic mitigation set for each area as per the CRMP.
Act in an Advisory capacity to business
- Analyse & identifies compliance risks and provides advice to management, relevant committees, the embedded business risk management function and employees, in order to effectively manage compliance matters
- Provides assistance and advice on compliance issues specific to the Business Unit (new businesses, products, and other initiatives such as projects).
- Attend Management meetings to provide appropriate and pragmatic advice and influence the Business Unit on related Compliance matters
- Identify and conduct Compliance presentations to the relevant Management Forums based on key compliance risk areas.
- Strategically influence the Business direction in ROA on matters related to new and existing legislation.
Ensure execution of applicable and effective Monitoring
- Provide input into the compliance monitoring plan (Compliance Policies) in consultation with the Business Unit and tracks progress thereof.
- Provides input and guidance to direct reports to ensure that risk based monitoring is conducted in the Business Unit.
- Oversees in conjunction with the Combined Assurance structure, the adherence to the Compliance Policies in order to identify further areas of improvement and detect significant compliance breaches and exposures.
- Oversees the monitoring activities of the Compliance Manager
- Ensures that there is a customised CRMP for all Compliance Policies pertinent to the Business Unit.
- Assists the Business Unit with the resolution of compliance related audit issues and findings
- Establishes a line of communication to the Business Unit Management, in order to monitor relevant compliance aspects within the Business Unit.
Ensure effective Compliance Policies, Procedures & Training
- Assists, as and when required, in the development drafting and updating of Compliance policies and related training programmes (in as far as such assistance is aligned to L&D and Centre of Excellence initiatives).
- Identifies Compliance training based on Business Unit specific needs and drive execution in collaboration with the Compliance Capability team.
- Ensures all training which has been tailored for the Business Unit is signed off and, if appropriate, assists in the delivery of the training and awareness.
- Requests dispensation when Business Unit policies and procedures deviate from that of minimum standards.
Constant review and interpretation of Regulatory Requirements
- Remains aware of regulatory & legislative developments, and practices of regulatory authorities, which are relevant to the Business Unit and ROA Counties
- To assists Business Unit in implementing existing, new and/or amended regulatory requirements and Compliance Policies
- Assess and advise the Business Unit on the impact of regulatory developments.
- Provides input or comment in relation to the drafting of proposed regulatory requirements.
Drive execution on culture and strategy
- Seeks to establish a compliance culture that contributes to the overall objective of prudent compliance risk management by the Bank.
- Actively promotes, on an ongoing basis, the Compliance Function, to ensure that a culture of compliance is established in the Business Unit.
- Seeks to establish a compliance culture that contributes to the overall objective of prudent risk management by the Bank.
- Cultivates relationships within the Business Unit which results in the Business Unit Management or other relevant forums proactively seeking Compliance involvement in their dealings.
- Providing advisory services to guide the Business Unit and all staff in discharging their responsibility to comply with applicable statutory, regulatory and supervisory requirements in order to:
- Protect the reputation of the Group;
- Avoid legal action against the Group;
- Promote Group supervisory and regulatory interaction
- Protect the Group’s assets and employee.
- To maintain and develop an understanding of the relevant regulatory requirements applicable to the Business Unit (“BU”) that he/she represents as a Compliance Officer; thereby facilitating the establishment of a compliance culture.
- To develop and build relationships with key stakeholders.
Feedback, Reporting & Escalation
- Utilises established mechanisms for reporting and resolving non-compliance with regulatory requirements.
- Immediately reports material compliance related matters to the Head of RoA Compliance (Business Line)
- Informs ROA Compliance about regulatory inspections and acts as a conduit for any significant information requests, comments and findings.
- Completes monthly and quarterly compliance reports as may be required by various Group governance structures and regulatory requirements.
- Plan in cooperation with the Business Unit, corrective action regarding audit and regulatory findings.
- Monitors the timely and effective implementation of the plans, escalating progress and results to ROA Compliance.
Assist with Business Management and Strategy
- Prepares in conjunction with Combined Assurance (if relevant) the annual compliance monitoring plans for submission to the Business Unit EXCO.
- Creates and maintains an appropriate electronic record and filing system
- Involved with execution of the functions strategy.
- Strives to influence a continual reduction in costs within the areas under control.
- Ensures that service delivered remains cost-effective and efficient.
People Management aspect
- Manage and support any direct reports (if applicable), in an effective and motivational manner.
- Ensure that each subordinate has appropriate goals and KRA’s in place.
- Actively promote, on an ongoing basis, the Compliance area along with a culture of compliance, to business.
- Attend all required fora, meetings and conferences.
- Manage a team to ensure effective delivery of objectives for the area (if applicable)
- Address poor performance.
- Motivate team members and ensure that they receive recognition for work well done.
- Determine development needs of the team and ensure that development opportunities (training, rotation, on-the-job learning) are discussed with and escalated to the RoA Compliance Head.
- Approve leave requests.
- When required, initiate disciplinary processes for team members. Resolve grievances raised by team members, escalating only if unresolved.
- Type of Qualification: First Degree
- Field of Study: Legal/ Business or Finance
The role requires a seasoned expert in Compliance with a sound knowledge of the relevant regulatory requirements and upcoming developments applicable to a specific business area as well as a solid understanding of banking products and activities.