Risk and Compliance Officer at ICEA Lion Group

About the job

• Liaise with various departments to collect and collate compliance risk assessment data to facilitate the establishment of the compliance universe in addition to giving recommendations on the high- risk issues.
• Monitor and report on the daily management of compliance issues at respective units including significant internal policies.
• Act as anti-money laundering liaison contact in Head Office, maintaining continuous dialogue and information to business units on key issues defined in the AML/KYC policies.
• Prepare internal compliance reports with regard to external and regulatory compliance issues.
• Monitor and alert on the status and performance of compliance responsibilities across Head Office support functions.
• Plan, support & provide AML/KYC awareness and system training and other compliance policy training across the business units.
• Carry out initial review of AML alerts and maintain follow-up for conclusion on AML case management, including providing AML system support to users.
• Carry out compliance risk events data collection, analysis and preparation of reporting including recommendations to mitigate exposures.
• Maintain continuous engagement with business units and carry out compliance risk monitoring, analysis and reporting on new products and projects.
• Provide compliance risk liaison at peer levels across specialist and risk functions (Legal, Audit, Risk, HR and Finance).
• Promote and reinforce a strong culture of compliance throughout the organization, emphasizing the importance of AML and reporting obligations.
• Develop and deliver training programs to enhance compliance awareness and knowledge among employees and management.
• Review the business continuity programme within the company and ensure that regular tests are conducted and the policies and frameworks are regularly updated.
• Identifying areas of weakness with regards to business continuity and recommend remedial measures in consultation with all the relevant stakeholders.
• Conduct due diligence on vendors/suppliers whom the business is intending to establish business relationships with.
• Carry out comprehensive risk assessments across the business & functional areas in line with the risk management framework.
• Evaluate the adequacy and effectiveness of controls established by management to ensure that identified risks are appropriately mitigated at both departmental and process levels.
• Maintain the risk registers and assist management in tracking progress on the implementation of risk mitigation action plans.
• Coordinate the performance of strategic risk analysis by reviewing business processes in liaison with business owners to identify potential risks.
• Participate in the formulation and review of risk management and control activities for products to ensure they meet the set objectives and are worthwhile investments with a quantifiable return.
• Facilitate awareness and training programs on risk management, controls and compliance activities.
• Prepare reports for the Board Audit and Risk Committee

Requirements

• A Bachelor’s degree in Finance, Economics, Law or Business-related field. A postgraduate Master’s degree and professional qualification in risk management will be an added advantage.
• Demonstrated understanding of the regulatory environment including the Insurance Act, CMA Act and RBA Act.
• Good knowledge of money laundering issues and KYC requirements.
• A good understanding of insurance operation and business functions.
• Good management skills including organizational, communication and problem solving skills.
• Demonstrated high integrity
• 3 years of working experience – with at least 1 year of experience, in either compliance or audit related activities.