Senior Compliance Officer at Jubilee Insurance

Job Ref. No: JHIL126

Role Purpose

The main purpose is to ensure that the organization operates in adherence to legal and regulatory requirements, industry standards, and internal policies. You will be responsible for establishing and maintaining a robust compliance program, conducting compliance reviews, and providing guidance to ensure the company's compliance with applicable laws and regulations.

Key Responsibilities
Operational

• Develop and implement a comprehensive compliance program to ensure adherence to applicable laws, regulations, and industry standards.
• Monitor regulatory changes and industry developments to assess their impact on the organization and implement necessary updates to policies and procedures.
• Conduct regular compliance reviews and assessments to identify gaps, risks, and areas for improvement.
• Develop and deliver compliance training programs to enhance awareness and understanding of compliance requirements across the organization including Anti–Money Laundering, Data Protection, and other recommended by the regulator.
• Collaborate with internal stakeholders, such as senior management, head of compliance, legal counsel, risk management, and audit teams, to address compliance issues and develop appropriate solutions.
• Establish and maintain effective compliance reporting mechanisms, including whistleblower channels, to encourage reporting of potential compliance violations.
• Ensure that suspicious transactions are identified and reported immediately to the Money Laundering Reporting Officer without tipping off.
• Investigate and respond to compliance incidents, violations, or breaches, ensuring appropriate actions are taken and corrective measures are implemented.
• Conduct compliance audits, reviews and monitor the effectiveness of internal controls to mitigate compliance risks in line with laid down policies, regulations, laws, and best practices within the company.
• Prepare and submit regulatory reports and filings in a timely and accurate manner.
• Stay updated on emerging regulatory trends, changes in laws, and industry best practices to ensure ongoing compliance and recommend necessary actions to senior management.
• Address employee concerns or questions on legal compliance.

Corporate Governance

• Stay updated on emerging trends, best practices, and industry benchmarks related to compliance.
• Adherence to the laws and regulations of Kenya, the policies and regulations within the insurance industry and all internal company policies and procedures.
• Ensuring compliance with applicable statutory and regulatory requirements and establishing mitigation measures against emerging business risks.

Culture

• Demonstrate continued personal development within the compliance space.
• Fostering a corporate culture that promotes ethical practices and good corporate citizenship while maintaining a conducive work environment.
• Collaborate with cross-functional teams to develop initiatives that promote a positive and inclusive company culture.
• Individualized Development Planning: Create personalized development plans that align with your career aspirations and the organization's objectives.
• Laws, Regulations, Company Policies & Regulatory Guidelines: Stay informed about applicable laws and regulations, including Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) laws, Data Protection laws, as well as the Insurance law; Ensure that your actions and activities align with these legal requirements;
• Understand and adhere to internal company policies, processes, and procedures; Promptly report any instances of non-compliance to management and the designated compliance officer; Take proactive measures to mitigate compliance risks within your role and department; Participate in training programs and awareness sessions organized by the company to enhance your understanding of compliance requirements.

Key Skills and Competencies

• Regulatory Knowledge: In-depth understanding of insurance laws, regulations, and industry compliance requirements.
•  Analytical Thinking: Strong analytical skills to assess compliance risks, conduct reviews, and develop effective solutions.
• Attention to Detail: Thoroughness and accuracy in reviewing policies, procedures, and regulatory requirements.
• Problem-Solving: Ability to identify and address compliance issues, violations, and breaches in a timely and effective manner.
• Communication Skills: Excellent verbal and written communication skills to provide guidance and training on compliance matters and interact with stakeholders at all levels.
• Collaboration: Ability to collaborate with cross-functional teams and build effective working relationships to address compliance challenges.
• Ethical Conduct: Commitment to ethical conduct and high standards of integrity in all compliance-related activities.
• Continuous Learning: Proactive attitude towards staying updated on regulatory changes and industry best practices.

Qualifications

• Bachelor’s degree in business administration, Finance, or Law.
•  Professional qualification from International Compliance Association or Association of Certified Anti Money Laundering

Relevant Experience

• Minimum of 5 years working experience in a compliance/audit environment within the financial services industry, preferably in the insurance or banking industry.