Senior Risk & Compliance Officer at AAR Insurance

Overall Purpose of the Job

Reporting to the Group Head of Risk & Compliance, the Senior Risk and Compliance Officer role is integral to ensuring AAR Insurance operates within an effective risk management and compliance framework. The position is responsible for assisting in identifying, assessing, mitigating, reporting, and monitoring all enterprise risks including compliance with Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), data protection and business continuity management (BCM) and exposures. The role also ensures alignment and compliance with regulatory standards, corporate governance principles, and industry best practices.

Key Responsibilities

• Monitor, review and co-ordinate the implementation of the anti-money laundering and combating financing of terrorism compliance program.
• Developing AML guidance materials, controls, training resources and an internal handbook.
• Periodically evaluate conduct AML/CFT risk analysis on existing client, agents, suppliers, and on products to ascertain compliance with AML laws, regulations, polies and procedures.
• Ensure due diligence reviews are carried out, reporting on the outcome of Anti Money Laundering risk assessments and ensuring that remedial action is taken.
• Ensure that suspicious transaction reports and cash transaction reports are filed as appropriate with the Financial Report Centre.
• Ensure full compliance with International, Regional and Local regulation and legislation governing Anti-Money Laundering and Counter Terrorism initiatives.
• In liaison with Human Resource department ensure KYE controls are applied before and after hiring employees.
• Coordinate business continuity impact analysis, policy or procedures review, scheduled tests and implementation of identified areas of improvement.
• Ensure anti-bribery, treating customers fairly (TCF) & Data protection and Privacy laws, regulations, policy and procedures is adhered to.
• Conduct risk assessments on processes, products, services, distribution channels, systems, transactions and report on finding to Head of Risk and Compliance.
• Support and monitor testing of the Business Continuity Plans and provide appropriate status reports to the Head of Risk and Compliance.
• Provide continuous training to the staff and agents on regulatory issues pertaining to AML/CTF, data protection, business continuity, risk and compliance.
• Monitor and coordinate compliance activities of other departments to remain abreast of the status of all compliance activities and to identify trends.
• Assist in the execution of the corporate compliance, fraud, and risk assessments by identifying the key risks and assessing mitigating controls to determine the risk profile for the organization.
• Perform risk and control assessments across the AIK with specific emphasis on defining the risk, inherent and residual, assessment of the design and operating effectiveness of controls and the defining action plans to bring controls effectiveness.
• Identify and analyze the key risk indicators trends and monitor implementation of action plans to address key risk indicators out of appetite.
• Responsible for implementation and execution of functional control self-assessments, including determining relevant controls to be tested, sample sizes, control standards, and reporting outcomes.
• Perform root cause analysis on all identified risk and compliance events and monitor implementation of action plans to fully address the risk event.
• Consolidating risk reports received from risk champions on a quarterly basis for presentation to the board audit and risk committee and the management committee.
• Preparing quarterly risk and compliance reports for inclusion in the departmental reports to management and the Board.
• Handle any other duties as assigned from time to time.

Education, Experience & Competencies

• Holder of a Bachelors degree in in law, Business Administration, Risk Management, Accounting, Finance, or a related field.
• Professional qualifications in CRISC, CISM, CISA, CIA, LOMA, CFE, CPA, CIA/LOMA is an added advantage
• Possess at least four years’ experience in managing risk management, governance frameworks and compliance programs within a regulated financial institution
• Strong knowledge of regulatory and legal requirements related to risk and compliance, including data protection, financial regulations, and industry-specific requirements.
• Strong problem-solving, analytical, and decision-making skills.
• High ethical standards, integrity, and discretion.
• Excellent interpersonal and communication skills,
• Ability to work independently and with the ability to influence stakeholders at all levels