Job description
The role will report to the Head of Compliance. Individually accountable for establishing and embedding compliance through own efforts, over periods of 1 day to 3 months. Initiates and facilitates corrective action where required.
Ensures that applicable legislation is being complied with by staff by regularly reviewing and monitoring compliance processes as well as day-to-day compliance to legislation and regulations.
Ensure that compliance risks are identified, assessed and controlled through business specific policies and procedures, including:
Identification of material compliance risks;
Assessment of inherent and residual compliance risk levels;
Development of relevant compliance policies and procedures and the roll out of these;
Identification of controls against identified compliance risks and advising the business on the implementation of these controls;
Conducting a second line of defense assessment of the effectiveness of those controls (i.e. monitoring and testing);
Identification of Key Risk Indicators (KRIs) against material compliance risks;
Corrective action plans against control weaknesses; and
Tools to assess whether the business’s customers are dealt with fairly.
Ensure that regular compliance monitoring activities (2nd Line of Defense checks) are undertaken, appropriately. In particular:
Implementation of the annual compliance plan
Updates on compliance monitoring activities and submitting to the Board at least quarterly. The report must include details of progress against the Compliance Monitoring Plan as well as outstanding management actions and issues.
Ensure records are kept of compliance activities, including compliance monitoring, advice to the business and compliance reports to senior management and the Board or their appropriately delegated committee. Records of all breaches and complaints must also be kept, including details of activities taking place to rectify the breach / deal with the complaint.
Challenges and escalates (within the defined escalation framework) where deemed appropriate.
Reports on compliance breaches.
Facilitates resolution on compliance breaches.
Assists in mitigation on compliance risk.
Utilizes limited legislation and in all probability, the impact of the legislation is limited.
Influences on account of outputs are limited to specific assigned area or within the less complex BU.
Ensures that an outsourced compliance function is effectively rolled out and implemented in the practices of selected independent and bank brokers.
Regularly reviews and monitors compliance processes as well as day-to-day compliance to legislation and regulations.
Provides support and assistance to BU management to embed risk management and challenges risk management information where appropriate.
Makes recommendations in ensuring that risk processes (risk assessment, identification, reporting and optimization occur at BU level.
Personal Effectiveness:
Accountable for service delivery through own efforts.
Individually accountable for managing own time, tasks and output quality for periods of up to 3 months.
Makes increased contributions by broadening individual skills.
Collaborates effectively with others to achieve personal goals.
Accepts and lives the company values.
Reporting:
Reports on compliance breaches to line management and Corporate Governance Manager.
Compiles monthly reports (standing reports) on issues identified and reports on actions taken to rectify the problem.
Compliance:
Ensures that applicable legislation is being complied with by staff, by regularly reviewing and monitoring compliance processes as well as day-to-day compliance to legislation and regulations.
Regularly reviews and monitors compliance processes as well as day-to-day compliance to legislation and regulations.
Facilitates resolution on compliance breaches.
Assists in mitigation of compliance risk.
Utilizes limited legislation and in all probability, the impact of the legislation on the Business Unit / functional area is limited.
Ensures that an outsourced compliance function is effectively rolled out and implemented in the practices of selected independent and bank brokers.
Qualification and Experience:
BA/B. Com/LLB related degree
3yrs appropriate compliance-related experience in the Financial industry
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