Reporting To: Internal Audit Manager
The Risk and Compliance Officer will have primary responsibility for ensuring that the Sacco complies with its outside regulatory requirements and internal policies as well as assist in the execution of compliance, fraud, and risk assessments by identifying the key risks and assessing mitigating controls to determine the risk profile of the Sacco.
Job Responsibilities
Risk Register: Maintain a risk register based on the identified applicable laws and regulations, fraud schemes, and AML considerations.
Controls Catalogue: Based on review of procedures and walkthroughs, maintain an inventory of internal controls and map them to key risk areas.
Issues Management: Track the progress of remediation of control weaknesses identified by Internal Audit, self-testing, or controls assessment.
Risk Assessment: 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.
Risk Monitoring: Assist in the development and monitoring of key risk indicators (KRIs) that are mapped to various risks to determine elevations in risk and proactively implement risk mitigation measures.
Emerging Risks: Identify emerging risks that present new regulatory, fraud, or money laundering risks. This includes risks associated with new products and services, customer types, geographies, and channels.
Data Analytics: Coordinate the collection of risk information from source systems, departments, and reporting, analyze the data and apply to various key risk areas to update the risk profile.
Policy and Procedure Maintenance: Provide assistance to in developing and updating policies and procedures by enforcing document standards.
Compliance: Perform compliance audit and ensure adherence to all internal operation and evaluate all procedures to maintain accuracy with all internal standards.
Guide on emerging operational, legal and regulatory compliance matters.
Audit Plan: Assist in the design and documentation of all audit plans
Reporting: Preparation of all reports according to established procedures and monitoring of all corrective actions according to industry standards.
Analyze all audit results and implement all necessary actions to resolve all compliance issues and interpret all complex regulations to ensure adherence to same.
Qualifications
A Degree in Commerce / Accounting/ Business Administration or any other related field;
ICPAK membership and a minimum of 3 years relevant experience.
Key Skills
Demonstrate strong knowledge of risks identification, assessment, and management frameworks.
Strong knowledge of control frameworks and the ability to design and evaluate effectiveness of controls embedded within business processes.
Knowledge of the risk and governance standards.
Computer literacy skills – MS Office applications.
Strong Interpersonal/formal communication (oral and written) skills.
Integrity & ability to uphold professionalism.
