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Job Description

The purpose of the Compliance Specialist role is to establish and maintain mechanisms and systems of internal control to assist in meeting regulatory and supervisory obligations and to promote and sustain a sound compliance culture. This includes ensuring regulatory compliance implications are integrated into material strategic, financial and operational decisions. It is the responsibility of this role to assign clear ownership for the oversight of different categories of regulatory compliance risks facing Procurement Business Unit.

Compliance Risk Management Design and Implementation Processes

Assist management in the design, development and implementation of compliance frameworks

Communicate key aspects of the compliance policies or charters and manuals to compliance stakeholders

Facilitate approval of a compliance policies or charters and manuals by senior management and governance committees (for example board or audit committee)

Develop or review, advise and create awareness of role and responsibility descriptions

Advise management on compliance frameworks

 Regulatory Universe Definition and Maintenance Processes

Identify, categorise, assess and prioritise the applicable regulatory requirements that the organisation is required to comply with

Apply Generally Accepted Compliance Practice in embedding the compliance process in organisations

Provide compliance advice and services to compliance stakeholders

Communicate the regulatory universe and risk profile to relevant stakeholders

Assist in the design, development and delivery of compliance awareness and training interventions

Compliance Risk Management Plan Development Processes

Develop compliance risk management plans in accordance with Generally Accepted Compliance Practice

Facilitate the implementation of controls documented in risk management plans

Provide input for the prioritisation of the development of compliance risk management plans

Facilitate and/ or effect the periodic review and update of risk management plans

Compliance Monitoring Processes

Develop a compliance monitoring plan

Present a compliance monitoring plan to management and governance stakeholders for approval

Implement appropriate monitoring methodologies

Monitor compliance with applicable regulatory requirements relevant to the organisation and its products and / or services

Define compliance stakeholder roles and responsibilities in business unit

Provide compliance monitoring advisory services within the business unit

Monitoring operations to ensure that they meet standards operating procedures

Recommending adjustments to the processes, through testing of the processes

Compliance Reporting Processes

Determine the governance requirements relating to compliance reporting

Determine the compliance reporting requirements to stakeholders and regulators / supervisors in terms of regulatory and/or organisation requirements

Implement and maintain a compliance reporting processes

Generate reports in the appropriate format

Record keeping

Industry Regulator, Supervisor and Stakeholder Interactions

Develop and implement registers of regulators and supervisors

Coordinate communication channels and liaison with regulators and supervisors

Draft policies and procedures to address the management of the relationship with regulators and supervisors

Implement processes to manage relationships with regulators and supervisors across jurisdictions

Experience, Knowledge & Skills Required

Legal or Auditing Degree (advantage)

Compliance Management Certificate (advantage)

Postgraduate Diploma in Compliance Management (advantage)

RE 1 and RE 5 (advantage)

Preference for members of Compliance Institute of Southern Africa (CISA) (advantage)   

3 - 5 years relevant experience in a regulatory risk & compliance role, in a financial institution and ideally in Short Term Insurance (STI), coupled with operational STI experience

Technical Skills & Knowledge

In depth knowledge of FAIS, Insurance Act, Short-term Insurance Act, POPI & subordinate insurance legislation.

Understanding of the overall dynamics of the insurance and financial services industries.

Sound understanding of regulatory and compliance issues pertinent to the Financial Services Industry.

Service and delivery orientated

Attention to detail

Analytical thinking

Professional attitude and approach

Strong client orientation

Teamwork

Skills

Compliance Reporting, Compliance Risk Management

Education

Bachelor Commerce: Accountancy And Law (Required)

Closing Date

22 November 2024

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.

Old Mutual Limited is pro-vaccination and encourages its workforce to be fully vaccinated against Covid-19.

All prospective employees are required to disclose their vaccination status as part of the recruitment process.

Please refer to the Old Mutual’s Covid-19 vaccination policy for further detail. Kindly note that Old Mutual reserves the right to reinstate the requirement to vaccinate at any point if it is of the view that it is imperative to do so.

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