Compliance Officer - Parktown, South Africa - Rand Mutual Assurance

Rand Mutual Assurance
Rand Mutual Assurance
Verified Company
Parktown, South Africa

2 weeks ago

Thabo Mthembu

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Thabo Mthembu

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Description

THE JOB AT A GLANCE


As a Compliance Specialist, you will be responsible for pro-actively and constructively assisting the RMA Group in managing its responsibility to comply with all applicable regulatory legislative requirements, applicable regulatory codes and standards, and internal policies and procedures.


WHAT WILL YOU DO?

Compliance process and policy development:


  • Develop and implement an effective compliance framework / program.
  • Draft and periodically review compliance policies and procedures.
  • Ensure the Organisationwide implementation of the compliance policy and process.
  • Provide quality assurance on all Compliance Risk Management Plans in the Regulatory Universe.
  • Fulfil any task necessary to achieve the Compliance Function's objectives.
  • Conduct continuous research and development of compliance methodology/process.

Compliance monitoring and reporting:


  • Assist the business to improve on the current compliance controls (where required) for applicable legislation and new legislative developments via the CRMPs.
  • Implement an Organisationwide reporting procedure to ensure compliance with the reporting responsibilities as required by the Regulators.
  • Review effectiveness of the agreed controls and action plans on allocated legislation and regulations.
  • Analyse, collate and interpret organisationwide compliance reports.
  • Compile the monthly Group Compliance Report for the Executive Committee.
  • Update Compliance Findings Agreed Management Action document regularly and track findings to closure.
  • Compile and submit detailed and summarised reports on areas covered, findings and appropriate recommendations for improvement to management and the Actuarial & Risk Committee and other relevant Board-Sub committees.
  • Conduct independent compliance monitoring e.g. Control Adequacy Assessments and Control Effectiveness Assessments / testing, special reviews and risk indicator monitoring.
  • Monitor regulatory industry developments and interpreting regulatory requirements.
  • Engage with stakeholders to develop remediation plans to manage crises, compliance breaches or close gaps identified.
  • Compliance monitoring of key legislation and regulations, through the electronic compliance software system, and performing manual monitoring exercises outside of the software system.
  • Issue comprehensive reports on findings from monitoring exercises, via the compliance system or manual report writing, to management and stakeholders.
  • Attend to any adhoc reporting instructions from Senior Compliance Management.
  • Compile periodic reports to the Risk Department (such as KRI's; compliance input into Risk Reports.
  • Manage and oversee the Relationship with the Compliance Software Provider (Exclaim).

Stakeholder relationship management and training:


  • Facilitate resolution of compliance breaches and assist the business units to develop and implement remediation actions.
  • Provide ongoing regulatory advice and direction to RMA Divisions.
  • Create a formal compliance training and awareness plan for the year for the entire organisation and ensure rollout to all staff.
  • Annually review and update compulsory compliance training course material to be in line with the latest standards.
  • Assist with the training of staff on compliance related matters.
  • Promote compliance awareness in the company via initiatives (such as Newsletters, Presentations, etc.)
  • Maintain relationships with the business areas, internal and external audit and other related compliance risk management functions.
  • Assist to mentor and coach Compliance Interns and new staff in Group Compliance.
  • Assist the Compliance Manager in preparation for Regulatory visits / inspections.
  • Provide assistance to Internal Audit during the Annual Compliance Function Audit.

Compliance Risk Management

  • Evaluate business activities (e.g. to identify and assess compliance risk) and implement action plans to address identified risks.
  • Facilitate a compliance culture that contributes to the overall objective of prudent risk management by the organization.
  • Mitigate Compliance Risk for the RMA Group and participate in risk mitigation workshops.

Personal Development

  • Keep abreast of new regulatory developments and latest industry practices.
  • Attend and complete training on all RMA products.
  • Attend and complete training on all relevant software systems.
  • Maintain Compliance Practitioner Membership with the Compliance Institute of South Africa.
  • Maintain FAIS Compliance Officer registration (i.e. Fit & Proper Requirements) with the FSCA

Regulatory Projects

  • Assist the organisation in a proper project management principle that will ensure effective implementation of any new legislation / regulations.
  • Report to Management & the Board Sub-Committees on progress of Regulatory projects and highlight potential risk.

Management of FAIS Portfolio for the FSP

  • Submit the Annual Financial Statement of the FSP to
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