Legal Lead Specialist: Everyday Banking - Sandton, South Africa - Absa Bank Limited

Absa Bank Limited
Absa Bank Limited
Verified Company
Sandton, South Africa

3 days ago

Thabo Mthembu

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Thabo Mthembu

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Description
Empowering Africa's tomorrow, together one story at a time.

  • With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.
Job Summary


This legal role is instrumental in safeguarding Absa's reputation and ensuring its operations remain in strict adherence to all laws and regulatory standards.

This is a senior leadership position responsible for developing, implementing, and overseeing the organization's legal risk framework to mitigate risks, maintain regulatory compliance, and safeguard the firm's reputation.


The individual in this role is expected to provide strategic thought leadership in the Legal function, provide complex advice and support in the positioning of legal, risk and compliance operating models, navigate complex regulatory landscapes, proactively address emerging legal challenges and provide practical legal and business solutions.


The role will primarily focus on providing legal support and advice to team and the business generally, including taking responsibility for transaction documentation, assisting with product development, and providing specific advice in response to business queries.

The individual will also be expected to lead the team when working on significant Group-wide projects.

The role requires close liaison with stakeholders at all levels, colleagues and participation in industry bodies (eg BASA) and therefore requires excellent communication skills.

The key specific accountabilities of this role would be the following:

  • Business Enablement: Ensure accurate and timely legal and regulatory guidance and support in respect of regulatory requirements, always considering the potential alternatives within the rules and regulations applicable, endeavouring to find solutions to ensure lawfulness and compliance as well as the continuation of business;
  • Manage risk: Perform risk assessments and make risk recommendations to business and drive a satisfactory functional Risk and Control Assessment (RCA).
  • Play a proactive and leading role in driving external and industry wide impact to manage and mitigate legal risk this includes representing Absa or supporting Absa representatives on various industry bodies e.g. BASA, PASA etc.
  • Build and grow strong external relationships and engagements with Regulators, particularly NCR and FSCA, and continue proactive stakeholder engagement and involvement on a business, regulator, and industry level.
  • Stay abreast of evolving regulatory requirements and drive necessary changes in policies and procedures to address new obligations.

Job Description:

Key Accountabilities


Accountability:
Advisory Services

  • Provide expert guidance and advice to various business units and senior management on legalrelated matters, including new product launches and strategic initiatives.
  • Manage new regulatory requirements by evaluating regulations (local and international) identified as relevant to the business and provide an impact analysis relevant to the business. Address impacts, including policy amendments, business notifications and provision of training.
  • Implement training programs to enhance regulatory awareness and knowledge among employees, fostering a culture of compliance throughout the organization.

Accountability:
Monitoring and Reporting

  • Establish monitoring and reporting mechanisms to track legal risk and compliance with internal policies, promptly reporting any breaches or issues to senior management and compliance colleagues owning contact with regulatory bodies.
  • Be the accountable key legal and regulatory risk owner for the business and perform ongoing monitoring of the business through stakeholder engagement, compilation and assessment of management information, and tracking and analysis of material issues.
  • Maintain detailed legal risk assessments for the business, identifying all regulations and assessing the regulatory risk.
  • Maintain and assess legal and regulatory risk MI for the business. Perform effective verification testing on key legal and regulatory risks of the business. Review and provide input on the Legal Risk Review coverage for the business.
  • Review the business coverage plan, the scope of each review, conclusions and final report of each review. Assess the overall testing coverage on legal and regulatory risk for the business and address deficiencies.

Accountability:
Stakeholder management and leadership

  • Lead a Legal team which takes accountability for the legal, regulatory and reputational risks within an accountable area.
  • Develop, motivate and manage people by recognizing performance, providing appropriate interventions and opportunities, and addressing poor performance.
  • Ensure effective performance management, development and succession planning.
  • Equip team to deliver b
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