Job Purpose
To enable the execution of Compliance Monitoring plans, processes and activities across dedicated areas of a Business Unit, in-line with the Compliance Monitoring Framework and standards to ensure the effective identification and reporting of Compliance risks and cases of non-compliance, to avoid operational losses, fines, penalties or reputational damage to the organisation and enable competitive advantage for the organisation.
Key Responsibilities/Accountabilities
Risk, Regulatory, Prudential & Compliance
• Conduct Compliance reviews by delivering against the Compliance Monitoring Plan across the required business unit area in-line with Compliance Monitoring standards and methodology, specifically planning, execution, reporting and record-keeping, to ensure sufficient coverage of material compliance risks.
• Prepare management reports detailing the review findings as required and as per the Compliance reporting standards to enable effective risk management decision making.
• Identify and document the root cause of issues identified, with relevant business stakeholders, and recommend mitigation actions to be taken.
• Document and track the required mitigation actions to be taken, this includes logging the findings, action plans, timeframes, and roles and responsibilities.
• Guide and oversee the implementation and closure of the mitigation action plans by obtaining and filing the required evidence to prove mitigation plans have been correctly implemented.
• Provide timely communication on the results of monitoring reviews to Business Units, appropriate Subject Matter Experts and relevant Compliance Officers as and when the identified gaps are confirmed instead of raising these at later stages of the review.
• Track and report on the progress of the compliance monitoring plan for an entire Business Unit, along with the embedded risk management function, in order to identify significant compliance breaches, exposures and potential areas of improvement.
• Remain proficient and knowledgeable of best practice in the specialist field of Compliance Monitoring, and provide the necessary recommendations for adaptation and improvement.
• Implement the annual risk based Compliance monitoring plan which strategically covers key Compliance risk exposures within a dedicated portfolio in line with the Compliance Monitoring Methodology.
• Escalate high-risk findings to Line Manager to ensure timely mitigation and decision making.
• Execute the Compliance Monitoring Reviews to ensure they are thematic and structural to deliver the required level of assurance within the agreed timelines.
• Execute the Compliance Monitoring processes and activities, as per the approved minimum standards, within a dedicated Portfolio to ensure compliance with bank compliance policies, applicable laws and regulations.
Client
• Provide effective training, advisory and awareness to enhance the knowledge of the Business Units on the applicable compliance policies, compliance procedures and regulatory requirements on a continuous basis.
• Provide recommendations and guidance to the leadership within a dedicated Portfolio on developing remediation programmes that ensures adherence to compliance policies, compliance procedures and regulatory requirements.
• Support and facilitate the Compliance Monitoring team is undertaking their monitoring reviews in-country as may be advised.
Data
• Capture all required information, throughout each stage of the monitoring process, as per the required data management processes, procedures and standards as set out by the relevant methodologies, taxonomies and Risk Market Place.
Financial Management
• Strive to influence a continual reduction in costs within the area under control to ensure that service delivered remains cost-effective and efficient.
Strategy
• Provide input into the development and maintenance of the business area’s Compliance Monitoring Framework, which specifically reviews the adequacy and effectiveness of compliance controls to ensure adherence to material high-risk, applicable legislation, policies and standards and is aligned to the Monitoring methodology to provide reasonable assurance that the business areas are adequately complying with relevant Regulatory requirements.
Technology & Architecture
• Identify opportunities for the automation of Compliance Monitoring processes by working with the Compliance Monitoring data analytics team to automate, enhance and simplify the compliance monitoring and review processes.
Minimum Qualification and Experience
Qualification
LLB will be an added advantage.
Experience
The role requires a specialist in Compliance Advisory and Monitoring with a sound knowledge of the relevant regulatory requirements and upcoming developments applicable to a specific business area as well as a solid understanding of banking policies, products and activities. Ability to take the understanding of business needs and operations and to translate it into Compliance risk management solutions 5-7 Years.