Job 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 Organisation-wide 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 Functionxe2x80x99s 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 Organisation-wide 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 organisation-wide 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 ad-hoc reporting instructions from Senior Compliance Management.
• Compile periodic reports to the Risk Department (such as KRIxe2x80x99s; 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 roll-out 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 the FSCA.
• Ensure RMA maintains its FAIS License.
• Ensure that FAIS Registers are monitored & maintained.
• Ensure Fit & Proper Requirements are tracked for FAIS staff (incl: MIE's, Declarations, RE's, CPD & COB Training and Supervision).
• Perform monthly FAIS Register reconciliations and submit any changes on Reps and Key Individuals to the FSCA.
• Signing of FAIS Clearance forms for all Staff.
• Compile and submit any ad-hoc updates and changes to the FAIS License.
• Manage and attend to Requests for Information (RFIxe2x80x99s) received from the Regulators.
• Coordinate the formal responses to FAIS Ombud.
• Manage the Annual FSCA FAIS Levies invoicing process for the FSP.

Management of Insurance Portfolio for the Insurance Group (including AML/FICA requirements)

• Ensure RMA maintains its 2 Insurance Licenses.
• Ensure that Fit & Proper Requirements are tracked for all Directors, Key Persons and Heads of Control Functions. (i.e. Declarations, MIE Checks).
• Ensure that Annual Compliance Monitoring is performed on 3 Insurance legislations.
• Ensure Reports and Submissions are submitted to the FSCA and PA.
• Manage the Annual FSCA ST & LT Levies invoicing process for the Insurance Group.
• Coordinate the formal responses to LTI Ombud.
• Assist with implementing AML requirements for two Insurers and managing compliance from a Group Compliance perspective.

Committee Representation

• Represent the Compliance Function on committees, such as OHS Committee, FAIS Key Individual Committee.
• Appointment as POPI Deputy Information Officer and manage POPIA Information Requests received from external parties.

WHAT YOU'LL BRING TO THE TABLE?

• Knowledge of business policies, processes and procedures, regulatory compliance Project Management Certification
• Legal Degree / Compliance qualification
• Admission as an attorney or advocate
• Registered as a FAIS Compliance Officer with the FSCA
• FSCA Regulatory Exam (RE1) required
• Member of the CISA
• Professional Compliance Designations i.e. CPRAC(SA) or CPROF(SA) a requirement
• At least 8 yearsxe2x80x99 corporate compliance experience
• At least 6 yearsxe2x80x99 working experience within an insurance or financial institution
• Good working knowledge of FAIS and AML is required
• Practical knowledge of applicable insurance and related legislation
• Ability to interface with Regulators
• Functional Knowledge of COIDA
• Excellent verbal communication and writing skills
• Ability to work under pressure and meet deadlines
• Good presentation skills and ability to interact with senior management and the Board of Directors
• Experience in compiling compliance reports
• Knowledge of industry best practices and professional standards
• Judgement and Decision-making
• Presentation skills
• Attention to detail
• Good knowledge of Microsoft Office Package
• Self-Starter with minimum supervision
• Sound knowledge of the CISAxe2x80x99s Generally Accepted Compliance Practise framework.

WHAT WILL YOU GET IN RETURN?

We offer great opportunities for personal and professional development in a stable company thatxe2x80x99s 128 years strong. The role comes with a competitive salary package and various benefits. Flexible work arrangements (combination of remote and in the office). Furthermore, you will be a part of a dedicated group of colleagues who value teamwork and collaboration.

Turnaround time

The shortlisting process will only start once the application due date has been reached. The time taken to complete this process will depend on how far you progress and the availability of managers. Kindly note that should you not receive a response within 21 days please consider your application unsuccessful.

Closing date: 29 MARCH 2023

Our Commitment to transformation:

In accordance with the employment equity plan of Rand Mutual Assurance and its employment equity goals and targets, preference may be given, but is not limited, to candidates from under-represented designated groups.

• Knowledge of business policies, processes and procedures, regulatory compliance Project Management Certification
• Legal Degree / Compliance qualification
• Admission as an attorney or advocate
• Registered as a FAIS Compliance Officer with the FSCA
• FSCA Regulatory Exam (RE1) required
• Member of the CISA
• Professional Compliance Designations i.e. CPRAC(SA) or CPROF(SA) a requirement
• At least 8 yearsxe2x80x99 corporate compliance experience
• At least 6 yearsxe2x80x99 working experience within an insurance or financial institution
• Good working knowledge of FAIS and AML is required
• Practical knowledge of applicable insurance and related legislation
• Ability to interface with Regulators
• Functional Knowledge of COIDA
• Excellent verbal communication and writing skills
• Ability to work under pressure and meet deadlines
• Good presentation skills and ability to interact with senior management and the Board of Directors
• Experience in compiling compliance reports
• Knowledge of industry best practices and professional standards
• Judgement and Decision-making
• Presentation skills
• Attention to detail
• Good knowledge of Microsoft Office Package
• Self-Starter with minimum supervision
• Sound knowledge of the CISAxe2x80x99s Generally Accepted Compliance Practise framework

Rand Mutual