Risk & Compliance Specialist (OMAO) at Old Mutual Kenya

Job Description

Reporting to the Chief Risk Officer, The purpose of the Risk and Compliance Officer’s Role is to establish and maintain mechanisms and systems of Risk Management, internal control and Compliance to assist the UAP-OM Board of Directors, Managing Executives and staff in meeting business objectives, legal, regulatory and supervisory obligations and to promote and sustain a sound Risk and compliance culture across the business.

RISK MANAGEMENT

Establish and maintain an effective Risk Management System comprising the totality of the strategies, policies and procedures for identifying, assessing, monitoring, managing, and reporting all reasonably foreseeable current and emerging internal and external material risks impacting the business strategy, business plan and operational performance. Ensure the Risk Management System meets regulatory requirements, addresses risks on an enterprise-wide and individual operating entity basis and is embedded across the Business particularly in all regulated subsidiaries and material operations. Ensure that the Risk Management System includes:

• A clearly defined, documented and communicated risk management strategy, including risk appetite statements and risk limits.
• A comprehensive set of risk indicators and performance measures for monitoring the levels of risk being incurred by the business in relation to the defined risk limits.
• Adequate risk governance structures and decision-making processes, including written risk management policies, procedures, processes, systems and methodologies.
• Appropriate risk management procedures, processes and tools for undertaking stress testing and scenario analysis as well as the identification of concentration and contagion risks.
• Reports to inform the Board of Directors and Managing Executives on the evolving risk profile and material risk issues and events in the business.
• Processes for ensuring adequate contingency planning, business continuity and crisis management plans are in place.
• Oversight of control adequacy and effectiveness, mitigating actions, risk exposure versus appetite limits and the identification of operating model deficiencies and capability gaps.
• Oversight of the regulatory returns and reporting relating to prudential regulatory matters and management of the strategic relationship with prudential regulators.
  • Advise the Board and Managing Executives on the monitoring and measuring of risk culture and contribute to the development and maintenance of the desired risk culture, including embedding the principles of 1st Line risk ownership and 2nd Line independence.
  • Advise and challenge the Board and Managing Executives from a risk perspective on strategic decision making and business planning objectives to ensure they fully understand the implications of the decisions being taken and the possible mitigating actions to limit risk exposures.
  • Advise the business on the design and implementation of controls, risk mitigation processes, outsourcing arrangements, projects and change programmes, as well as remuneration and incentive structures.
  • Develop, implement and report on the annual functional operational plan to the Board of Directors and Managing Executives, including the adequacy of resources for the Risk Function.

COMPLIANCE

• Establish and maintain an effective regulatory compliance framework that includes a regulatory compliance strategy and appetite.
• Ensure an effective regulatory compliance management system is in place for identifying, assessing, monitoring, managing and reporting on material compliance-related risks to the business.
• Implement and maintain compliance risk indicators and performance measures for monitoring the levels of compliance risk being incurred by the business in relation to the defined appetite limits.
• Implement and maintain adequate compliance governance structures including written policies, procedures, processes, systems and methodologies. 
• Oversee compliance control adequacy and effectiveness, mitigating management actions and exposure versus appetite limits and identify operating model deficiencies and capability gaps.
• Advise and challenge the relevant Board and Managing Executives from a compliance perspective on strategic decision making and business planning objectives to ensure they fully understand the implications of decisions being taken and possible mitigating actions to limit compliance exposures.
• Develop and implement an annual functional operational plan and advise the business on the design and implementation of compliance controls and related mitigation processes, projects and change programmes.
• Ensure employees undergo training on regulatory compliance obligations and provide advisory services to staff, management and the board on compliance related matters.
• Monitor the Business Compliance to Anti-Money Laundering Regulations
• Money Laundering Reporting Officer – Reporting Suspicious Transactions to the Group AML Officer and to the required regulators
• Report to the relevant Board and Managing Executives on:
• The compliance risks to the business and on material compliance issues, including the outcome of regulatory visits, control breaks, breaches and mitigating management actions.
• The extent to which the business is ready to comply with new or emerging laws and regulations.
• The level of progress with the delivery of the annual Compliance Plan

Skills

• Controls Compliance
• Risk Compliance
• Risk Management
• Risk Management Strategies

Closing: 15 July 2022