Careers at Jubilee Insurance

Job Ref. No. JAML022

Role Purpose

The role holder will be responsible for integration and implementation of the risk strategy, policies, processes, and reports. The role holder will provide oversight and ensure execution of the risk management framework including the risk appetite statement, taxonomy, assessment, treatment, monitoring & reporting as well as communication and training to the business

Strategy

• Collaborate with senior management and other key stakeholders to implement the strategic direction for the Risk Function within the JAML Company. This involves analyzing market trends, assessing industry dynamics, and identifying opportunities for improvement and growth.
• Keep abreast of regulatory developments and industry initiatives and advise management accordingly.

Risk Mitigation and Monitoring:

• Develop and implement risk mitigation strategies and action plans to reduce exposure to identified risks.
• Monitor the effectiveness of risk controls and ensure timely remediation of issues.

Risk Governance and Policies:

• Establish and maintain risk governance frameworks and policies to guide risk management practices across the organization.
• Review and update risk management policies as needed to align with changing regulations and industry best practices.

Operational

• Develop and maintain a risk management strategy for JAML.
• Develop and implement systems, policies and procedures for the identification, collection and analysis of risk related information.
• Carry out comprehensive risk assessments across the business & functional areas in line with the risk management framework.
• Evaluate the adequacy and effectiveness of controls established by management to ensure that identified risks are appropriately mitigated at both departmental and process levels.
• Maintain the risk registers and assist management in tracking progress on the implementation of risk mitigation action plans.
• Evaluate whether department strategies and initiatives are adhered to and are aligned with group goals and objectives.
• Coordinate the performance of strategic risk analysis by reviewing business processes in liaison with business owners to identify potential risks.
• Appraise the efficiency and effectiveness with which resources are deployed to ensure that they are put to the most productive use.
• Participate in the formulation and review of risk management and control activities for products to ensure they meet the set objectives and are worthwhile investments with a quantifiable return.
• Review new and on-going products to ensure that they are carried out only after a comprehensive risk assessment is done.
• Facilitate awareness and training programs on risk management, controls, and compliance activities.
• Stress Testing and Scenario Analysis:
  • Conduct stress testing and scenario analysis to assess the company's resilience to adverse economic conditions and market shocks.
• Prepare reports for the Board Audit Committee.

Corporate Governance

• Compliance: Stay updated on industry regulations, compliance requirements, and best practices.
• Adherence to the laws and regulations of Kenya, the policies and regulations within the Asset Management industry and all internal company policies and procedures.
• Ensuring compliance with applicable statutory and regulatory requirements and establishing mitigation measures against emerging business risks.
• Implement effective risk management strategies, including appropriate internal controls, to mitigate operational, financial, and regulatory risks.

Leadership & Culture

• Fostering a corporate culture that promotes ethical practices and good corporate citizenship while maintaining a conducive work environment.
• Collaborate with cross-functional teams to develop initiatives that promote a positive and inclusive company culture.
• To provide the much-needed transformational leadership to meet and surpass the expectations of stakeholders.
• Set performance targets and objectives, monitor progress, and ensure timely completion of activities.
• Conduct regular team meetings and training sessions to enhance skills and knowledge.

Key Competencies

• In-depth knowledge of Asset Management regulations and industry practices.
• Analytical and problem-solving skills to assess and address risks.
• Excellent communication and interpersonal skills to educate and advise stakeholders.
• Ability to collaborate effectively with cross-functional teams.
• Detail-oriented with strong organizational and time management abilities.
• Proactive approach to staying updated on regulatory developments.

Qualifications

• Bachelor’s degree in Investments, Business, Finance, Risk, Compliance, Law or any other related course
• Advanced degree or professional certifications in Risk & Compliance

Relevant Experience

• Minimum 3-4 years’ experience within the compliance sector, risk management and compliance space.
• In-depth knowledge of the financial services industry.
• Proven track record of successfully implementing strategic initiatives and driving process improvements

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Job Ref. No. JAML021

Role Purpose

The role holder is responsible for ensuring that the organization adheres to regulatory requirements, mitigates money laundering risks, and protects data privacy. The role involves developing and implementing compliance strategies, monitoring regulatory changes, and ensuring all activities align with the company’s ethical standards and legal obligations.

Strategy:

• Develop and implement a comprehensive compliance strategy to align with corporate goals and regulatory requirements.
• Identify emerging compliance, money laundering, and data privacy trends and integrate them into the company’s policies and procedures.
• Collaborate with senior management and other key stakeholders to implement the strategic direction for
• Regulatory, Compliance Function with the Company. This involves analyzing market trends, assessing industry dynamics, and identifying opportunities for improvement and growth.
• AML/CTF risk identification and management. Working with the business to identify high-risk operations (Products, Services, Customers, Geographical Locations, Distribution). Review the ML/TF risk profiling developed by the business, the adequacy and efficacy of implementation and controls instituted. Providing Senior
• Management and Board regular updates on the same.
• Keep abreast of regulatory developments and industry initiatives and advise management accordingly

Compliance

• Review of all relevant statutory laws and regulations applicable to the Company and ensure compliance.
• Ensure that business activities are conducted in conformity with all applicable laws, regulations, internal policies, and procedures.
• Ensure that all regulatory permissions remain current and appropriate for business needs.
• Provide reporting with respect to regulatory requirements and developments.
• Continual compliance risk assessment of company practices together with the development of internal policies and procedures, compliance training and protocols.
• Serve as the liaison for all regulatory bodies as well as maintaining relationships with relevant legal bodies and trade associations.
• Liaise with departments to understand the regulatory and internal control gaps. Follow up to ensure implementation of mitigating controls.
• Develop compliance checklists and prepare compliance reports.
• Inform the Management unit of any findings with regards to non-compliance that may require investigation.
• Ensure compliance with best practices and participate in business process re-engineering exercises to ensure controls.
• Carry out review of SLAs and Manuals to ensure applicable regulatory laws are incorporated.
• Preparation of compliance documentation with respect to Data Privacy for statutory, legal and regulatory purposes.
• Identifying potential regulatory and non-regulatory risks through ongoing risk assessments with relevant business leads.
• Evaluating identified risks against a variety of information & factors (e.g., documents /statistics /reports/trends) to provide commentary and recommendations on how to mitigate these risks.
• Providing insightful and quality reporting to the CEO, and other key stakeholders to support compliance related processes.

Money Laundering

• Ensure the company meets all regulatory requirements and recommendations for AML/CTF compliance.
• Receiving and evaluating Suspicious Transaction Reports (STR’s) against internal business information and external sources and make an independent determination whether there are enough grounds for suspicion to warrant reporting the transaction to the Financial Reporting Centre (FRC).
• Maintaining, as proof of compliance, all the evaluation documents/information used in the STR determination process and other investigations.
• Maintaining a register of all STR’s reported to the authorities and those not reported.
• AML/CTF risk identification and management. Working with the business to identify high-risk operations (Products,
• Services, Customers, Geographical Locations, Distribution). Review the ML/TF risk profiling developed by the business, the adequacy and efficacy of implementation and controls instituted. Providing Senior Management and Board regular updates on the same.
• Receiving and evaluating Suspicious Transaction Reports (STR’s) against internal business information and external sources and make an independent determination whether there are enough grounds for suspicion to warrant reporting the transaction to the Financial Reporting Centre (FRC).
• Maintaining, as proof of compliance, all the evaluation documents/information used in the STR determination process and other investigations.
• Maintaining a register of all STR’s reported to the authorities and those not reported.
• Acting as the main point of contact with government authorities. Ensure businesses meet all regulatory requirements and recommendations for AML/CTF compliance. Co-operate with any lawful information requests made by government agencies during their investigations.
• Establishing written and board approved AML/CTF policies.

Data Privacy

• Establish, implement, and enforce a robust Data Privacy and compliance framework and systems (policies, processes, and tools) so as to ensure that Jubilee Asset Management Limited is compliant with the Data Privacy Act and Regulations.
• Keep abreast of regulatory developments and industry initiatives and advise management accordingly.
• Data Privacy Impact Assessments: Conduct privacy impact assessments for new products, processes, or systems that involve the collection and processing of personal data.
• Establishing the Data Privacy Act Governance, regulatory framework and implementation plan which shall include development of the various required statements and policies.
• Regularly training of all internal stakeholders involved in data collection/processing, updating the training as well as conducting specific trainings for specific processing requirements.
• Serving as the Data Privacy Officer and point of contact between the Company, the Office of the Data Privacy
• Commissioner and other Regulatory Authorities and co-operating with them during inspections.
• Support the business in preparation of digital and other privacy statements as may be required for the institutions and supporting functions and ensure processes are put in place for the institutions/support functions to collect consents from the relevant data subjects and partners, have relevant privacy statements provided on all company forms and/or literature, websites and other communication or data collection mediums.

Corporate Governance

• Compliance: Stay updated on industry regulations, compliance requirements, and best practices.
• Adherence to the laws and regulations of Kenya, the policies and regulations within the Asset Management industry and all internal company policies and procedures.
• Ensuring compliance with applicable statutory and regulatory requirements and establishing mitigation measures against emerging business risks.
• Implement effective risk management strategies, including appropriate internal controls, to mitigate operational, financial, and regulatory risks.

Leadership and Culture:

• Fostering a corporate culture that promotes ethical practices and good corporate citizenship while maintaining a conducive work environment.
• Collaborate with cross-functional teams to develop initiatives that promote a positive and inclusive company culture.
• To provide the much-needed transformational leadership to meet and surpass the expectations of stakeholders.
• Set performance targets and objectives, monitor progress, and ensure timely completion of activities.
• Conduct regular team meetings and training sessions to enhance skills and knowledge.
• Building relevant departmental capacity to deliver on strategy by leading, guiding, directing, and evaluating the work of the team.

Key Competencies

• Strong understanding of compliance, AML laws, and data privacy regulations.
• Excellent analytical and problem-solving skills.
• Proficiency in compliance management tools and software.
• Strong communication and interpersonal skills.
• Ability to manage multiple tasks and meet tight deadlines.
• High ethical standards and integrity in handling compliance and privacy matters.
• Commitment to maintaining the highest levels of honesty and confidentiality.
• Comprehensive understanding of the regulatory landscape and industry best practices.
• Ability to stay updated with evolving regulations and incorporate changes into the company’s compliance framework.

Qualifications

• A bachelor’s degree in law, Finance, Business Administration, or any other related field is essential.
• Certified Anti-Money Laundering Specialist (CAMS)
• Certified Information Privacy Professional (CIPP)
• Certified Compliance and Ethics Professional (CCEP)

Relevant Experience

• At least 5 - 6 years of experience in compliance, Regulatory affairs and AML/CFT programmes within the financial industry specifically investments, Asset Management and banking.
• At least 2 years’ experience in a supervisory role.