Head of Regulatory Governance

Oman Arab Bank; Muscat; On-site; OMR 15,000 - 25,000; Full time

Job summary

A leading bank in Oman is seeking a Compliance Officer responsible for ensuring that the bank adheres to all applicable laws, regulations, and guidelines. The ideal candidate will promote a strong compliance culture, assess regulatory risks, and implement robust compliance policies and procedures. Candidates should have a Master's degree and extensive experience in banking compliance, along with strong analytical and communication skills.

Qualifications

• 10-15 years of experience in similar roles.
• Good understanding of the Banking Operations.
• Sound understanding of the Central Bank regulations and internal policies and procedures.

Responsibilities

• Identify and assess regulatory compliance risks.
• Monitor ongoing compliance with laws and regulations.
• Review internal processes for regulatory compliance.

Skills

Analytical and Critical thinking

Effective communication skills (verbal and written)

Prioritization, planning and time management skills

Organizing Skills

Teamwork and collaboration

Decision making

Coaching, Development and People management skills

Command over English and Arabic language

Education

Master's in business administration

Degree in finance/accounting, Law or equivalent

Professional certifications

Job description

Purpose and Summary:

Responsible to assess the impact of new law, regulations and guidelines and establish in consultation business adequate processes and controls to ensure compliance.

To ensure promoting a strong compliance culture throughout the organization through education, assessment, advisory on all regulatory compliance related matters

Key Deliverables:

• Identify and assess the regulatory compliance risks associated with bank’s operations, products and business activities.
• Monitor the Bank’s on-going compliance with all applicable laws and regulations through Quarterly Compliance certificates.
• Review and assess the internal processes to assist the business line management in ensuring that the applicable regulatory requirements are incorporated in the policies, procedures and processes are in line with the regulatory requirements.
• Oversight assessments carried on the impact of new laws’, regulations, guidelines, and establishment in consultation with the management, adequate processes to ensure compliance.
• Oversight the Bank’s implementation of Corporate Governance regulatory instructions.
• Identify, customize and ensure adopting the latest AML/CFT regulatory and global requirements, market best practices etc., keeping in view of changes in business such as new products, services & technologies and expansion to new geographical locations
• Oversees the data privacy and data protection policies to ensure the operationalization of those policies through all units within the Bank and ensure the Bank processes personal data in a compliant way.
• Formulate, implement and maintain relevant compliance policies, procedure and guidelines.
• Prepare Compliance Review and AML/CFT Quality Assurance annual Plans.
• Prepare and furnish periodical compliance status reports and certificates to the regulators, the Board and the Management.
• Provide guidance to staff members on the appropriate implementation of applicable laws, regulations and standards through policies and procedures.
• Develop and periodically review baseline standards for documentation, data collection and procedures with regard to conducting of KYC, CDD and EDD.
• Prepare formal Quality Assurance Reports identifying control weaknesses, their root causes and recommendations for remedial actions with specific timeframes.
• Identify the Bank’s key business processes and conduct privacy impact assessment.
• Determine the Bank's specific privacy-related requirements and potential vulnerabilities.
• Evaluate management’s efforts in resolving violations and deficiencies noted in Compliance Review and AML/CFT Quality Assurance Reports, CBO and CMA Examinations.
• Review the Corporate Governance report that is prepared to the shareholders to ensure in accordance to the directives of the CMA code.
• Handling/coordinating the CBO examination or any auditing assignment related to Compliance.
• Assisting HOC in any other tasks.

Qualifications:

• Master's in business administration, Degree in finance/accounting, Law or equivalent.
• Professional certifications.

Skills/Knowledge:

• Analytical and Critical thinking
• Effective communication skills (verbal and written)
• Prioritization, planning and time management skills
• Organizing Skills
• Teamwork and collaboration
• Decision making
• Coaching, Development and People management skills
• Command over English and Arabic language.

Experience:

• 10-15 years of experience in similar roles

Business Understanding:

• Good understanding of the Banking Operations.
• Sound understanding of the Central Bank regulations and internal policies and procedures
• Understanding of Risk - identification, assessment and mitigation.