Insurance Compliance Officer

Placements24; Pietermaritzburg; Hybrid; ZAR 600,000 - 900,000; Full time

Benefits offered by this job

Competitive salary

Medical and retirement benefits

Professional development

Flexible hybrid work arrangement

Generous annual leave

Wellness programs

Professional body memberships

Job summary

Placements24 in Pietermaritzburg is seeking an Insurance Compliance Officer to oversee regulatory adherence under FAIS, FICA and POPIA. You will develop, implement, and monitor the compliance program and lead internal audits.

The ideal candidate has a law or finance background with 5+ years in compliance within financial services, strong analytical skills, and the ability to translate regulations into practical procedures. This is a hybrid role with a focus on ethics and risk management.

Qualifications

• Bachelor's degree in Law, Commerce, Finance, or a related field.
• Minimum of 5 years of experience in compliance, legal, or audit roles, preferably within the insurance or financial services sector.
• In-depth knowledge of South African insurance regulations (e.g., FAIS, FICA, POPIA, ICOB).
• Strong understanding of risk management principles.
• Excellent analytical, investigative, and problem-solving skills.

Responsibilities

• Develop, implement, and maintain the company's compliance program.
• Monitor adherence to relevant insurance laws, regulations, and internal policies.
• Conduct regular internal audits and reviews to assess compliance levels.
• Identify potential compliance risks and recommend corrective actions.
• Prepare and submit regulatory reports to relevant authorities.
• Provide training and guidance to staff on compliance matters and ethical conduct.
• Stay updated on changes in insurance legislation and regulatory frameworks.
• Act as the primary point of contact for regulatory bodies and external auditors.
• Investigate compliance breaches and manage disciplinary processes as required.
• Develop and update compliance policies and procedures.

Skills

Compliance

Regulatory Knowledge

Auditing

Risk Management

Analytical Skills

Education

Bachelor's degree

Tools

MS Office

Compliance software

Job description

About the Role

Our client, a significant player in the South African insurance market, is seeking a dedicated and knowledgeable Insurance Compliance Officer to join their team in Pietermaritzburg. This critical role ensures that all company operations adhere to the complex web of insurance regulations, laws, and industry standards. The Compliance Officer will be responsible for developing, implementing, and monitoring compliance programs, conducting internal audits, and providing guidance on regulatory requirements. This is an excellent opportunity for a meticulous professional to make a substantial impact on the integrity and ethical operations of the company. The position requires a deep understanding of the regulatory landscape, including FAIS, FICA, and POPIA, among others. You will work closely with legal, risk, and operational teams to embed a strong compliance culture throughout the organization. The Pietermaritzburg office is a hub of professional activity, and this role demands a proactive and vigilant individual. The hybrid work model allows for flexibility while ensuring essential collaboration with key stakeholders. We are looking for an individual who can translate complex regulatory requirements into practical, actionable procedures, safeguarding the company from legal and financial repercussions. Your commitment to ethical practices and regulatory adherence will be paramount to the success of this function.

Key Responsibilities

• Develop, implement, and maintain the company's compliance program.
• Monitor adherence to relevant insurance laws, regulations, and internal policies.
• Conduct regular internal audits and reviews to assess compliance levels.
• Identify potential compliance risks and recommend corrective actions.
• Prepare and submit regulatory reports to relevant authorities.
• Provide training and guidance to staff on compliance matters and ethical conduct.
• Stay updated on changes in insurance legislation and regulatory frameworks.
• Act as the primary point of contact for regulatory bodies and external auditors.
• Investigate compliance breaches and manage disciplinary processes as required.
• Develop and update compliance policies and procedures.

Requirements

• Bachelor's degree in Law, Commerce, Finance, or a related field.
• Minimum of 5 years of experience in compliance, legal, or audit roles, preferably within the insurance or financial services sector.
• In-depth knowledge of South African insurance regulations (e.g., FAIS, FICA, POPIA, ICOB).
• Strong understanding of risk management principles.
• Excellent analytical, investigative, and problem-solving skills.
• Proficiency in compliance management software and MS Office.
• Exceptional written and verbal communication skills.
• High level of integrity and ethical conduct.
• Ability to work independently and manage multiple priorities effectively.
• Professional compliance certifications are a significant advantage.

Benefits

• Competitive salary and performance-based bonus structure.
• Comprehensive medical and retirement benefits.
• Opportunities for professional development and certifications.
• Flexible hybrid work arrangement.
• Exposure to high-level decision-making and strategic compliance planning.
• A professional and ethical work environment.
• Generous annual leave and other paid time off.
• Contribution towards professional body memberships.
• Wellness programs and employee assistance services.
• Potential for growth into senior compliance or legal roles.