Specialist: Risk & Compliance

Optimal Growth Technologies; Midrand; On-site; ZAR 600,000 - 900,000; Full time

Job summary

A leading company in the insurance sector is seeking a Senior Specialist Insurance Risk & Compliance to enhance their compliance framework. This role involves regulatory monitoring, stakeholder management, and the implementation of compliance training programs. Candidates must possess significant experience in insurance compliance coupled with strong analytical and communication skills, and hold a related degree.

Qualifications

• Minimum of 5 years relevant experience in risk and compliance within the insurance industry.
• Specialist experience in Short Term Insurance Act, Insurance Act, FIC Act, PoPI Act.
• Ability to transfer regulatory knowledge into sound business practices.

Responsibilities

• Monitor and report on compliance and regulatory controls.
• Engage with stakeholders regarding compliance training and awareness.
• Document and analyze internal compliance controls.

Skills

Analytical skills

Interpersonal skills

Communication skills

Presentation skills

Relationship management

Education

3 year Degree or National Diploma in BCom, LLB, BA Law

Job description

Role title: Senior Specialist Insurance Risk & Compliance

Role purpose:

To assist the Executive Head of Compliance with the implementation and monitoring of insurance compliance and regulatory controls in the short-term insurance company and across other financial related services within the insurance group.

Key accountabilities

Regulatory and Legislative Compliance Monitoring, Analysis and Reporting

• Establishing a regulatory framework for the short-term insurance business and sensitizing relevant internal stakeholders.
• Ability to translate and embed the current and future regulatory requirements into the business processes.
• Document existing controls within the business processes in order to assess their adequacy and effectiveness.
• Collate and analyse information from various sources in order to assess the adequacy and effectiveness of the internal compliance controls.
• The information must be documented together with action items and control plans and communicated to relevant internal stakeholders.
• Engage with the outsourced service providers to assess levels of risk and compliance.
• Recommend areas of improvement and identify action items to be put in place to rectify areas of non-compliance.
• Compile monitoring reports and communicate findings to relevant stakeholders

Stakeholder management

• Analyse complaints (internal and external) for trends and reports findings to relevant stakeholders
• Liaise with External Regulatory Stakeholders ie. Various Ombuds, FSB, SARB etc.
• Engage with Internal (Project Support) and External (Regulator and/or Suppliers) business stakeholders.
• Assist in the implementation of the compliance training and awareness program
• Assist management to create a compliance culture and with embedding compliance principles, values and sound business practice into existing training mediums
• Assist management to create new mediums of communication to enhance compliance awareness and knowledge within the company

Financial Services regulation analysis and documentation

• Assists with the analysis and documentation of regulatory compliance requirements especially as it relates to short-term insurance opportunities.
• Develop risk management plans for relevant legislation and maintain a regulatory universe for insurance.

Assessing the risk of changes to Regulatory Environment

• Identify and track changes to existing and new laws
• Impact analysis across business processes and systems

Job Knowledge:

• This requires specialist experience and knowledge of the Short Term Insurance Act, the Insurance Act, the FIC Act, PoPI Act and all associated laws and regulations pertaining to the short term insurance industry.

Job Skills:

• Ability to transfer regulatory knowledge into sound business practices.
• Analytical and sound financial skills
• Effective interpersonal and communication (verbal and written skills)
• Relationship management including influencing and persuasion skills
• Presentation and facilitation skills

Must have technical / professional qualifications & Experience:

• 3 year Degree or National Diploma essential in BCom, LLB, BA Law, or related and
• A minimum of 5 years relevant experience in risk and compliance within the insurance industry.

Key performance indicators:

• Engaging with the business regarding the compliance and regulatory requirements when developing new products.
• Developing monitoring plans, conducting the monitoring, compiling monitoring reports. Reviewing the findings to identify trends.
• Liaising with service providers who are currently responsible for providing various services to the business to ensure that they have the minimum compliance and risk standard within their business.
• Assist with any compliance training and awareness programs and reviewing training material to ensure that it is in keeping with the defined standards.
• Record the controls that are being implemented within the business against the specific regulatory environment in the form of risk management plans.