Senior Specialist Compliance: Non-Life

at  Absa Bank Limited

Empowering Africa’s tomorrow, together…one story at a time.
With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.
Job Summary
To form part of a professional team that interacts with the business, ensuring that the relevant regulatory framework and company policy is implemented by business, that the compliance culture is embedded in business to robustly manage regulatory, conduct and reputational risks. The individual will work within a pressurized, deadline driven environment within PSC (Non-Life Insurance).
Job Description

Stakeholder Relationship Management:

• This position reports to the Head of Compliance – Absa Non-Life Insurance (Product Solutions Cluster).
• The role requires close interaction with senior managers (EXCO members) within business and 1st, 2nd and 3rd Line of Defence (Business and Group).
• Assisting the insurance cluster to formulate, update and implement control procedures and policies that will ensure adequate risk management to enable business; compilation of training material and training of relevant staff; adequately monitoring instances of non-compliance with the company’s policies and procedures and generally establishing a compliance culture and creating an awareness of compliance through interaction with business in industry-related initiatives and establish networks with key role players.
• Serve as an Absa nominated member of industry committees and sub-committees such as SAIA. Provide feedback to business stakeholders of compliance issues of common interest in relation to industry developments.
• Participate in various Absa committees and forums as required by management.
• Build sound relationships with key internal and external stakeholders.
• Guide business through regulatory change by interpreting regulatory rules, guidance and practice notes issued by the authorities. Identify the impact of change and work with the procedures and process owners to implement change in a manner that minimises the effect on “business as usual” activities.
• Represent compliance at business meetings and ensure that the management and staff understand the effect of regulatory change on their respective business units.
• Delivers effective solutions that will enable the business to achieve their growth objectives within the regulatory framework. Ensures that the business operates within the Absa policy framework.
• Provision of proactive, real time guidance and advice on the compliance aspects of transactions and other wider organisational decisions.
• Models the Absa values and Culture.
• Review all the existing compliance controls for the current businesses to ensure that current controls address all current regulatory and Group requirements.
• Deal with all regulatory contacts and associated activities in accordance with the relevant policies.
• Participate in the Compliance approval of New and Amended Products (PRC’s) where required.
• Facilitate the submission of any Compliance Officer Reports and other regulatory reports related to allocated regulatory requirements including reviews in support thereof.
• Provide relevant, accurate and updated information on request or in terms of agreed time lines to be included in various stakeholder reports such as the Group and PSC Enterprise Risk Committee, Group Governance and Control Committee, Group Audit and Compliance Committee and other Internal Committees.
• Strong character with the ability to deal with various business issues and progress controversial issues with workable solutions.
• Sound understanding of Business’s vision, values, mission and strategy.
• Express and implied ethical responsibilities.
• Willing to take tough decisions.
• Challenge conventional thinking.
• Articulates vision and strategy, which translates into action and results.
• Acts with integrity and protects the banks reputation.

Business Enablement:

• Ensure commercially sound Compliance and Conduct Risk guidance and support in respect of allocated regulatory requirements in a professional and helpful manner, always considering the potential alternatives within the rules and regulations applicable, endeavouring to find solutions to ensure compliance as well as the continuation of business.
• Support our stakeholders by providing well researched compliance opinions and articles.
• Participation and involvement in quarterly monitoring planning meetings by providing guidance iro allocated regulatory requirements, the relevant sections to be monitored and the frequency of monitoring.

Skills and experience:

• Relevant degree or other relevant tertiary qualifications.
• Previous proven advisory compliance experience (5 years) on FAIS Act, Insurance Act and Short-term Insurance Act or 8 years working within an insurance business with intricate knowledge of insurance products.
• 5 years’ experience in cell captive insurance.
• Strong knowledge of implementation of Retail Distribution Review and Insurance Act (including Prudential Standards) and Cell Captive Standard.
• Strong prudential regulatory and market conduct knowledge with previous regulatory relationship management with the FSCA Insurance Supervision Department or the PA Insurance Supervision Department preferred.
• Experience in compliance advisory in respect of bancassurance products, insurance products and related investment products.
• Experience in developing compliance related policies, risk management plans, assessing and qualifying risks, implementing procedures and controls to mitigate risks, training, monitoring and review.

Qualifications:

Minimum qualifications:

• B.Com (or similar)
• LLB (or similar) Or relevant insurance related qualifications

Education
Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)
Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.
Absa Bank Limited reserves the right not to make an appointment to the post as advertise

Please refer the Job description for details