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Job

Head of Risk and Compliance

  • Location

    Nairobi, Kenya

  • Sector:

    Financial Services

  • Job type:

    Permanent

  • Contact:

    Sehar Neky

  • Job ref:

    235

  • Published:

    about 1 month ago

  • Expiry date:

    2020-01-16

  • Consultant:

    #

Jubilee Insurance Ltd. was established as the first incorporated Insurance Company based in Mombasa in August 1937. They have since spread their wings and sphere of influence as the No. 1 Insurance Company in the region with offices in Kenya, Uganda, Tanzania, Burundi and Mauritius and are recognized as the largest Composite Insurer in East Africa with over 450,000 clients.

They are listed in the Nairobi Securities Exchange, Dar Es Salaam Stock Exchange and the Uganda Securities Exchange having been rated highly on Leadership, Quality and Risk Management and awarded AA- rating in Kenya & Uganda and an A+ in Tanzania.

The Role

The purpose of this role is to establish, implement and enforce a robust Group-wide risk management and compliance framework and systems (policies, processes and tools) covering operational risk, Insurance risk, Financial, credit risk and compliance. The jobholder is responsible for providing risk advice and guidance for the Group by integrating risk concepts into governance, strategic planning, risk identification and mitigation activities. This role will also champion a culture of compliance throughout the Company to ensure everyone complies with external regulatory requirements and internal policies and procedures. As a line manager, the incumbent will also provide leadership to the direct reporting functions within Risk and Compliance Department.

Main Responsibilities

Risk and Compliance Governance

  • Create an integrated risk framework for the Region.
  • Determine and drive regional risk identification.
  • Determine and review risk & compliance function mandate and resources. 
  • Establish a compliance management framework and policy. 
  • Formulate, have approved, and implement a Group-wide AML policy, and ensure a system is in place that monitors suspicious activities.
  • Review risk committee mandates. 
  • Review operational policies to ensure compliance with law and regulations for management and board approval. 
  • Review policies based on new or revised laws to ensure compliance for management and board approval. 
  • Chair Risk Management Committee meetings and ensure papers and minutes are circulated in a timely manner. 
  • Prepare and review board reports (Report to BRCC each quarter). 

Risk and Compliance Assessment

  • Lead company-wide risk and Compliance assessment exercises to identify key risks and track compliance to established Legal, Regulatory or Policy parameters and that any exceptions or weaknesses are escalated as required.

Risk Quantification Monitoring and Reporting

  • Quantify risk limits and set risk tolerance levels for the enterprise.

Risk and Compliance Monitoring and Reporting  

  • Communicate to key stakeholders regarding the risk profile of the business. 
  • Lead the development of relevant key indicators and associated appetite thresholds for various business line.
  • Co-ordinate and oversee regulatory inspections. 
  • Prepare reports to management providing information on the status and results of compliance. 
  • Review and vet software purchases and/or license renewals.

Risk and Control Enhancement   

  • Develop risk mitigations and responses in coordination with business units and monitor the progress of risk mitigation activities.
  • Entrench appropriate security policies and processes to safeguard Group’s assets. 
  • In conjunction with Compliance officers, implement compliance obligations, including risk and control assessment and support incident management related to compliance failures. Incident perform root cause analysis.

Business Continuity Management

  • In conjunction with GCIO/IT (BCM) Managers, perform annual BCP/DR risk analysis, planning, testing or live execution for your specific line of business.

Liaise with HR (Learning & Development) to develop group wide staff training programs that build risk and compliance awareness.

Staffing, Stakeholder and Resource Management

  • Carry out performance appraisal, coaching and mentoring staff. 
  • Resource allocation, staffing and leave approval. 
  • Plan and budget for the department. 
  • Participate in various meeting and committees and acting as spokesperson on behalf of the company. 

Key Deliverables

  • Annual risk management and compliance strategy plan.
  • Timely reports.
  • Standards or benchmarks for Regional and Risk and compliance frameworks and policies.

Requirements

Academic Qualifications

  • Master’s degree in Finance, Business Administration or a related field. 
  • Bachelor degree in a business related field. 
  • Member of a relevant professional qualification; CISA/CISM/CRM/CPA. 

Key Competencies

  • Problem solving skills; 
  • Leadership skills; 
  • Good analytical skills; 
  • Understanding of the working environment /competitors; 
  • Technical competence in insurance; 
  • Deep knowledge of regulations by AKI and IRA; 
  • High emotional intelligence; 
  • Consistent and decisive. 
  • Managing Change, Ambiguity & challenge the status quo 
  • Ability to execute strategy 
  • Strong customer focus-internal and external 

Relevant Experience

  • Minimum eight (8) years’ experience with at least 4 years at leadership level in a similar organization.
  • Prior experience of designing and implementing risk and compliance management policies, procedures and processes.

Functional Skills

  • Risk Management 
  • Change Management 
  • Project Management