Compliance Assurance Manager

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Job Summary

The role of the Compliance Assurance Manager is critical in ensuring that ABML effectively mitigates Compliance risk. The responsibilities encompass a broad range of activities to ensure regulatory compliance, safeguard the organization's reputation, and protect its assets. The Compliance Assurance Manager will support the Head of Monitoring, Testing and Training for:
• ensuring that the Compliance risk within the bank is managed in accordance with Group policies and procedures and local regulatory requirements.
• the project on ‘Statement of Compliance’

Job Description

Monitoring and Testing:

• Design and oversee the execution of compliance monitoring and testing program to assess the effectiveness of internal controls, policies, and procedures across ABML.

• Conduct compliance conformance reviews of key risk areas including but not limited to Compliance risks, ensuring adherence to regulatory requirements.

• Systematically apply the pre-defined compliance methodology when conducting reviews which include but not limited to the following:

  • Understand and document processes on the Audit tool

  • Identify, assess & document risks and controls within the processes on the Audit tool

  • Evaluate the design and operating effectiveness of control.

  • Perform testing to independently evaluate the adequacy and effectiveness of the controls in accordance with the applicable internal policies and local regulatory requirements.

  • Draft a report detailing findings and corresponding agreed action plan in a concise and accurate way whilst ensuring that the allocated rating for each finding is in line with the Risk and Issue Classification Matrix.

  • Update the Audit tool with all relevant working papers and ensure sign off before final report is issued

• Develop testing methodologies and reporting frameworks that align with industry standards and regulatory requirements.

• Conduct compliance self-assessment reviews as per the annual Compliance Assurance plan

• Make use of data analytics to provide greater assurance and generate valuable insights

• Manage the monitoring activities for ensuring compliance with Group policies (owned by compliance) and local regulatory requirements

• Provide timely feedback to the Head of M&T on the progress of the review and on identified observations and findings

• Follow up on the implementation of action plans within agreed time frames, in line with the methodology

• Track to closure all findings raised during reviews and validate closure of findings as per the defined process and methodology and update the Audit tool accordingly

• Provide timely reports of compliance monitoring reviews for senior management, including monthly and quarterly MI and updates on follow-up actions

• Manage more than 1 review concurrently whilst ensuring planned target dates are met

• Perform adhoc compliance reviews on specific matters at the request of Head of M&T

• Supervise the execution of compliance tests by the team and ensure quality control over test results

Risk Identification and Assessment:

• Identify and evaluate risks related to compliance in various business processes

• Conduct regular risk assessments to determine areas of vulnerability and recommend corrective actions

• Guide the team in identifying compliance risks and create mitigation strategies

• Develop risk-based monitoring approaches to prioritize testing efforts in high-risk areas

Reporting and Documentation:

• Prepare and deliver detailed reports summarizing the results of compliance testing and monitoring activities

• Highlight findings, provide risk assessments, and recommend corrective or preventive actions to management

• Ensure accurate documentation of compliance tests, assessments, and outcomes for internal records and audit purposes

• Review reports produced by the team to ensure clarity, completeness, and actionable insights

Regulatory Knowledge and Compliance Updates:

• Stay informed about regulatory changes and industry trends to ensure the organization’s compliance framework remains up to date

• Based on outcome from reviews conducted, provide insights for new compliance policies and procedures to meet regulatory and business needs

• Upon completion of assurance reviews, create awareness to departments on regulatory requirements and best practices.

• Ensure the team is up to date on regulatory changes and industry best practices through ongoing training and professional development.

Training and Awareness:

• Design and deliver training to raise awareness about Compliance Assurance methodology among staff

• Create a culture of compliance within the organization, emphasizing ethical behavior and the importance of regulatory adherence

Continuous Improvement:

• Recommend and implement continuous improvements to compliance testing methodologies and strategies

• Assess the efficiency of existing compliance processes and suggest improvements for better performance

• Foster a culture of innovation within the team to identify process improvements and enhance compliance assurance activities

Statement of Compliance:

• Provide support to the Head of M&T to lead the team working on the ‘Statement of Compliance’ project

Team Leadership and Management:

• Lead, mentor, and develop a team of compliance professionals, ensuring they are well-trained, motivated, and aligned with the organization’s compliance objectives

• Assign tasks and monitor the progress of compliance testing activities, ensuring deadlines are met and quality standards are maintained

• Provide regular feedback and performance reviews for team members, identifying opportunities for professional growth and skill enhancement

• Facilitate knowledge sharing within the team and foster a collaborative working environment

• Ensure team adherence to best practices and compliance standards, offering guidance on complex issues

• Ensure the team is up to date on the latest regulatory changes and industry practices through ongoing professional development

Stakeholder Communication and Support:

• Collaborate with various departments (e.g., legal, internal audit, operations) to address compliance issues and implement effective controls

• Serve as the primary point of contact for escalated compliance issues within the team and assist in resolving complex compliance concerns

• Provide training and support to staff across the organization regarding compliance assurance

• Liaise with regulatory bodies during audits or examinations

• Assist any ARO colleagues with any query on Compliance Assurance methodology and/or on the Audit tool

Preferred Education & Experience:     

• ACCA Qualified / A bachelor’s degree in finance or any related qualifications

• A minimum of five years in Internal Audit/or Compliance Function/ preferably with experience in the financial sector 

• Excellent knowledge of an assurance methodology

• Degree with minimum 5 years relevance experience or equivalent of 8 years bank related experience

Technical Competencies including knowledge and skills:  

•  Planning and Organising: Establish clear objectives and priorities in line with Compliance strategy

• Ability to work on different reviews concurrently and work under pressure whilst meeting all deadlines 

• Intellectual and analytical skills: Analyse and integrate information and use appropriate knowledge, procedures and techniques to solve problems  

• Presenting and disseminating information: Accurately and concisely express opinions/information and display confidence in facilitating presentations

• Report writing skills: Ability to write report in a concise and factual manner 

• Communication skills: Ability to communicate effectively, orally and in writing, with senior internal and external audiences – to educate, persuade, negotiate and take decisions.

• Ability to use initiative and work with minimum supervision but ensuring, at the same time, that the line reports are kept fully informed at all times

• The strength of character, credibility and personal presence to operate confidently and effectively at senior levels both internally and externally

• Ability to be flexible coupled with an ability to challenge, independently and constructively senior management, peers or other staff where appropriate,

• Ability to consider issues from a range of angles and propose creative solutions that assist the business in achieving its goals in a safe, compliant and controlled manner

• Lead by example and create a positive work attitude

•  Good knowledge of MS Office, IT conversant and ability for technology integration such as Artificial Intelligence (AI)

Behavioural Competencies:    

• Personal & Interpersonal Skills: Including Communication and Influence and Collaboration

• Strong problem solving and analytical skills

• Good eye for details and quality oriented

• Excellent Planning, Organizing and Time management skills

• Action and Result orientation

• Resilient 

• Team player 

• Strong Interpersonal and influencing skills

• Ability to work under pressure and without close supervision

• Potential to Lead 

• Self confidence

• Ability to make decisions in high pressure environment

• Adapting and responding to change
   

Education

Higher Certificates and Advanced National (Vocational) Certificates: Business, Commerce and Management Studies (Required)