Risk & Compliance Officer - OMLAU

Lets Write Africa's Story Together!

Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.

Job Description

JOB PURPOSE

This role is individually accountable for assisting and supporting the Business Unit Risk and Compliance Specialist in implementing and embedding risk and compliance frameworks by managing financial risk exposures, ensuring regulatory compliance, and providing risk monitoring, reporting, and advisory to support informed decision-making and business resilience at Business Unit level.

KEY TASKS AND RESPONSIBILITIES

Risk Management

• Support with implementation of the Financial Risk Management Framework.
• Coordinate all Financial Risk management requirements and activities in line with local regulations and internal policies, which adequately address Financial Risk types.
• Provide second opinion on Asset Liability Management (Strategic Asset Allocation etc.
• Develop comprehensive stress tests scenarios covering key market, credit and liquidity risks and ensure periodic stress tests are done in line with regulatory and internal requirements and for management decision purposes.
• Recommend financial risk appetite limits to the business and seek board approval i.e. Earnings at Risk limits.
• Monitor and prepare financial risk reports for the different committees.
• Coordinate the Risk & Control Self-Assessment (RCSA) framework across the Business and ensure all risks and controls are well maintained and updated in CURA.
• Coordinate the recording and validation of the risk appetite metrics within the risk appetite dashboard for circulation to relevant committees.
• Coordinate the recording of risk incidents/events and conduct a root cause analysis.
• Prepare quarterly risk assessment reports for review and submission to the Authority.
• Coordinating annual localization of the risk policies and procedures to ensure they are fit for the Business Unit’s objections and in line with the relevant regulations by working with the policy owners.
• Provide timely Risk Management Committee pack and Minutes of Monthly RMC Meetings.
• Support in the implementation of the BCM framework for the business.

New Products and Projects Risk Management

• Evaluate new products and projects for potential risks through a Comprehensive Risk Assessment.
• Collaborate with cross-functional teams (e.g. project management, actuarial, legal, IT and quality assurance teams) to gather necessary information and assess the impact of risks on project timelines, budgets, and overall success.
• Review and monitor the progress of new products and projects, identifying any emerging risks throughout the lifecycle.
• Provide recommendations and ensure that risk mitigation strategies are integrated into product development and project planning stages.
• Identify lessons learned from past product launches and projects to improve future risk management practices.

Regulatory Compliance

• Implement Compliance programs that include policies, procedures, conducting monitoring reviews and training to ensure that the Business is following relevant regulations and standards. Monitor and assess the effectiveness of these programs.
• Conduct, prepare and report on key outcomes from monitoring reviews as per the developed compliance monitoring program to relevant committees
• Identify Compliance risks and assess their potential impact on the Business Unit. Use compliance risk management frameworks and methodologies to prioritize and mitigate these risks.
• Identify and respond to Compliance breaches, such as violations of regulations or policies.
• Follow up with action owners for timely and adequate resolution of issues raised by the different assurance providers.
• Support the establishment of the regulatory universe for the business based on applicable laws, regulations, policies and related policy standards and policy guidelines, and aim at achieving 100% Compliance.

AML Compliance

• Prepare AML/CTF/CPF returns for review by the Risk and Compliance Manager i.e. Suspicious transaction reports, large cash transaction reports and annual compliance reports.
• Identify Regulatory Changes (early detection of regulatory updates) and provide advisory support/guidance on managing the regulatory/compliance.
• Monitor and assess adequacy and effectiveness of controls put in place by business and fostering a culture of accountability.
• Provide independent oversight and assurance on the controls implemented by Line 1. This includes conducting independent testing on transaction monitoring, CDD, and sanctions screening effectiveness, in line with combined assurance framework.
• Conduct Training and empower employees with compliance knowledge.
• Prepare and update the AML/CTF/CPF status dashboard on an ongoing basis.
• Report updates on regulatory Compliance status.
• Engage with senior management to provide independent assurance on AML compliance effectiveness and support informed decision-making.

Data privacy

• Ensure the business adheres to the Data Protection and Privacy Act, 2019, and internal policies.
• Carry out Data Protection Impact Assessments before processing personal data where there is a likely risk to data subjects' rights.
• Act as the main point of contact for the Personal Data Protection Office (PDPO) and coordinate any necessary communication.
• Support the implementation of privacy compliance control measures at a business unit level to ensure all gaps are communicated, tracked and closed with the responsible action owners.
• Inform and train employees about their data protection responsibilities through induction and ongoing training.
• Support in preparation of data privacy risk and Compliance trends/ exposures to the Business and provide recommendations to minimize any emerging risks in liaison with the Group Data privacy risk office.
• Identify and respond to data privacy incidents, such as data breaches or violations of regulations or policies.
• Track the progress of completion of the privacy roadmap
• Prepare and update the Privacy Dashboard on an ongoing basis.
• Ensure the business privacy licence is active and renewed within the stipulated timelines.
• Ensure the privacy policy for the business is up to date and support localization processes arising from regulatory changes or group revisions on the policy.
• Ensure timely submission of Data protection returns to the Data protection office.

Academic Qualifications:

• A bachelor’s degree in actuarial science, business administration - Accounting and Finance
• Diploma in Law (an added advantage)

  Professional Qualifications:

• Certification in financial risk management or actuarial certification (preferred)
• Professional qualification in Risk Management, ACCA, CPA
• AML/CFT certification (an added advantage)

  Work Experience:

• Minimum of 3 years’ related experience in either financial services e.g. banking, insurance or Telecom industry.
• Experience in data analytics (an added advantage).
• Sound knowledge of internal controls, compliance frameworks and Enterprise Risk management.

  Skills required:
  Technical skills

• Strong understanding of risk management, internal control and corporate governance framework(s), financial services.
• Good Knowledge of Money Laundering Risks and Regulations.
• Ability to anticipate and mitigate risk by developing appropriate Risk Management Policies for the Business Unit.
• Compliance Standards and Legislations: Excellent knowledge of International Accounting Standards, and Legislations.
• Good understanding of relevant regulatory requirements
• Strong financial modelling, analytical and problem-solving skills with an emphasis on data science and risk management.
  Personal attributes
• Must be honest, fair, just but firm with themselves, and of high integrity.
• Strong interpersonal & team management/leadership skills.
• Strategic, critical, and analytical thinking and pragmatic problem solving.
• Result Oriented and operationally astute.
• Strong Communication & Organizational skill

Skills

Compliance Risk Management, Financial Risk, Regulatory Compliance, Risk Control, Risk Management, Risk Mitigation

Competencies

Action Oriented

Communicates Effectively

Decision Quality

Ensures Accountability

Instills Trust

Manages Complexity

Optimizes Work Processes

Organizational Savvy

Education

Bachelors Degree (B): Business Administration (Required)

Closing Date

31 March 2026 , 23:59

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