Are you a meticulous and detail-oriented professional with a passion for maintaining the highest standards of integrity and adherence to regulations? We're seeking a dedicated Compliance Specialist to ensure our company's operations align seamlessly with industry regulations and internal policies.
The purpose of this role is to ensure compliance with domestic and international legislative and regulatory requirements relating to our financial services businesses. The Compliance Specialist (Financial Services) will support the appointed FSCA Key Individual(s) and representatives to ensure that all regulatory obligations are complied with, perform monitoring and reporting (internally and externally) and develop and facilitate targeted training. The Regulatory Compliance Specialist will provide oversight and end-to-end regulatory expertise on key financial services legislation and regulation, including but not limited to the Financial Sector Regulation Act 9 of 2017 (FSRA), Financial Advisory and Intermediary Service Act 37 of 2022 (FIAS Act) and National Credit Act 34 of 2005 (NCA).
Duties and Responsibilities (Include but is not limited to):
Complete all required actions to maintain existing financial services licenses
- Monitor and submit regulatory reports to Regulators
- Provide oversight to ensure the:
- Key Individual remains Fit and Proper and meets the Continuous Professional Development (CPD) requirements; and
- Representative registers are maintained.
- Ensure all actions linked to FSCA, FAIS Act, NCA (or other similar legislation applicable to non-South African entities) are actioned in an effective and timely manner
- Carry out research into the new regulatory requirements to maintain and apply for re-newel of licenses
Provide ad-hoc support and advice relating to new licensing/category requests
Engage in discussions with the relevant Central Banks and/or Regulatory Authorities
Build solid relationships with the contact person in the Regulatory Bodies, as well as external assurance
Ensure accuracy of license requirements and update thereof for transacting (i.e., annual licensing fees)
Manage the relationships with regulatory bodies for current licenses
- Maintain accurate lists of all current regulators and contact details
Manage the relationship with the various Regulatory Bodies and resolve all queries timeously and effectively
Attend all meeting with Regulatory Authorities (new and existing)
Maintain open communication channels with regulators
Make applications for authority for changes as and when required
Draft regulatory applications, policies and monitor the adherence to internal controls
Draft applications to Regulators relating to existing licenses relating to insurance, credit products
Draft and maintain frameworks, policies and standards applicable to the FSP, aligned to the Group and legislative requirements applicable to the jurisdiction it operates in
Oversee the implementation of frameworks, policies and standards by the 1st line of defence
Perform sample testing in accordance with internal frameworks, policies, standards, processes and the applicable laws
The Compliance Regulatory Specialist will also work closely with key senior stakeholders in both the 1st and 2nd line of defence, including the Chief Growth Officer, Product Heads (insurance and loans), Compliance Assurance Specialist, Head of Compliance, Regulatory Compliance Change Programme Manager, as well as the Head of Risk
Provide accurate information to external and internal auditors, as well as address any queries relating to assurance performed
Develop and facilitate training
Develop, country specific, awareness and targeted training material aligned to the license and product specific regulatory requirements and regulatory expectations
Facilitate training to representatives and all level of employees
Ensure that all required Mukuru group licenses are legally compliant
Maintain a database of all Mukuru licenses within remit
Monitor the expiry dates of all licenses and/or renewal licensing fees
Ensure all licenses are renewed timeously
Oversee the maintenance of recording of all license information documents for every country that Mukuru transacts with
Create shared internal-use documents for every country where licenses are held for reference for due diligence before transacting
Oversee that all relevant information is included including limits for values, exemptions etc. are included
Oversee that all documents are live and kept up to date at all times
Attend all regulatory body inspections, external assurance and remediation initiatives
Prepare for regulatory inspections, as well as all internal and external audits/assurance reviews
Attend all regulatory inspections
Obtain reports from inspections, internal and external assurance providers
Follow up on any findings to ensure they are resolved timeously
Monitor and assist with the remediation of identified gaps and/or areas of deficiencies and report the status/progress of remediation to the line manager and Head of Compliance
Respond to license related queries promptly
Provide assistance to financial services license concerns
Respond and resolve queries effectively
Communicate with internal departments (e.g., Business development and legal) regarding license acquisitions and updates.
Oversee the duties of the Compliance Assistant
Coach and mentor, the Compliance Assistant
Give directions and manage the daily duties of the Compliance Assistant
Conduct bi-annual performance reviews with the Compliance Assistant
- Grade 12 or equivalent
- Compliance / or related post-graduate qualification
- Proven practical FSCA and NCA experience.
- FSCA Regulatory Exam – RE1, RE3 and RE5 (advantageous)
- FSCA Registered/approved FAIS Compliance Officer (advantageous)
- Certificate in Compliance management (advantageous)
- Experience within African markets (advantageous)
- 3 to 5 years of experience within the financial services sector, with proven experience in long-term insurance and credit
- Experience working in a team-oriented, collaborative environment
- Working in a fast-paced and high-pressure environment requiring high energy
- Working within an Agile environment
- Excellent working knowledge of regulatory compliance laws and practices applicable to all jurisdictions Mukuru has financial services’ products such as long-term insurance and loans
- Excellent working knowledge in long term insurance and credit and existing relationships with the FSCA and NCR
- Experience in a risk, advisory and a regulatory compliance role with an insurance intermediary and/or insurance providers
- Sound understanding and application of FSCA and NCA compliance testing
- Able to exercise independent judgment and act on it.\
- Excellent listening, interpersonal, drafting, and oral communication skills
- Good presentation skills
- Keen attention to detail and ability to scrutinise the adequacy, effectiveness and practical application of compliance requirements and controls.
- Excellent report and policy writing skills aimed at different stakeholder groups across various levels of the organisation.
- Excellent skills in drafting reports on detailed findings, accompanied with fit for purpose corrective actions.
- Able to draft and implement compliance training aligned to changes in legislation and/or best practices.
- Logical, practical and efficient with focus on sustainability
- Highly self-motivated and directed.
- Ability to effectively prioritise and execute tasks while under pressure.
- Must be able to adapt quickly to change, be agile in approach, but thorough in execution.
- Ability to review and assess technical and complex regulatory concepts and communicate the findings thereof to key stakeholders.
- Able to operate independently without constant supervision.
- Hybrid way of work (Various Mukuru Offices, Home)
I am sure you are reading this job description and meet majority of the criteria BUT you may also still not be 100% comfortable in applying. We believe that there is a place for everyone under the Mukuru sun and we want YOU to contribute to our diverse tapestry of talent. So come on, take a leap of faith, and send your application if you meet majority of our requirements. Remember to include a snippet of how you will bring value and help us build a future of success that will help us determine where and how you may best be suited” Maybe you are just the future Mukurian we need!!
Should you be appointed in a remote/work from home role at Mukuru, it is your responsibility to ensure that you have uninterrupted internet connectivity and a ‘work-like’ environment at your home location, in order to deliver your best in terms of performance, productivity and service to our customers.
If you do not receive any response after two weeks, please consider your application unsuccessful.
NB: ALL STAFF APPOINTMENTS WILL BE MADE WITH DUE CONSIDERATION OF THE COMPANY’S DIVERSITY AND INCLUSION PLANS