Risk and Compliance Officer job at Mayfair Asset Managers Limited

Mayfair Insurance, we ignite a culture of innovation, driven by respect, professionalism, accountability, and open communication, to deliver exceptional experiences, exceed customer expectations, and lead the industry with integrity.

About the position

To initiate, implement and liaison with the respective functional heads, manage the risk and compliance initiatives for Mayfair Uganda.

KEY RESPONSIBILITIES

1. Risk Management

1.1. Support with implementation of the Financial Risk Management Framework within the business.

1.2. Coordinate all Financial Risk management requirements and activities in line with local regulations and internal policies, which adequately address Financial Risk types.

1.3. Recommend financial risk appetite limits to the business and seek board approval i.e. Earnings at Risk limits.

1.4. Monitor and prepare financial risk reports for the different board committees.

1.5. Coordinate the recording of risk incidents/events and conduct a root cause analysis.

1.6. Prepare quarterly risk assessment reports for review and submission to the relevant Authorities.

1.7. Coordinating annual localization of the risk policies and procedures to ensure they are fit for the company’s objectives and in line with the relevant regulations by working with the policy owners.

1.8. Support in the implementation of the BCM framework for the business.

1.9. Develops and monitors risk registers for all departments and also performs risk assessments for new products and vendors.

1.10. Provide recommendations and ensure that risk mitigation strategies are integrated into product development and project planning stages.

1.11. 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.

1.12. Evaluate new products and projects for potential risks through a Comprehensive Risk Assessment.

2. Regulatory Compliance

2.1. Implement Compliance programs that include policies, procedures, conducting monitoring reviews and training to ensure that the Business is following relevant regulations and standards.

2.2. Keep abreast with the applicable laws, regulations, rules, and standards in the risk & compliance fraternity and advice on the emerging developments of the same.

2.3. 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.

2.4. Monitor and assess adequacy and effectiveness of controls put in place by business and fostering a culture of accountability.

2.5. Provide independent oversight and assurance on the controls implemented by the company including conducting independent testing on transaction monitoring, CDD, and sanctions screening effectiveness, etc.

2.6. Conduct Training and empower employees with compliance knowledge.

2.7. Ensure the business adheres to the Data Protection and Privacy Act, 2019, and internal policies.

2.8. Inform and train employees about their data protection responsibilities through induction and ongoing training.

2.9. 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.

Qualifications, Skills and Experience:

1. A bachelor’s degree in actuarial science, business administration - Accounting and Finance, or related field.

2. Diploma in Law is an added advantage.

Professional Qualifications:

Certification in financial risk management or actuarial certification (preferred).

Professional qualification in Risk Management, ACCA, CPAAML/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 Company.

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

• Support with implementation of the Financial Risk Management Framework within the business.
• Coordinate all Financial Risk management requirements and activities in line with local regulations and internal policies, which adequately address Financial Risk types.
• 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 board 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 relevant Authorities.
• Coordinating annual localization of the risk policies and procedures to ensure they are fit for the company’s objectives and in line with the relevant regulations by working with the policy owners.
• Support in the implementation of the BCM framework for the business.
• Develops and monitors risk registers for all departments and also performs risk assessments for new products and vendors.
• Provide recommendations and ensure that risk mitigation strategies are integrated into product development and project planning stages.
• 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.
• Evaluate new products and projects for potential risks through a Comprehensive Risk Assessment.
• Implement Compliance programs that include policies, procedures, conducting monitoring reviews and training to ensure that the Business is following relevant regulations and standards.
• Keep abreast with the applicable laws, regulations, rules, and standards in the risk & compliance fraternity and advice on the emerging developments of the same.
• 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.
• 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 the company including conducting independent testing on transaction monitoring, CDD, and sanctions screening effectiveness, etc.
• Conduct Training and empower employees with compliance knowledge.
• Ensure the business adheres to the Data Protection and Privacy Act, 2019, and internal policies.
• Inform and train employees about their data protection responsibilities through induction and ongoing training.
• 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.

• 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 Company.
• 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.
• 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

• A bachelor’s degree in actuarial science, business administration - Accounting and Finance, or related field.
• Diploma in Law is an added advantage.
• Certification in financial risk management or actuarial certification (preferred).
• Professional qualification in Risk Management, ACCA, CPAAML/CFT certification (an added advantage)