Compliance Officer- Governance Framework at Discovery Limited

Key Purpose

• The FAIS Centre of Excellence is a compliance function within Group Compliance that provides compliance oversight and advice to Discovery FSPs, Key Individual and Representatives.
• The purpose of this role is to provide sound advice to FSPs in terms of legislation, to implement and maintain the FSP Governance Framework, be responsible for drafting and completion of all FSP reporting obligations, be responsible to manage and facilitate all FAIS-related regulatory engagements and submissions, attend to all legal obligations for FSPs, and ensure that the FSPs follow best practices and the compliance methodology.

Areas of responsibility

The successful candidate will be required, primarily, but not limited to:

• Provide advisory notes to business on regulatory compliance matters, engage stakeholders on resolution of compliance matters and interpretation of legislation, and draft and review of compliance guidance notes.
• Develop and review company policies, frameworks and processes in line with compliance best practice protocols and ensure that they are appropriate for the business and to obtain sign-off. 
• Ensure all the licensing requirements for FSPs are completed, engage stakeholders and provide guidance and support to ensure licensing requirements are timeously met, monitor compliance with license conditions and restrictions and facilitate submissions to the regulator. 
• Facilitate the drafting of legal opinions and sign-off, vetting of contracts, including consulting with legal firms as and when required.
• Draft, review and obtain sign-off of responses for submission to the regulator and attend to the drafting of exemption applications to regulatory bodies.
• Design, review and sign-off compliance documents as and when required. 
• Keep abreast of regulatory developments and changes in the financial services industry, with particular focus on FAIS and all subordinated legislation and update and maintain the regulatory universe for the business.
• Analyse regulatory changes and facilitate requests for comments on new and amended legislation.
• Communicate regulatory requirements to stakeholders; and provide guidance and support on new and amended legislation.
• Complete impact assessments and conduct workshops on new and amended legislation; and track implementation thereof.  
• Facilitate all regulatory engagements and provide support to engage with the regulatory and/or industry bodies on complex compliance queries, non-compliance issues, and fines and penalties.
• Facilitate meeting interactions with the relevant business stakeholders and the regulatory and/or industry bodies; ensure that questionnaires and surveys are timeously completed by the FSPs.
• Draft and compile submissions to the regulator such as but not limited to annual financial statements, payment of annual levies, etc. and ensure timeous submission to the regulator.
• Responsible for drafting and review of all FSP reports to various committees, regulator and/or industry bodies and to obtain sign-off.
• Provide comprehensive reports and feedback to senior management and committees.
• Provide support on projects such as new business initiatives and third-party interactions as and when required.

Skills and Personal Attributes

• Detailed knowledge of local (South African) legislation relating to financial services and able to interpret and apply legislation, including, but not limited to the following: FAIS, POPIA, Insurance Act.
• Sound understanding of compliance methodology, working knowledge of all elements comprising.
• Problem solving skills and conflict-management of situations in a constructive and professional manner.
• Ability to make rational judgements from the available information and analysis and provide considered and consistent advice.
• Strong communication, reporting and presentation skills.
• Ability to work as a team, understand the impact of decisions and be confident enough to raise concerns within the team and to senior management.
• Strong research ability and attention to detail.
• Detailed and technical expertise in the operation and governance requirements of FSPs.
• Develop an effective network with business representatives and to build the necessary trust relationship with business representatives.
• Writes in a well-structured and logical way – must have ability to write and review compliance policies and draft compliance guidance notes and reports with detail required to inform the business of regulatory requirements and potential impacts.
• Able to work well under pressure.
• Efficient time management skills, including quick turnaround time on quality work.

Education and Experience

• 3 years’ of working experience in a financial services compliance role in the application of FAIS within the FSPs as well as thorough understanding of the legislation.
• Relevant tertiary education
• Recognised compliance qualification from accredited institution
• Member of Compliance Institute of South Africa or Financial Planning Institute would be advantageous.

Role Specific Behaviours

• Action Oriented
• Ensures accountability
• Communicates effectively
• Drives Results
• Resourcefulness