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Old Mutual is an international investment, savings, insurance and banking group. For over 170 years we have been serving the growing insurance and investment needs of our customers, helping them achieve their lifetime financial goals.
Job Description
Responsible for implementing Governance, Compliance and Risk management plans, policies, processes and monitoring to ensure the organization complies with laws, regulations, statutory and supervisory requirements. Develop and implement processes to ensure that monitoring of all risks that affect the organization are maintained.
Responsible for implementing Governance, Compliance and Risk management plans, policies, processes and monitoring.
- Develop and monitor key risk indicators that are mapped to various risks to determine elevations in risk and proactively implement risk mitigation measures.
- Responsible for developing, implementing and monitoring a risk-based program to identify asses and mitigate any risks from inadequate or failed internal processes.
- Regularly evaluate the adequacy and effectiveness of policies, procedures, processes, systems and internal controls.
- Develop regular operational risk performance reports for senior management and risk committees, including trend analysis, recommended strategies and updates on implemented actions to mitigate identified risks.
- Develop and implement policies and procedures designed to mitigate exposure and enhance compliance activities.
- Conduct risk analysis, modelling and scenario stress testing to assess the effectiveness of existing controls given current and future legislative, regulatory and/or statutory amendments.
- Monitor compliance with applicable regulatory requirements relevant to the organization and its products and/or services.
- Identify potential areas of compliance vulnerability and risk; develop and implement corrective action plans for resolution of problematic issues.
- Provide general guidance around new product and marketing developments from a compliance point of view.
- Provide reports on a regular basis to keep respective governance structures informed of the operation and progress of compliance efforts.
- Define and implement processes and procedures to ensure that all regulatory and compliance risks are identifies,
- Develop and maintain a system/tool(s) that support the ease of data collection, consolidation and submission for audit purposes.
- Act as an independent review and evaluation body to ensure that compliance issues/concerns within the organization are being appropriately evaluated, investigated and resolved.
Continuous improvement to ensure effective service
- Ensure statutory and legislative knowledge is always current in order to resolve customer complaints, to advise the business on corrective solutions to mitigate risks and to improve the customer experience whilst complying with governance requirements.
- Ensure adherence to organisational policies, practices, guides, mandates and procedures.
- Identify solutions to enhance cost effectiveness and increase operational efficiency.
Service delivery to ensure customer satisfaction
- Maintain service, quality and desired outputs within a specific functional process through ensuring compliance to tactical policies, procedures and standards.
- Establish productive operational relationships with key stakeholders in the various channels and administrative teams.
- Develop work routines in line with operational plans / schedules in order to manage achievement of service delivery goals.
- Share knowledge on, and participate in the creation of new standards, control systems and procedures to maintain service delivery.
Cost control and governance adherence
- Proactively ensure use of time, of resources, money, materials or equipment is in line with policies and procedures.
- Comply with corporate governance policies, procedures and standards.
- Operate within agreed mandates.
- Contribute to the development and implementation of fit for purpose budgets.
Manage quality people practices
- Align own behaviour with the organisation culture and values.
- Share and transfer product, process and systems knowledge to colleagues and team members.
- Collaborate and work with the business to deliver required service levels.
Actively share information with other team members regarding successes, issues, trends and ideas.
- Bachelor’s degree in risk management, LLB or Relevant law related degree or qualification.
- 3 – 5 years’ experience in a Compliance & Risk management role within the Insurance industry.
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