Purpose Statement
To be responsible for and promote an adequate level of compliance in Capitec’s Insurance business so that Capitec meets and complies with regulatory and statutory requirements. Accountable for the strategic direction and operational effectiveness of the Compliance department within Capitec’s Insurance business. To lead and manage the Compliance function, accountable for optimising performance through business planning, budgets, goals and metrics, people, standards, principles and processes.
ExperienceMinimumComplying with the fit and proper standards contained in the Generally Accepted Compliance Practice (GACP) 8-10 years’ proven experience in all matters related to legislative and regulatory requirements, in compliance management in the financial services industry, with exposure to insurance in at least 5 of the years
IdealMore than 10 years’ experience leading all matters related to legislative and regulatory requirements within a similar industry 7 years’ proven experience in compliance / risk management in the financial services/insurance industry 7 years’ experience in managing a team of specialists within a similar environment Proven experience in operating at a senior management level
Qualifications (Minimum)
Bachelor's Degree in Law or Accounting - Financial Accounting
Qualifications (Ideal or Preferred)
Masters Degree in Law or Accounting - Financial Accounting
Key Performance AreasStrategic Complaince Management
Develop and execute the compliance strategy Implement the annual compliance coverage plan. Drive compliance risk management and controls. Monitor regulatory developments and best practice.
Management of the Compliance Department
Manage and be responsible for the overall performance of the department Monitor and manage the department's budget on an on-going basis. Facilitate the process of compliance to ensure that management develops and implements controls which are monitored on a continuous basis. Identify, assess and report on issues of compliance risk and risk acceptance by the business. Ensure the operational effectiveness of the department
Management of the Compliance Framework
Design and maintain a Compliance Management Framework. Design, implement and maintain the First Line of Defence Monitoring (FLOD) Framework. Identify, assess and mitigate compliance risks. Drive compliance awareness and training.
Reporting
Report on compliance risks and trends. Prepare Board, Executive and Committee reports. Submit regulatory and statutory reports. Engage with regulators and key stakeholders.
KnowledgeMinimumInsurance industry Compliance risk management including compliance risk identification, compliance risk assessment and compliance risk monitoring Process and controls development Laws and regulations applicable to the insurance/financial services environment Business acumen and an understanding of business drivers Legal / statutory interpretation
IdealInsurance industry Capitec risk management environment Financial, insurance and insurance legislation
SkillsAnalytical Skills Communications Skills Computer Literacy (MS Word, MS Excel, MS Outlook) Interpersonal & Relationship management Skills Problem solving skills
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