Compliance Officer

As a Compliance Officer at OUTsurance, you will play a pivotal role in safeguarding the organisation's adherence to legislative mandates and internal policies. This position, based in Centurion, Gauteng, offers a significant opportunity to contribute to a leading South African insurance provider known for its innovative approach and strong human values. You will be instrumental in maintaining and developing the Compliance Risk Management Framework, ensuring that regulatory and compliance risks are not only identified but also effectively managed, mitigated, and reported to senior leadership and the board.

About the role

The core of this function involves providing expert technical guidance on all matters pertaining to legislative compliance. You will be tasked with analysing current and upcoming regulations, proposals, and legislation, translating these into actionable insights and detailed reports. A key responsibility will be to support management and senior leadership teams in navigating compliance challenges and resolving associated queries. Furthermore, you will oversee the execution and continuous improvement of compliance policies, frameworks, processes, procedures, and plans, ensuring they remain robust and effective.

Your duties will extend to assisting in the compilation of both internal and external compliance reports. You will also be responsible for meticulously recording instances of non-compliance and diligently following through on agreed-upon recommendations for remediation. A proactive approach is expected, including assisting management in influencing proposed legislative changes and engaging with projects initiated by regulators and industry bodies.

The Compliance Officer will be a key liaison with external stakeholders, actively engaging and attending workgroups with organisations such as the South African Insurance Association (SAIA) or the Association for Savings and Investment South Africa (ASISA), as well as with regulatory authorities. Establishing and maintaining strong working relationships with these external parties will be crucial, ensuring meaningful contributions during engagements.

Internally, you will foster collaborative relationships with various departments, including Risk Management, Internal Audit, and Human Resources, directing compliance issues through appropriate channels for investigation and resolution. You will also play a role in mentoring and guiding colleagues on compliance-related matters, sharing your knowledge and promoting a culture of compliance throughout the organisation.

Key responsibilities include:

• Providing technical guidance on legislative compliance.
• Developing and maintaining the Compliance Risk Management Framework.
• Identifying, managing, mitigating, and reporting on regulatory and compliance risks.
• Analysing legislation and providing detailed reports.
• Supporting management in resolving compliance queries.
• Ensuring compliance policies and procedures are executed and improved.
• Assisting with internal and external compliance reporting.
• Recording and following up on non-compliance matters.
• Engaging with external stakeholders and regulatory authorities.
• Collaborating with internal departments on compliance issues.
• Monitoring, guiding, and coaching staff on compliance.

What they're looking for

To excel in this role, you will need a Law degree and a minimum of three years of experience in compliance risk management, guidance, and monitoring. A practical understanding of all legislation applicable to insurance and financial services providers, along with their related products, is essential. Proficiency in Microsoft Office Suite and strong business writing skills are also required.

While not mandatory, a Post Graduate Diploma in Compliance Management or being a FAIS Category I Licensed Compliance Officer would be advantageous. Demonstrable relationships with key stakeholders at Regulatory Authorities and industry associations, along with evidence of strong analytical skills and the ability to identify compliance risks and trends, would further strengthen an application.

Ideal candidates will possess:

• A Law degree.
• At least 3 years' experience in compliance risk management.
• Thorough understanding of insurance and financial services legislation.
• Proficiency in MS Office Suite and business writing.
• Excellent communication and interpersonal skills.
• Strong problem-solving abilities and a proactive, detail-oriented approach.
• The capacity to work independently, take initiative, and adapt to change.
• A commitment to ethics, values, and integrity.
• The ability to multitask and manage stress effectively.

OUTsurance places a high value on its "HUMAN" principle, fostering an inclusive and diverse workplace. They actively encourage applications from persons with disabilities and members of designated groups, aligning with their Employment Equity objectives.

In South Africa, roles like this typically demand a strong legal and regulatory foundation. Compliance Officers are vital across the financial services sector, including insurance, banking, and investment management. While specific remuneration varies greatly, experienced compliance professionals often command competitive salaries reflective of their specialized knowledge and responsibility, with potential for career progression into senior risk or compliance management positions.

Essential

• Law degree.
• At least 3 years’ experience in compliance risk management, guidance and monitoring.
• Demonstrate a practical understanding of all legislation applicable to an insurance and a financial service provider business, as well as related products.
• Proficient in MS Office Suite.
• Business writing skills.

Advantageous Qualifications and experience

• Post Graduate Diploma in Compliance Management.
• FAIS Cat I Licensed Compliance Officer.
• Demonstrable relationships with key stakeholders at Regulatory Authorities and industry associations.

Evidence of

• Strong analytical skills and ability to identify compliance risks and trends.
• Alignment to OUTsurance values (Awesome Service, Passionate, Honest, Human, Dynamic and Recognition).
• Personal drive and a positive attitude.
• Ability to be a self-starter and drive tasks to completion.