Officer, Compliance

This role focuses on bolstering the Financial Crime Compliance (FCC) function within the Insurance and Asset Management (IAM) division. The successful candidate will be instrumental in embedding robust FCC policies, standards, and control frameworks across various portfolios and business lines. This involves offering specialist advice, conducting thorough risk assessments, and driving proactive awareness initiatives. The ultimate goal is to foster a strong culture of compliance, ensuring strict adherence to regulatory requirements and effectively mitigating a range of risks, including financial crime, regulatory, operational, and reputational threats.

About the role

The core of this position lies in providing essential support to the IAM FCC team. You will be a key player in the implementation and ongoing enhancement of the organisation's approach to combating financial crime. This means delving into the intricacies of Anti-Money Laundering (AML), Counter-Terrorist Financing (CFT), Proceeds of Crime Financing (CPF), and sanctions regulations. You will act as a go-to resource for FCC matters, offering expert guidance and staying abreast of evolving regulatory landscapes. A critical aspect of the role involves proactively identifying and challenging business practices that may present financial crime risks, thereby safeguarding the organisation.

The responsibilities are diverse and require a proactive, analytical approach:

• **FCC Advisory and Stakeholder Support:**
• Provide authoritative guidance on AML, CFT, CPF, sanctions, and other relevant FCC requirements.
• Serve as a trusted advisor on FCC matters, engaging with stakeholders across the business.
• Offer insights on emerging regulatory developments and their implications.
• Critically evaluate business decisions and practices when potential financial crime risks are identified.

• **Risk Assessment and Monitoring:**
• Conduct comprehensive FCC risk assessments across different products and business lines.
• Evaluate the effectiveness of existing financial crime controls and pinpoint any deficiencies or gaps.
• Collaborate on the development and diligent tracking of actions designed to mitigate identified risks.

• **Policy, Governance, and Reporting:**
• Support the practical implementation and continuous improvement of FCC policies, standards, and overarching frameworks.
• Prepare clear and concise FCC reports, management information, and updates for governance committees.
• Analyse FCC-related data to extract meaningful insights for stakeholders.

• **Awareness and Training:**
• Identify specific training and awareness needs related to financial crime compliance within the organisation.
• Either deliver or coordinate the execution of FCC training initiatives to ensure widespread understanding and adherence.

What they're looking for

To excel in this position, candidates should possess a solid foundation in financial crime compliance and a keen analytical mind. The ideal profile includes:

• A Bachelor's Degree in Business Commerce, Risk Management, Law, Compliance, or a closely related field.
• A minimum of 3-5 years of relevant experience specifically within Financial Crime Compliance. This experience should ideally stem from the banking, asset management, insurance, or broader financial services sectors.
• Demonstrated experience working within a second-line compliance or risk management environment, providing oversight and challenge.
• Proven experience in key FCC functions, including advisory services, conducting risk assessments, compliance monitoring, and effective stakeholder engagement.
• While advantageous, specific certifications such as ACAMS or an equivalent FCC qualification would be a strong plus.
• A deep understanding of technical areas including Anti-Money Laundering (AML), Sanctions Compliance, FCC Risk Assessments, relevant Regulatory Frameworks, Risk Management and Controls, Compliance Monitoring, and Governance and Regulatory Reporting.
• Strong behavioural competencies are essential, including the ability to influence and manage stakeholders effectively, sharp analytical thinking and problem-solving skills, sound judgement and decision-making capabilities, a commitment to high ethical standards and meticulous attention to detail, excellent communication and relationship-building skills, and a dedication to continuous learning and professional development.

In South Africa, roles in compliance, particularly within financial services, are in demand. The typical remuneration for an officer-level compliance position can vary significantly based on experience, the size and complexity of the organisation, and the specific focus area. However, a range of R400,000 to R700,000 per annum is often seen for individuals with the experience outlined. Major banks, insurance companies, and large asset managers are common employers for such positions. Career progression often leads to more senior compliance roles, management positions, or specialisation in niche areas of regulatory risk.

Type of Qualification: Bachelor's Degree in Business Commerce, Risk Management, Law, Compliance, or a related field.

Field of Study: Business Commerce or Legal
Certification: ACAMS certification or equivalent FCC qualification advantageous.

Experience Required

• 3-5 years' experience in Financial Crime Compliance within banking, asset management, insurance, or financial services.
• Experience in a second-line compliance or risk management environment.
• Experience in FCC advisory, risk assessments, compliance monitoring, and stakeholder engagement.

Key Responsibilities:

FCC advisory and stakeholder support

• Provide guidance on AML, CFT, CPF, sanctions and related FCC requirements.
• Act as a trusted advisor on FCC matters and emerging regulatory developments.
• Challenge business decisions and practices where financial crime risks are identified.

Risk assessment and monitoring

• Conduct FCC risk assessments across products and business lines.
• Assess the effectiveness of financial crime controls and identify gaps.
• Support the development and tracking of risk mitigation actions.

Policy, governance and reporting

• Support the implementation and enhancement of FCC policies, standards, and frameworks.
• Prepare FCC reports, management information, and governance updates.
• Analyse FCC-related data and provide insights to stakeholders.

Awareness and Training

• Identify FCC training and awareness needs.
• Deliver or coordinate FCC training initiatives.

Policy, governance and reporting

• Support the implementation and enhancement of FCC policies, standards, and frameworks.
• Prepare FCC reports, management information, and governance updates.
• Analyse FCC-related data and provide insights to stakeholders.

Technical Expertise

• Anti-Money Laundering (AML)
• Sanctions Compliance
• FCC Risk Assessments
• Regulatory Frameworks
• Risk Management and Controls
• Compliance Monitoring
• Governance and Regulatory Reporting

Key Behavioural Competencies

• Influencing and stakeholder management
• Analytical thinking and problem-solving
• Sound judgement and decision-making
• High ethical standards and attention to detail
• Strong communication and relationship-building skills
• Commitment to continuous learning and professional development