Overview
Compliance Officer, Finance & Banking Jobs in Johannesburg, South Africa at Old Mutual Insure
The Compliance Officer will support the Compliance Manager in the day-to-day execution of the organisation’s compliance activities in terms of the Insurance Act 18 of 2017
, the Prudential Standards (including GOI 3: Risk Management and Internal Controls), and Financial Sector Conduct Authority (FSCA) market conduct requirements, POPIA and FICA reporting institute requirements. The role focuses on operational compliance implementation, monitoring, reporting and advisory support, contributing to the effective functioning of the Compliance Control Function.
Key Responsibilities Regulatory Compliance Support
- Assist with the implementation and ongoing maintenance of the Compliance Function in accordance with Prudential Standard GOI 3, under the direction of the Compliance Manager.
- Support the business with compliance in accordance with applicable legislation, prudential standards, FSCA conduct standards and FICA reporting institute requirements for regulatory guidance and supervisory communications relevant to non-life insurance.
- Maintain awareness within the business and compliance function of regulatory developments and assist with updating compliance documentation accordingly.
- Ensure compliance processes and policies are reviewed and updated accordingly.
Compliance Monitoring and Testing
- Effectively and timeously execute compliance monitoring activities in line with the approved compliance monitoring plan.
- Perform thematic reviews, sample testing, and control assessments across business areas.
- Identify potential compliance breaches or weaknesses and elevate findings to the Compliance Manager.
- Track and follow up on remediation actions with the relevant business stakeholders to ensure timely closure.
Compliance Risk and Reporting
- Assist with compliance risk assessments and maintenance of the compliance risk register.
- Compile compliance reports, dashboards and management information for review by the Compliance Manager.
- Maintain accurate records of compliance activities, findings, incidents and remedial actions.
Market Conduct and Operational Compliance
- Support the business with FSCA market conduct requirements, including Treating Customers Fairly (TCF), complaints handling, disclosures and product governance controls.
- Review marketing material, policy documentation and customer communications for compliance with regulatory requirements, where required.
- Assist with complaints-related compliance reviews and root cause analysis and overall, conduct risk assurance.
Advisory and Training Support
- Provide compliance guidance to business units on routine regulatory and policy-related queries.
- Provide day-to-day regulatory compliance advice and guidance to business units to ensure their policies and procedures align with regulatory requirements.
- Assist with the development and delivery of compliance training and awareness initiatives.
- Support initiatives to embed a culture of compliance and ethical conduct within the organisation.
- Promote a culture of compliance and ethical behaviour within the business by encouraging proactive identification and reporting of regulatory compliance risks.
Regulatory Engagement and Assurance
- Facilitate regulatory inspections and support regulatory submissions, reports, data requests and supervisory engagements with the FSCA, Prudential Authority FIC and Information Regulator.
- Assist during regulatory inspections, audits and internal assurance reviews by collating documentation and evidence.
Minimum Requirements and Qualifications
- Bachelor’s degree or diploma in Law, Risk Management, Compliance, Accounting, Finance or a related field.
- 3–5 years’ experience in a compliance role within the South African insurance or broader financial services sector.
- Working knowledge of the Insurance Act, Prudential Standards (including GOI
3), FICA (Reporting Institution), POPIA and FSCA market conduct regulation. - Experience with compliance monitoring, reporting and regulatory interaction will be advantageous.
- Membership of, or progress toward a recognised compliance or risk qualification (e.g. Compliance Institute of Southern Africa) will be beneficial.
Key Competencies
- Strong attention to detail and analytical ability
- Sound understanding of regulatory and compliance principles
- Good written and verbal communication skills
- Ability to work methodically and manage multiple tasks
- Professional judgement, integrity and confidentiality
- Ability to work effectively within a team and elevate issues appropriately
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Title: Compliance Officer, Finance & Banking
Company: Old Mutual Insure
Location: Johannesburg, South Africa
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