We’re recruiting for the role of Senior Insurance Risk and Compliance Specialist. The purpose of this position will be to assist the Executive with the implementation and monitoring of insurance compliance and regulatory controls in the short term insurance company and across other financial related services within the insurance group. This will include establishing a regulatory framework for the short term insurance business and sensitizing relevant internal stakeholders, translating and embedding the current and future regulatory requirements into the business processes, and documenting existing controls within the business processes in order to assess their adequacy and effectiveness, among other functions.
Duties and Responsibilities:
- Establishing a regulatory framework for the Short-Term Insurance business and sensitising relevant internal stakeholders
- Translating and embedding current and future regulatory requirements into business processes
- Documenting existing controls within business processes to assess adequacy and effectiveness
- Collating and analysing information from various sources to assess adequacy and effectiveness of internal compliance controls
- Documenting information together with action items and control plans and communicating to relevant internal stakeholders
- Engaging with outsourced service providers to assess levels of risk and compliance
- Recommending areas of improvement and identifying action items to rectify areas of non-compliance
- Compiling monitoring reports and communicating findings to relevant stakeholders
- Analysing internal and external complaints for trends and reporting findings to relevant stakeholders
- Liaising with External Regulatory Stakeholders such as various Ombuds, the Financial Services Board and the South African Reserve Bank
- Engaging with Internal Project Support and External business stakeholders including Regulators and Suppliers
- Assisting Management with creating a compliance culture and embedding compliance principles, values and sound business practice into existing training mediums
- Assisting Management with creating new mediums of communication to enhance compliance awareness and knowledge within the company
- Analysing and documenting regulatory compliance requirements relating to Short-Term Insurance opportunities
- Developing risk management plans for relevant legislation and maintaining a regulatory universe for insurance
- Identifying and tracking changes to existing and new legislation
- Performing impact analysis across business processes and systems
- Engaging with the business regarding compliance and regulatory requirements when developing new products
- Developing monitoring plans, conducting monitoring activities and compiling monitoring reports
- Reviewing findings to identify trends
- Liaising with service providers responsible for delivering various services to the business to ensure minimum compliance and risk standards are in place
- Assisting with compliance training and awareness programmes and reviewing training material to ensure alignment with defined standards
- Recording controls implemented within the business against specific regulatory environments in the form of risk management plans
Minimum Requirements:
- 3 Year Degree or National Diploma essential (BComm, LLB, BA Law, or related)
- A minimum of 5 years relevant experience in risk and compliance within the insurance industry
- Specialist experience and knowledge of the Short Term Insurance Act, the Insurance Act, the FIC Act, PoPI Act and all associated laws and regulations pertaining to the short term insurance industry
- Ability to transfer regulatory knowledge into sound business practices
- Analytical and sound financial skills
- Effective interpersonal and communication (verbal and written skills)
- Relationship management including influencing and persuasion skills
- Presentation and facilitation skills