BPWCCUL | Chief Risk & Compliance

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Department/Division:
Group Risk and Compliance

Reports to:
Directly - Board of Directors through the Chairpersons of the Risk & Corporate Governance Committees of the board.

Administratively - Group Chief Executive Officer

Supervises:
Compliance Manager
Risk Managers

Job Purpose:
Provides team leadership and oversight for the Risk and Compliance Departments ensuring the creation, implementation and maintenance of effective Compliance and Enterprise Risk Management Frameworks and Programmes that support the strategic goals of the Group and manages risk exposures within the limits of agreed risk appetite and limits.

Accountable for ensuring that a robust compliance framework is in place across the Group and is effective in each operating entity, meeting best practice standards.

Provides strategic and tactical advice and direction to the Board of Directors, relevant Board

Duties and Responsibilities:

Spearheads and ensures that the BPWCCUL Group of Companies is conducting its operations in full compliance with all laws and regulations, and internal policies and standards. Test and oversee compliance on an entity by entity and jurisdiction by jurisdiction basis.
Ensures a system-wide view across all entities and understands the combined risks of the business and their inter-relationships (interest rate risk, liquidity risk, operating risk, credit risk, reputational risk, regulatory risk).
Establish the groupwide appetite and tolerances for risk by type. Continuously and systematically review existing measurement systems and make recommendations as required to maintain efficient and effective risk management capability. Where appropriate, optimise the existing Risk Management systems.
Consult with relevant stakeholders to define and implement the Risk Management and Compliance Frameworks in accordance with best practice and regulatory guidelines, ensuring buy-in and compliance across all stakeholders.
Ensure that the frameworks and changes arising to the frameworks are communicated across the Group and that the identification and assessment tools and processes are comprehensive and consistently applied.
Provide the necessary awareness among Elected Officers, Management and Staff to inculcate a culture within the Group that emphasises the commitment to internal controls, risk management and high ethical standards. Through guidance, communications and training, ensure compliance with the Group’s Risk and Compliance methodologies and frameworks including regulatory requirements, internal policies, procedures, standards and guidelines
Provide support and advice to all lines of business in risk assessment and measurement, modelling, mitigation and reporting as required on product, procedures, policies, projects and any other relevant area.
Ensures the creation and/or maintenance of comprehensive risk and compliance policies across all areas of business operations.
Establish and maintain cordial relationships and open-dialogue with the relevant regulatory organisations ensuring that all enquiries and or concerns are promptly addressed.
Provide effective groupwide leadership to the Risk and Compliance functions. Through the Compliance Manager and Risk Managers, ensure that the Compliance and Risk team deliver agreed objectives, activities and outcomes in accordance with company policies and procedures and regulatory guidelines.
Lead approach to groupwide programmes addressing AML and CTF risks within the various business units.
Lead the education process across the Group with regards to the appropriate ethical standards, standards of compliance and fighting financial crime approaches that need to be in place and adhered to by all.
Contribute to the development, implementation and execution of the Group’s Strategic Plan with a focus on the Risk and Compliance elements, leading on the development and implementation of the Risk & Compliance departmental strategy.
Set the direction, targets and annual plans and budgets for the respective Departments, including the scheduling of risk and compliance reviews through discussions with relevant stakeholders ensuring alignment with business needs and strategies.
Work closely with the Board, Elected Officers and Senior Management Team, striking the balance between governance requirements and business objectives to propose pragmatic compliant solutions to reduce risk, improve compliance with established procedures/policies/laws.
Ensure that the Board of Directors and Senior Management are kept fully informed of all regulatory matters and any developments that have implications for the Risk and Compliance Frameworks.
Monitor for full compliance against established risk standards/benchmarks (including Board-approved risk appetite framework, risk tolerances and risk profile) and regulatory requirements including transaction monitoring, tracking risk & compliance matrix and review of reports sent to the regulator.
Provide regular risk and compliance reporting for each business entity and function to provide the relevant users with regular updates and pertinent information with respect to risk exposure and control compliance, including but not limited to
o Monthly management dashboards and reports for all areas of Risk,

Ensure that the Group’s approved policies are consistent with its business strategies, capital strength, management expertise, and aligns with the overall guidelines of the relevant regulatory bodies.
Ensure the development/maintenance of Self-Assessment templates, incident reports, key risk indicators and loss data collection as tools for assessing, identifying, monitoring, and effectively managing and reporting pertinent business risks. Work with the respective heads to identify controls to reduce the likelihood of the risk identified with same and where necessary direct the identification/maintenance of remedial action plans.
Ensure the establishment and implementation of a comprehensive Anti-Money Laundering/Counter Terrorist Financing programme encompassing all relevant business areas within the Group. Establish a reasonable threshold level of control consistency.
Oversees BPWCCUL’s Stress Testing and ICAAP programs in compliance with regulatory requirements, strategic plan, capital requirements and risk management practices ensuring that stress testing and capital utilisation is embedded in decision-making processes.
In conjunction with, and as requested by the Internal Audit Department, investigate suspected fraudulent activity and submit reports on findings to the relevant Committee and Authorities.
Represents the Risk and Compliance functions at Management and Board meetings and as requested with external organisations.
Performs related work as assigned by the Board of Directors and Group C.E.O.
Any other duties ancillary or related to the foregoing.

Qualifications and Experience

Master’s Degree in Banking, Economics, Business, Finance, Risk Management or a related field
Professional designation or Certification in Compliance (e.g. CAMS, CRCM) and Risk Management (e.g. RIMS, FRM).
A minimum of 7 years’ of relevant progressive professional experience in roles specifically related to Risk Management and/or Compliance in a financial institution, of which five must be in a Senior Risk Management role.
Proven experience in implementing and managing Enterprise Risk Management strategy and governance activities.

Knowledge/Skills and Abilities

Strong technical skills to effectively perform and/or guide performance of Risk and Compliance activities/tasks in a manner that consistently achieves high quality standards or benchmarks.
Superior knowledge about modern Risk and Compliance Risk Management practices, financial markets, BASEL accords, and financial products with the ability to initiate and implement tactical changes to support business performance.
Knowledge and ability to effectively apply all relevant credit union and banking policies, processes, procedures and guidelines to consistently achieve required compliance standards or benchmarks.
Above-average understanding of financial services operations’ environment and an all-round knowledge of how the various units within the Group operate.
Strong Leadership, Interpersonal and Coaching/Mentoring skills with the ability to build, train and retain teams.
Thorough knowledge of financial services sector, global trends in the sector and regulatory requirements including financial crime compliance.
Ability to relate market/economy knowledge and trends to the business, anticipating potential risks and impacts
Knowledge of, and competency in business intelligence systems and data analysis with proven ability to assimilate information from an expansive variety of sources.
Should possess the ability to handle complex regulatory relationships including strong influencing & relationship management skills.
Should possess a personality that minimises conflict and drives positive discussions and collaborative efforts and is accommodative of different opinions.
Excellent oral and written communication with advanced skills as it relates to the preparation, submission and presentation of regulatory, and board reports.
Excellent analytical, problem solving, dispute resolution and decision-making skills.
Proven adaptability, use of initiative and ability to work under pressure.
Excellent time management capabilities.
Innovative and results oriented.

Working Conditions

Working conditions are normal for an office environment.
Long hours outside of normal working hours are required in order to fulfil the requirements of the role.
May be required to travel for the effective functioning of this role.

Contacts

Senior Leadership and Supervisory Teams of all operating entities within the Group.
Credit Union membership and related company clientele
Regulatory Agencies
Board of Directors
Supervisory Committee,
Risk Management Committee