Quality Assurance Officer

Job Classification

Requisition - 136513 - Melissa Cloete

Cluster - Nedbank Wealth Cluster - Nedbank Wealth Management SA Division

Location - Johannesburg & Cape Town

Closing Date - 01 November 2024

Please Note - Preference will be given to applicants from Underrepresented Groups

Job Family

Risk, Audit and Compliance

Career Stream

Regulatory Compliance

Leadership Pipeline

Manage Self: Technical (MST)

FAIS Affected

Job Purpose

An Advice Quality Assurance Officer will be responsible for conducting compliance checks (as first line of defence) on all new advice business provided by the authorised representatives of Nedgroup Private Wealth (Pty) Ltd (FSP 828), Nedbank Financial Planning (FSP 9363) and Nedgroup Financial Advisers (FSP 48771), by following an agreed check list (to be designed) to ensure documentation has been fully completed(monitoring and analysing regulatory risk indicators associated with FAIS, Market Conduct etc.) ie ensure clients are not signing blank forms and to ensure adherence with internal standards and house views (advice, product, platforms, funds, investment solutions, fee rules etc) and external regulatory requirements.

This will assist in ensuring and maintaining a high-quality of standards and in so doing reduce client complaints and protect our:

•            FAIS licenses

•            Advisers

•            Clients

Job Responsibilities

• Review and approve all client regulatory operational risks associated with: FATCA and Common Reporting Standards (CRS) accurate identification of risks and gaps. FICAA requirements identification of risks and gaps.o AML, CFT and Sanctions accurate identification of risks and gaps and report same to line management.
• Familiarity with the following south African legislation and regulations: - Financial Advisory and Intermediary Services (FAIS) Act, Financial Intelligence Centre Act (FICA), Protection of Personal Information Act (POPIA).
• Meticulously review of all advice related documentation such as Records of Advice, Financial Plans, Wealth Plans etc and supporting documentation such as WMNA, Risk Questionnaires, product quotations etc before any new advice business is processed. 
• Ensure cases that qualify for Large Case Review Forum are indicated as such to the Advice Principal
• Record and report any deviations or defects in the advice quality assurance process to the Advice Specialists and Head of Advice.
• Investigate and assess alerts relating to potential money laundering risks and sanctions
• Record and report any deviations or defects in the advice quality assurance process to the Advice Specialists and Head of Advice.
• Perform a reasonability test on all clients for tax obligations reporting
• Improve personal capability and stay abreast of developments in field of expertise by identifying trainingcourses and career progression opportunities for self with input from management.
• Support personal growth and enable effectiveness in performance of roles and responsibilities by ensuringall learning activities are completed, experience gained and certifications obtained within specified timeframes.

Job Responsibilities Continue

Analyse and review information to ensure accuracy of information and correct processes followed.

• Conduct compliance checks on all new advice business (by following an agreed process) to ensure compliance with six-steps of financial planning process and house views. (advice, products, platforms, funds, investment solutions, fee rules etc) and external regulatory requirements and provide ‘approval’ of such before the business is placed.
• Maintain and update advice quality assurance policies, processes and procedures and check lists.
• Stay updated on industry trends and regulatory changes and best practices in advice quality assurance to continuously improve processes and procedures.
• SLA's to be met at all times in terms of agreed minimum SLA’s per task Collaborate with cross-functional teams such as advice, compliance, risk, legal and operations teams to develop and implement corrective and preventive actions
• Collaborate with the broader advice teams to enhance the quality of services.
• Review customer complaints, together with the Advice Specialist and/or Advice Governance Specialist and implement appropriate corrective actions. Create training and operating manuals to educate all authorised representatives on quality assurance policies, processes, and procedures. Ensure such is communicated to the business.
• Respond to queries from stakeholders to ensure that client regulatory operational risks are managed. Develop and implement advice quality control tests and procedures with relevant Advice Specialists and other stakeholders.
• Continually provide feedback regarding innovative ways to streamline and automate all processes and systems in order to streamline same in Advice and related tech and tools
• Provide support to the Advice Specialist and Advice Governance Specialist.
• Build internal credibility by ensuring that direct reports are a high-performance team, visible, engaged,completing tasks successfully and have diverse skillset in line with WM regulatory operational needs.

People Specification

• Excellent analytical and problem-solving skills.
• Strong attention to detail and a commitment to accuracy.
• Effective communication and interpersonal skills.
• Ability to conduct training sessions.
• Methodical and meticulous attention to detail
• Good understanding of compliance issues
• Good time management skills
• Excellent interpersonal and IT skills
• Proficiency in Microsoft Word, Excel, Teams and Outlook

Essential Qualifications - NQF Level

Essential Qualification

Diploma in Financial Planning, Commerce or Law

Preferred Qualification

• Degree – preferably a BCom with specialisation in financial planning, commerce  or a law degree

Preferred Certifications:

Any of the following:

• CFP®
• FAIS (RE5)

Minimum Experience Level

• 3 years working experience in the wealth management or private wealth environment assisting with the preparation and/or processing of advice related documentation such as Records of Advice, Financial Planning, Wealth Plans etc.

Technical / Professional Knowledge

Behavioural Competencies