Compliance Officer

Job Classification

• REQ: 135970 - Refilwe Falatsi
• Closing Date: 23 September 2024
• Division: Wealth Management SA | Compliance Officer
• Employment Equity Statement: Preference will be given to Individuals from underrepresented groups. 

Job Family

Career Stream

Leadership Pipeline

FAIS Affected

Job Purpose

Provide advice, guidance, oversight, and assurance on the adherence to compliance practices in client facing divisions (1st line) to ensure compliance risks are identified, assessed, managed, and reported on for Nedbank. Be a trusted advisor to 1st line but maintain independence of mind as part of 2nd line. 

Job Responsibilities

Operational responsibilities

• Build and maintain relationships with internal stakeholders (i.e., the division’s 1st line as well as 2nd line divisional functions such as risk, AML and Legal and 3rd line being Internal Audit) by establishing effective partnerships to identify and manage compliance risks. 
• Develop and maintain a clear understanding of the scope and nature of the business conducted by 1st line (business acumen).
• As part of 2nd line, engage with 1st line towards clarifying roles and responsibilities in the management of compliance risk i.e., risk identification, categorization, assessment, management (completing and maintaining Compliance Risk Management Plans - CRMPs) and monitoring.
• Adopt and adhere to a risk-based approach in the management of compliance risk.
• Develop a solid understanding of all high-risk legislation that applies to the Division. 
• Keep abreast of all regulatory developments/changes that may potentially impact the various business units and engaging relevant stakeholders on a timely basis to ensure business readiness and ongoing compliance risk management.
• Contribute to the creation of a compliance culture and compliance awareness in the division by becoming a trusted advisor to 1st line (whilst maintaining independence of mind as part of 2nd line).
• Execute on the agreed annual Compliance Coverage Plan for the division within set timelines. 
• Ensure compliance risks are managed by developing/updating the Compliance Risk Management Plans (CRMPs) on an annual basis across client facing business (1st line).
• Provide advice and guidance to 1st line on compliance risks, controls, and possible contraventions, through formal and ad hoc monitoring and early detection.
• Provide assurance to 1st line on whether compliance requirements are met, and adequate compliance risk management practices have been implemented.
• Ensure accurate and timely reporting on any non-compliance, the management of compliance risks, and the state of compliance in the division (1st line)
• Provide assurance to stakeholders on the state of compliance by reporting on how key risks are being managed, highlighting areas that require immediate attention and recommend corrective action to stakeholders 
• Present findings of compliance reviews to stakeholders through formal engagement 
• Comment on mitigating actions to be implemented by stakeholders through assessment of the adequacy thereof and recommend further corrective action (e.g. documenting policies and processes, etc.). 
• Take an active part in all relevant governance and other committees
• Have a monthly one-on-one engagement with each of your key stakeholders in 1st and 2nd line (e.g., business, risk team, legal team, AML)
• Perform any other tasks relevant to the role of a compliance officer as directed by management
   

Management of self: 

• Complete all relevant internal training and refresher programmes. 
• Become a member of the Compliance Institute of South Africa (CISA) and engage in continuous professional development initiatives.
• Improve personal capability and stay abreast of developments in field of expertise by identifying training courses and career progression for self through input and feedback from management.
• Contribute to a culture conducive for the achievement of transformation goals by participating in Nedbank Culture building initiatives.
   

People Specification

Essential Qualifications - NQF Level

Preferred Qualification

•  Post Graduate Diploma in Compliance Management
• Legal Degree
• FSCA Regulatory Exam - RE 3 and RE 5
• CPrac (SA) - Compliance Practitioner designation from CISA; or
• Occupational Certificate: Compliance Officer; or 
• Certificate in Compliance Management

Essential Certifications

Preferred Certifications

Compliance Institute of South Africa (CISA) - preferred, not essential

Minimum Experience Level

3-5 years’ experience in compliance management is required.
Experience obtained in a compliance role in a stockbroking / financial planning / banking or wealth management environment will be advantageous.

Technical / Professional Knowledge

Behavioural Competencies