Vacancy Announcement: Risk & Compliance Officer at Sanlam General

Risk & Compliance Officer at Sanlam General

Title: Risk & Compliance Officer
Department: Risk & Compliance
Reporting to: Head of Risk & Compliance
Advertisement Closing Date: 13 March 2024

Purpose:

Reporting directly to the Head of Risk & Compliance, the Risk & Compliance Officer will be instrumental in managing and coordinating enterprise-wide risk in alignment with Sanlam Kenya’s Enterprise Risk Management and Compliance Frameworks.

Primary Responsibilities:

Operational Risk Management Framework Implementation

• Embed the Operational Risk Management Framework within specific business lines.
• Conduct Product/Initiative Risk Assessments and ensure closure of high and medium-rated risk items.

Key Indicator Development and Monitoring

• Collaborate in developing relevant key indicators and associated appetite thresholds for each business line.
• Monitor the implementation of action plans to address key risk indicators out of appetite.

Compliance Advisory

• Provide compliance advice to business units on regulatory and financial crime matters including Anti Money Laundering, Fraud, Bribery and Corruption, Information Security, and Market Conduct.

Risk Identification and Mitigation

• Identify, assess, mitigate, report, and escalate all operational risk exposures.
• Conduct risk and control assessments across the business and define action plans to enhance control effectiveness.

Incident Management and Reporting

• Record and maintain all risks, incidents, and issues with quality information.
• Monitor the implementation of action plans to address qualified risks.

Regulatory Compliance

• Ensure compliance with current regulatory requirements and maintain regulatory registers.
• Review policies/procedures for compliance with laws and regulations and provide recommendations.

Incident Analysis and Reporting

• Conduct root cause analysis of incidents and recommend corrective/preventive actions.
• Submit timely reports including monthly status reports and management risk committee reports.

Person Specifications:

Academic and Professional Qualification:

• Bachelor’s degree in Business Administration, Finance/Accounting, Information Technology, Engineering, Actuarial Science, or related field.
• Post-graduate qualification in risk management is desirable.
• Professional Membership in Risk Management is preferred.

Experience:

• Minimum of five (5) years’ experience in risk management or a related field.

Skills and Attributes:

1. Insights and Context: Understanding of risk management principles and internal/external organizational environments.
2. Strategy and Performance: Proficiency in developing and implementing risk management strategy and architecture.
3. Risk Management Process: Expertise in risk identification, analysis, evaluation, and treatment.
4. Organizational Capability: Strong communication, consultation, and change management skills.

Application Process:

If you meet the qualifications and are excited about this opportunity, please submit your detailed curriculum vitae to hrvacancies@sanlam.co.ke by close of business on 13 March 2024. Clearly indicate the job title in the email reference. Only shortlisted candidates will be contacted.

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Expert Tips To Be A Successful Applicant for Risk & Compliance Officer:

1. Tailor Your Resume: Customize your resume to highlight relevant experience and skills in risk management and compliance.
2. Research the Company: Familiarize yourself with Sanlam General and its risk management practices to demonstrate genuine interest during interviews.
3. Highlight Achievements: Showcase specific accomplishments in risk assessment, compliance advisory, or incident management to differentiate yourself from other applicants.
4. Demonstrate Communication Skills: Emphasize your ability to communicate effectively, as this is crucial for collaboration within the risk management team and across business units.
5. Show Adaptability: Illustrate instances where you successfully adapted to changes in regulatory frameworks or organizational structures.
6. Provide Concrete Examples: Support your claims with tangible examples of how you’ve contributed to risk mitigation or compliance enhancement in previous roles.
7. Stay Updated: Stay abreast of industry trends, regulatory changes, and best practices in risk management to demonstrate your commitment to professional growth.
8. Prepare for Behavioral Interviews: Anticipate questions about your approach to risk management, ethical decision-making, and handling compliance challenges.
9. Ask Insightful Questions: During interviews, ask thoughtful questions about the company’s risk culture, compliance initiatives, and opportunities for professional development.
10. Follow Up: Send a thank-you email after interviews to express gratitude and reiterate your interest in the position.

SAMPLE COVER LETTER FOR A RISK & COMPLIANCE OFFICER POSITION

[Your Name]
[Your Address]
[City, State, Zip Code]
[Your Email Address]
[Your Phone Number]
[Date]

[Hiring Manager’s Name]
Sanlam General
[Company Address]
[City, State, Zip Code]

Dear [Hiring Manager’s Name],

I am writing to express my interest in the Risk & Compliance Officer position at Sanlam General, as advertised. With a Bachelor’s degree in Business Administration and over five years of experience in risk management, I am confident in my ability to contribute effectively to your team.

Throughout my career, I have demonstrated a strong understanding of risk management principles and have successfully implemented risk mitigation strategies in diverse organizational settings. My experience includes conducting comprehensive risk assessments, providing strategic compliance advice, and facilitating incident management processes.

I am particularly drawn to Sanlam General’s commitment to excellence and its reputation as a leading insurance provider in Kenya. I am eager to leverage my skills and expertise to support the organization in maintaining robust risk and compliance frameworks that align with regulatory requirements and industry best practices.

I am impressed by Sanlam General’s dedication to fostering a culture of innovation and integrity, and I am excited about the opportunity to contribute to its continued success. Enclosed is my resume, which provides additional details about my qualifications and achievements.

Thank you for considering my application. I look forward to the possibility of discussing how my background, skills, and enthusiasm can contribute to the objectives of Sanlam General. Please feel free to contact me at your convenience to schedule an interview.

Sincerely,

[Your Name]

Frequently Asked Questions:

1. What qualifications are required for the Risk & Compliance Officer position?

• A Bachelor’s degree in Business Administration, Finance/Accounting, Information Technology, Engineering, Actuarial Science, or related field is required. A post-graduate qualification in risk management is desirable.

2. What experience is preferred for this role?

• A minimum of five (5) years’ experience in risk management or a related field is preferred.

3. How can I apply for the position?

• To apply, submit your detailed curriculum vitae to hrvacancies@sanlam.co.ke by close of business on 13 March 2024. Clearly indicate the job title in the email reference.

4. When will applicants be notified about their application status?

• Only shortlisted candidates will be contacted for further consideration.

5. What is the closing date for applications?

• The advertisement closing date is 13 March 2024.

6. What kind of organizational culture does Sanlam General promote?

• Sanlam General promotes a culture of innovation, integrity, and excellence in all aspects of its operations.

7. Are there opportunities for professional development within the company?

• Sanlam General is committed to supporting the professional growth and development of its employees.

8. How does Sanlam General contribute to the community?

• Sanlam General is actively involved in community development initiatives aimed at making a positive impact in society.

9. Does Sanlam General offer employee benefits?

• Yes, Sanlam General offers a range of competitive employee benefits.

10. Is Sanlam General an equal opportunity employer?

• Yes, Sanlam General is committed to attracting and retaining the best employees from all backgrounds and does not discriminate based on race, gender, or any other characteristic.

Possible Risk & Compliance Officer Interview Questions With Answers:

1. Can you describe your approach to implementing an Operational Risk Management Framework within specific business lines?

• Answer: Certainly. In my previous role, I collaborated closely with key stakeholders to customize the Operational Risk Management Framework according to the unique requirements of each business line. This involved conducting comprehensive risk assessments, identifying control weaknesses, and implementing targeted risk mitigation strategies.

2. How do you stay updated on regulatory changes and industry best practices in risk management?

• Answer: I actively participate in professional development opportunities such as workshops, seminars, and industry conferences. Additionally, I regularly monitor regulatory updates from relevant authorities and engage in continuous learning to ensure compliance with evolving standards.

3. Can you provide an example of a complex compliance issue you encountered and how you addressed it?

• Answer: Certainly. In a previous role, we faced a significant compliance challenge related to anti-money laundering regulations. I led a cross-functional team in conducting a thorough review of our existing procedures, identified gaps in our compliance controls, and implemented enhanced due diligence measures to mitigate the risk of money laundering activities.

4. How do you prioritize competing demands when managing multiple risk and compliance projects simultaneously?

• Answer: I prioritize tasks based on their impact on organizational objectives and regulatory requirements. By assessing the potential risks and consequences associated with each project, I allocate resources efficiently to ensure timely completion while maintaining compliance with relevant standards.

5. How do you foster collaboration and communication within the risk management team and across business units?

• Answer: I believe effective communication is essential for successful risk management. I establish regular channels for dialogue, encourage open discussion of ideas and concerns, and emphasize the importance of transparency and accountability in decision-making processes.

6. Can you discuss a time when you successfully led a risk assessment initiative?

• Answer: Certainly. In my previous role, I spearheaded a comprehensive risk assessment project aimed at identifying and mitigating operational vulnerabilities within our organization. By engaging key stakeholders, conducting thorough analysis, and implementing targeted risk controls, we were able to strengthen our risk management practices and enhance overall resilience.

7. How do you ensure compliance with regulatory requirements in a dynamic regulatory environment?

• Answer: I adopt a proactive approach to regulatory compliance by closely monitoring changes in legislation, assessing their potential impact on our operations, and implementing necessary adjustments to our policies and procedures. Additionally, I foster a culture of compliance awareness among employees through training and education initiatives.

8. Can you provide an example of a successful risk mitigation strategy you implemented in response to a specific risk identified within your organization?

• Answer: Certainly. In a previous role, we identified a significant cybersecurity risk related to outdated IT infrastructure. I collaborated with IT stakeholders to develop and implement a comprehensive cybersecurity framework, including regular vulnerability assessments, employee training programs, and incident response protocols, resulting in improved resilience against cyber threats.

9. How do you approach incident management and resolution within your organization?

• Answer: I approach incident management systematically by conducting thorough root cause analysis, identifying contributing factors, and implementing corrective/preventive actions to address underlying issues. I prioritize transparency and accountability throughout the process to ensure lessons learned are incorporated into future risk management practices.

10. Can you discuss a time when you successfully navigated a challenging compliance issue while maintaining stakeholder trust and confidence?

• Answer: Absolutely. In a previous role, we encountered a compliance issue related to data privacy regulations that required immediate attention. I proactively engaged with relevant stakeholders, communicated transparently about the issue and our proposed remediation plan, and collaborated closely with legal and regulatory experts to ensure timely resolution while preserving stakeholder trust and confidence.

We wish you the best in your application process and remind you that our website is committed to attracting and retaining the best employees from all races and backgrounds in our continued effort to become a better development partner. We are an equal opportunity employer and do not charge any application/recruitment fee, whether refundable or not.

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