Financial Risk and Compliance Manager

Job title:

Financial Risk and Compliance Manager

Purpose of the role:

(Objective)

The role requires a deep understanding of financial regulations, risk management methodologies, and developing and implementing effective risk mitigation strategies.

In your role as Risk Manager, you will have the responsibility of recognising, evaluating, and alleviating risks spanning every facet of our business.

This encompasses legal and regulatory compliance, along with the proactive creation, upkeep, and execution of corresponding measures, policies, procedures, and guidelines.

Duties/

Responsibilities:

Duties and responsibilities include but not limited to:

1.       Risk Assessment and Identification:

·      Conduct comprehensive risk assessments to identify potential risks and vulnerabilities.

·      Monitor internal processes and operations to detect emerging risks.

1.       Risk Mitigation and Strategy Development:

·      Develop and implement risk management strategies to mitigate identified risks.

·      Collaborate with senior management to establish risk tolerance levels and risk mitigation plans.

·      Evaluate the effectiveness of existing risk mitigation measures and make recommendations for improvements.

Compliance and Regulatory Oversight:

·      Ensure compliance with all relevant financial regulations and guidelines.

·      Stay updated on changes in South African financial regulations and industry best practices.

·      Develop and maintain relationships with regulatory bodies and ensure timely reporting.

Operational Risk Management:

·      Identify and assess operational risks within the company.

·      Work with departments to implement controls and procedures to mitigate operational risks.

·      Develop business continuity and disaster recovery plans.

Risk Reporting and Communication:

·      Prepare regular risk reports for senior management and board members.

·      Communicate risk assessment findings and recommendations clearly and effectively.

·      Conduct risk awareness training for employees.

Stress Testing and Scenario Analysis:

·      Conduct stress tests and scenario analyses to assess the impact of adverse events.

·      Develop stress testing models and methodologies.

·      Interpret stress test results and recommend actions based on findings.

Financial Sector Conduct Authority

Regulator

·      Facilitate ad hoc communication with the regulator.

·      Complete FSCA information requests and reports / facilitate completion and drive timely submission (Financial soundness, compliance etc.)

·      Stay up to date with regulatory changes and pro-actively advise the FSP on the impact of changes.

·      Prepare for FSCA audits.

·      Profile changes (New advisers, change auditors, directors, shareholders, bank details, contact details, name etc.)

Human Resources

·      Employment agreements – review and advise on specific controls that may be included in template form.

·      Take-on vetting.

·      Information and forms for vetting (MIE credit record, ID and qualification verification, consent for FSCA registration history, qualifications, certificates, pre-Everest employment agreement, production, payslips, current product providers etc.)

o    Request FSCA registration history

o    Request MIE transactions

o    Request fit and proper assessment.

o    Request qualifications and other info from candidate

o    Arrange for Key Individual sign-off before employment offer.

On-boarding Representatives

·      Arrange for signature of employment agreement.

·      Collect of copy of resignation letter provided to previous employer. 

·      Termination letter or acceptance of resignation from previous employer

·      Arrange supervision agreement where applicable and introductory meetings with supervisor.

·      Personal details (contact, bank) for HR system

·      State of Health declaration

·      Policies received (acknowledge, adhere)

·      Business card order form

·      Sub-codes and list of existing relationships highlighting book transfers form, if possible, to transfer

·      FAIS declaration (will inform KI if change in circumstances relating to fit and proper status)

·      Declaration aware that ongoing employment subject to fit and proper status (if not in employment agreement)

·      Internal announcement – new employee

Induction training

·      Advice process and documents

·      Products

·      FICA

·      Internal office procedures / who does what etc.

Manage fit and proper status of Key Individuals and Representatives

o    Create skills register.

o    Manage skills register deadlines e.g., 1yr to complete exam.

o    Fit and proper declaration

o    Continuous Professional Development training plan

o    Continuous Professional Development reminders

Marketing (related controls)

·      Assess marketing material (and company documents) in respect of General Code of Conduct requirements.

·      Assess product disclosures in respect of General Code of Conduct requirements (e.g., quote and brochure)

Documents and templates

·      Mandate (design; FSCA approval completed)

·      Initial disclosure letter

·      Design a very specific ROA template / advice process (Everest advisory only)

·      SLA (Everest advisory only)

·      Record of advice (Everest advisory only)

·      Review document (design to ‘correct’ historic risks) (Everest advisory only)

·      Investment application form (Everest Wealth only)

·      Quote (repeat) (Everest Wealth only)

Policies, plans and registers.

Pack: Create, maintain, implement, and train, monitor

List of current policies and plans required (FSCA adds regularly)

·      Risk management plan.

·      Compliance management policy.

·      Governance policy.

·      Advertising standard operating procedure.

·      Treating customers fairly policy.

·      Complaints management framework.

·      Conflict of interest management policy.

·      Remuneration policy.

·      Continuous Professional Development policy.

·      Information management policy (record keeping, cybersecurity and protection of information).

·      Business continuity plan.

·      Business resolution plan.

·      Succession plan relating to Key Individuals, shareholding, and operations / loss of a key staff member.

·      Breach policy (Everest Wealth only)

·      Pre-trade Compliance policy and procedures (Everest Wealth only; re-invent = investment committee and charter)

·      Personal Account Trading policy (Everest Wealth only)

Registers

·      Risk register

·      Mandate breach register

·      Personal Account trading register

·      Continuous Professional Development register

·      Conflict of Interest register

·      Replacement register

·      Complaints register.

·      Gift register

·      Advertising register

·      Competence register

Controls (other)

·      Non advice givers declaration

·      Conflicts of interest declarations

·      Facilitate personal account trading applications.

·      Request (or complete) (and record) and file supervision assessments

·      Complete transaction monitoring

Complaints Officer

·      Investigate complaints as defined in complaints framework.

·      Report complaints statistics as per complaints framework

·      Resolve / escalate complaints as per complaints framework.

Committees

·      Product

·      Exco (pro-actively advise on strategy)

·      Compliance

·       

Agreements (compliance to be aware of all)

·      Distribution (e.g., referral / other FSP’s) – provider due diligence

·      External distribution (Everest Wealth) Product Accreditation

·      Binder agreements – audit / ensure internal compliance.

·      Product providers – intermediary agreements (Everest advisory only)

Financial Intelligence Centre (FICA and Anti Money Laundering)

Regulator

·      Facilitate communication with the regulator.

·      Submit required reports to regulator (e.g., cash threshold, terrorist property, suspicious transaction)

·      Maintain entity’s anti money laundering risk management and compliance program.

·      Prepare for FIC audits.

Internal

·      Prepare anti-money laundering board report.

·      Facilitate / arrange annual anti-money laundering training.

·      Conduct transaction anti money laundering risk assessments.

·      Review FICA documents received for each transaction and sign off that transaction may go ahead.

·      Arrange senior management sign-off on high FICA risk transactions.

·      Perform enhanced due diligence on high anti money laundering risk transactions

Information regulator (Protection of Personal Information Act and Access to Information Act)

Regulator

·      Facilitate communication with the regulator.

·      Submit breach reports.

Internal

·      Create information security framework.

·      List personal information kept.

·      Establish where it is kept and in what format.

·      Conduct a risk assessment into POPIA responsibilities.

·      Recommend risk mitigation measures (e.g., confidentiality clauses and company policies etc.)

·      Implement mitigation measures.

·      Conduct/facilitate initial staff training.

·      Conduct/facilitate ongoing annual staff training / awareness program.

·      Take required action in case of an information breach.

·      Template employment – confidentiality

·      Vet provider agreements – for confidentiality

Type of employment:

Permanent

Three months’ probation apply.

Position Grade:

Management

Type of Candidate:

The role of a manager in the risk management department requires a unique combination of skills and qualities to effectively handle the responsibilities. The ideal candidate should possess:

Analytical and Critical Thinking: The ability to analyse complex data, identify potential risks, and make informed decisions is paramount in risk management.

Attention to Detail: Managing risk involves meticulous attention to detail to spot potential issues or discrepancies that might otherwise go unnoticed.

Legal and Regulatory Knowledge and skills: A strong understanding of legal and compliance regulations relevant to the industry and businesses essential to ensure the organisation’s adherence to them.

These include but are not limited to our business spectrum:

·        Investment Management

·        Asset Management

·        Investment Administration

·        Fiduciary Services

·        Financial Advice

·        Long- and Short-term Insurance

Industry Knowledge: A deep understanding of the specific industry or sector in which the company operates is crucial to recognise industry-specific risks.

Problem-Solving: Risk managers must be skilled problem solvers, capable of developing creative solutions to mitigate or address risks effectively.

Communication Skills: Effective communication is crucial for conveying risk-related information to different stakeholders within the company and external parties when necessary.

Leadership and Team Management: Managing a risk management team may be part of the role, so leadership and team management skills are vital.

Quantitative Skills: Proficiency in data analysis and financial modelling can be especially valuable when assessing financial risks.

Adaptability: The ability to adapt to changing circumstances and evolving risks is important, especially in dynamic industries.

Ethical Integrity: Maintaining a high level of ethical integrity is critical, as risk managers often deal with sensitive information and must act in the best interests of the company and its stakeholders.

Project Management: Many risk management tasks involve projects such as implementing risk mitigation strategies or creating new policies. Project management skills can be beneficial.

Technology Proficiency: Familiarity with risk management software and tools can streamline the analysis and reporting processes.

Continuous Learning: Staying updated on emerging risks and trends in risk management is essential for long-term success in this role.

Overall, a successful risk management manager should have a strong blend of technical knowledge, interpersonal skills, and a proactive approach to identify, assess, and mitigate risks across the company effectively.

Reporting manager:

Group Chief Executive Officer

Remuneration

Basic Salary:

New position offer:

New positions:

R55 000.00pm to R65 000.00 per month.

Total Cost to Company

Commission:

n/a

Other Fees payable to employee:

n/a

Fee re-imbursement [“clawback”]

n/a

Benefits:

Allowance/s / Reimbursement of expenses (e.g., entertainment, travelling, mobile, etc.)

Company Laptop

Location | Province:

Gauteng

Working conditions/hours

Monday – Thursday 8:00 am – 16:00 pm and Fridays 08:00 am – 14:00 pm

Due to the nature of the business, it is required that you avail yourself to clients outside of these hours (applicable to advisory and distributions)

Remote opportunity:

No

Appointed by:

QUALIFICATIONS

Essential:

Bachelor’s degree

·        Law

·        Risk management,

·        Business administration, or related field

Wealth Management

RE 5

Desirable:

RE1

EXPERIENCE

Essential:

Minimum 3 – 5 years’ experience in a similar role and related industry

Desirable:

KNOWLEDGE | COMPETENCIES

Essential:

Financial Services Industry

·        Investment Management

·        Asset Management

·        Investment Administration

·        Fiduciary Services

·        Financial Advice

·        Long- and Short-term Insurance

Desirable: