Risk and Compliance Officer at Jubilee Insurance (T) Ltd

Overview

Post Name: Risk and Compliance Officer

Jubilee Insurance 

Job Reference number: HRJLICTZ003

Mombasa’s first locally formed insurance company, Jubilee Insurance, was founded in August 1937. Jubilee Insurance, which offers life, pension, general, and medical insurance, has expanded its range of influence throughout the region to become the biggest composite insurer in East Africa. Currently, Jubilee has more than 450,000 customers and is the top insurer in East Africa. There are offices for Jubilee Insurance spread throughout Kenya, Uganda, Tanzania, Burundi, and Mauritius. The Nairobi Securities Exchange (NSE), Dar es Salaam Stock Exchange, and Uganda Securities Exchange are the three East African stock markets where this ISO-certified insurance group is the sole one listed. The locations of its regional offices include well regarded for their risk management, leadership, and quality; they received an A+ in Tanzania and an AA- in Kenya and Uganda. Go to www.JubileeInsurance.com to learn more.

For the position of Risk and Compliance Officer at Jubilee Life Insurance Corporation of Tanzania, we now have an amazing career opportunity. The Chief Executive Officer will receive reports from the person in this role.

Role Objective
In addition to properly managing risk, the role holder in the company is in charge of making sure that regulatory and compliance standards are followed. This position is essential to the creation and execution of plans and procedures aimed at reducing risks and fostering an environment of compliance inside the company.

Main Duties:

Strategy

• Create and implement risk management plans and guidelines that are in line with the organization’s overarching goals and applicable laws.
• Together with the company, identify possible hazards and provide suitable countermeasures.
• Encourage the risk management culture to be implemented.
• Perform routine risk assessments and assist the management group in putting the appropriate controls in place to reduce risks.
• Make sure every department has a risk register with the important potential dangers and the indications that go along with them.

Operational

• Keep an eye on and evaluate adherence to relevant laws, rules, and internal procedures.
• Review operational procedures on a regular basis to look for possible compliance gaps and suggest fixes.
• For applicable Acts, keep the external compliance obligations register up to date.
• Create and implement training courses to instruct employees on compliance-related topics.
• Keep accurate and current records of all reports and actions related to compliance.
• Evaluate how well internal controls are working.
• Put incident management protocols into action.
• Assist management in determining and putting corrective measures in place in the wake of incidents or crises.
• Create, manage, and oversee the business’s business continuity plan (BCP), which includes a yearly evaluation of the results of the business impact analysis.

Regulatory and compliance aspects of corporate governance:

• Keep abreast of pertinent regulatory developments and best practices for the industry.
• Guarantee adherence to regulatory mandates and offer counsel on regulatory affairs.
• Work together with internal stakeholders to make sure corporate governance guidelines are followed.
• Assist in preparing and submitting regulatory files and reports.
• Designated as a Private Beneficiary Only
• Make sure the business has written policies that have been authorized by the board that will promote an efficient internal control environment.

Officer for Reporting Money Laundering:

• Make that the business complies with all legal obligations and AML/CTF compliance guidelines.
• Obtaining and assessing Suspicious Transaction Reports (STRs) in relation to external and internal business data, and independently deciding whether there are sufficient reasons to suspect a transaction sufficiently to report it to the Financial Reporting Center (FRC).
• Preserving all evaluation records and data used in STR determination and subsequent investigations as evidence of compliance.
• Keeping a record of all STRs that are reported to the authorities as well as those that are not.
• Identification and management of AML/CTF risk.
• Identifying high-risk operations (Products, Services, Customers, Geographical Locations, Distribution) in collaboration with the business.
• Examine the company’s ML/TF risk profiling, as well as the effectiveness and suitability of the controls put in place.
• Delivering frequent updates on the same to the board and senior management.

Data Security (Protection):

• To guarantee that the company complies with the Data Protection Act and Regulations, establish, implement, and enforce a strong structure and systems (policies, processes, and tools) for data protection and compliance.
• Stay up to date on industry and regulatory activities and provide management with appropriate advice.
• Data Privacy Impact Assessments: Evaluate the privacy implications of new systems, procedures, or products that gather and process personal data.
• Establishing the governance, legal structure, and implementation strategy for the Data Protection Act, which will involve creating the necessary statements and policies.
• All internal stakeholders involved in data collecting and processing should receive regular training. The training should be updated, and special sessions should be held for processing requirements.
• Acting as the company’s data protection officer, acting as a point of contact for the Office of the Data Protection Commissioner, and collaborating with other regulatory authorities during inspections.
• Assist the company in creating digital and other privacy statements that the institutions and supporting functions may need.
• Make sure procedures are in place so that the institutions and support functions can obtain consent from pertinent data subjects and partners.
• Ensure that pertinent privacy statements are displayed on all company forms, literature, websites, and other channels used for communication and data collection.

Culture and Leadership:

• Encourage a culture of risk awareness and regulatory compliance across the entire company.
• Offer staff direction and assistance with risk and compliance-related issues.
• Encourage integrity and moral behavior in all business dealings.
• Set a good example for the team and promote cooperation and teamwork.

Essential Skills

• Meticulousness and attention to detail in one’s work.
• Capacity to include and sway stakeholders across the board.
• Proactive attitude and self-sufficient work style.
• Strong time-management and organizing abilities.
• Capacity to adjust to evolving regulatory frameworks.

Academic Background:

• A bachelor’s degree in business administration, finance, or a similar discipline.
• It is preferable to have professional credentials in risk management, compliance, or a related sector (such as Certified Compliance Professional or Certified Risk Professional).

Experience That Is Relevant

• A minimum of five years of experience in the financial sector, particularly in banking, insurance, and investments, in risk management, compliance, regulatory affairs, and AML/CFT programs.
• Solid understanding of industry norms and legal requirements in the insurance sector.
• Knowledge of risk management techniques and frameworks.

How to Submit an Application:

Please apply before April 30, 2024, quoting the Job Reference and sending an email to nina.kibola@jubileelifeinsurance.co.tz with your position and number if you are qualified and looking for an exciting new challenge.

Only those who have been shortlisted will be contacted.