Overview

Job Title: Risk and Compliance Officer

The Job Ref No: HRJLICTZ003

Job location: Dar es Salaam

Jubilee Insurance

 

 

The Jubilee Insurance was created in August 1937 as the first locally incorporated insurance company in Mombasa. Jubilee Insurance has expanded its sphere of influence throughout the region, becoming the largest composite insurer in East Africa, offering Life, Pensions, General, and Medical insurance. Today, Jubilee is East Africa’s leading insurer, with over 450,000 customers. Jubilee Insurance operates offices in Kenya, Uganda, Tanzania, Burundi, and Mauritius. It is the first ISO-certified insurance group listed on all three East African stock exchanges: the Nairobi Securities Exchange (NSE), the Dar es Salaam Stock Exchange, and the Uganda Securities Exchange.

 

The Regional offices have received strong ratings for leadership, quality, and risk management, earning an AA- in Kenya and Uganda and an A+ in Tanzania. For additional information, go to www.JubileeInsurance.com.

Now we have an amazing employment opportunity for the position of Risk and Compliance Officer at Jubilee Life Insurance Corporation of Tanzania. The role holder will report to the CEO.

Job Purpose:

A role holder in the organization is responsible for ensuring that regulatory and compliance standards are met while efficiently managing risk. This function is crucial in establishing and implementing risk mitigation strategies and policies, as well as promoting a compliance culture throughout the firm.

 

The Key Responsibilities:

The Strategy:

  • Develop and implement risk management strategies and processes that are in line with the organization’s overall objectives and regulatory framework.
  • Collaborate with the company to identify potential dangers and provide effective risk mitigation methods.
  • Encourage the development of a risk management culture.
  • Conduct regular risk assessments and help the management team in executing the necessary risk-reduction processes.
  • Ensure that each department keeps a risk registry with important potential risks and indicators.

 

The Operational:

  • Monitor and assess compliance with applicable laws, regulations, and organizational policies.
  • Conduct frequent evaluations of operational procedures to identify potential compliance gaps and recommend corrective actions.
  • Maintain an external compliance obligations register for each relevant Act.

 

 

Corporate governance (regulations and compliance):

  • Keep up with current regulatory developments and industry best practices.
  • Ensure regulatory compliance and provide regulatory advise.
  • Collaborate with internal stakeholders to achieve corporate governance compliance.
  • Contribute to the preparation and submission of regulatory reports and filings.

A Classified Confidential Recipient Only.

Ensure that the organization has written and board-approved policies that promote an effective internal control environment.

 

Money Laundering Reporting Officer:

  • Ensure that the company follows all regulatory standards and guidelines for AML/CTF compliance.
  • Receiving and reviewing Suspicious Transaction Reports (STRs) against internal business information and external sources, and determining independently whether there are sufficient reasons for suspicion to submit the transaction to the Financial Reporting Centre (FRC).
  • All evaluation documents/information utilized in the STR determination process and other investigations should be retained as proof of compliance.
  • Maintaining a record of all STRs reported to authorities and those not reported.
  • AML/CTF risk identification and management. Working with the company to identify high-risk operations (products, services, customers, geographic locations, and distribution). Examine the company’s ML/TF risk profiling, as well as the sufficiency and efficacy of the implementation and controls in place.
  • Providing regular reports to Senior Management and the Board on the situation.

 

 

Protection of Data:

  • Establish, implement, and enforce a strong Data Protection and Compliance framework and systems (policies, processes, and tools) to guarantee that the Company complies with the Data Protection Act and Regulations.
  • Keep up with regulatory developments and industry activities, and advise management accordingly.

 

Data Privacy Impact Assessments:

  • Conduct privacy impact evaluations on new goods, processes, or systems that gather and process personal data.
  • Establishing the Data Protection Act Governance, regulatory framework, and implementation plan, which will include the creation of the necessary statements and policies.
  • All internal stakeholders involved in data collection/processing are trained on a regular basis, and the training is updated as needed. Specific trainings for specific processing requirements are also conducted.
  • Serving as the Data Protection Officer and point of contact for the Company, the Office of the Data Protection Commissioner, and other regulatory authorities, as well as cooperating with them during inspections.
  • Assist the business in preparing digital and other privacy statements as needed for institutions and supporting functions, as well as ensuring that processes are in place for the institutions/support functions to collect consents from relevant data subjects and partners, and that relevant privacy statements are provided on all company forms and/or literature, websites, and other communication or data collection mediums.

 

Culture and Leadership:

  • Develop a culture of regulatory compliance and risk awareness throughout the organization.
  • Provide personnel with guidance and help on risk and compliance issues.
  • Encourage ethical behavior and integrity in all corporate activities.
  • Set an example and foster teamwork and collaboration within the team.

 

 

The Key competencies:

  • Attention to detail and a methodical attitude to work.
  • The ability to persuade and engage stakeholders at all levels.
  • The Proactive approach and the capacity to work autonomously.
  • Excellent organizational and time management skills.
  • The ability to adjust to shifting regulatory conditions.

 

The Academic Qualifications:

  • A bachelor’s degree in finance, business administration, or a similar discipline.
  • Professional qualifications in risk management, compliance, or a related sector (such as Certified Risk Professional or Certified Compliance Professional) are preferred.

 

The Relevant Experience:

  • At least 5 years of expertise in risk management, compliance, regulatory affairs, and AML/CFT programs within the financial industry, focusing on investments, insurance, and banking.
  • Solid understanding of insurance business regulations and norms.
  • Understanding of risk management theories and approaches.

 

By October 7, 2024, send your application to career@jubileelifeinsurance.co.tz mentioning the Job Reference Number and Position if you are qualified and looking for an exciting new challenge.

Only those who have been shortlisted will be contacted.

To apply for this job email your details to career@jubileelifeinsurance.co.tz.