Chief Risk and Compliance Executive (Kenya)

SUMMARY:
The Chief Risk and Compliance Executive will lead the risk management and compliance functions within the organization, ensuring that the company operates within the legal, regulatory, and ethical frameworks required in Kenya's insurance sector.

POSITION INFO:
Role's Purpose:
This role involves developing, implementing, and overseeing policies and procedures that mitigate risks and ensure compliance with all relevant laws, regulations, and industry standards.

Key Responsibilities:

- Risk Management:

• Develop and implement comprehensive risk management frameworks and strategies tailored to the insurance industry.
• Identify, assess, and monitor risks across the organization, including financial, operational, regulatory, and reputational risks.
• Ensure the continuous monitoring and analysis of risk trends and the development of action plans to address identified risks.
• Oversee the creation and maintenance of a risk register, ensuring that risks are documented, assessed, and prioritized.

• Ensure compliance with all local and international regulations, including insurance-specific laws, data protection laws, and anti-money laundering regulations.
• Develop, implement, and monitor compliance policies and procedures to ensure they align with regulatory requirements.
• Conduct regular compliance audits and reviews to identify potential areas of vulnerability and implement corrective actions.
• Liaise with regulatory bodies and ensure that all necessary filings and reports are completed accurately and on time.

• Provide leadership and direction to the risk and compliance teams, ensuring alignment with the company’s strategic objectives.
• Advise senior management and the board on risk and compliance issues, including the potential impact of regulatory changes.
• Foster a culture of risk awareness and compliance throughout the organization, including providing training and support to staff.
• Lead the response to any regulatory or compliance investigations, ensuring that the organization’s interests are protected.

• Develop and maintain the company’s risk and compliance policies, ensuring they are up-to-date with current regulations and industry best practices.
• Ensure that risk management and compliance policies are communicated effectively across the organization and understood by all staff.

• Prepare and present regular reports to the board and senior management on the status of risk management and compliance activities.
• Ensure that all risk and compliance documentation is accurate, up-to-date, and accessible.

• Develop and lead the implementation of crisis management plans, ensuring that the organization can respond effectively to incidents that could impact operations or reputation.
• Coordinate the response to significant risk events, ensuring timely and effective communication with stakeholders.

• Bachelor’s degree in Law, Finance, Business Administration, or a related field. A Master’s degree is preferred.
• Professional certifications in risk management or compliance (e.g., Certified Risk Manager (CRM), Certified Compliance & Ethics Professional (CCEP)).

• At least 10 years of experience in risk management, compliance, or a related field within the insurance industry, with at least 5 years in a senior leadership role.
• In-depth knowledge of Kenya's regulatory environment, particularly in relation to insurance.
• Strong analytical, leadership, and communication skills.
• Proven ability to develop and implement risk management and compliance strategies.
• Experience in leading and managing teams.

• Strategic thinking and decision-making
• Strong ethical standards and integrity
• Excellent problem-solving skills
• Ability to work under pressure and manage complex issues
• Strong interpersonal and communication skills
• Proficiency in risk management and compliance tools and software