Compliance Monitoring Specialist

SUMMARY:

The Compliance Monitoring Specialist (“Monitoring Specialist”) will be working within the Compliance and Regulatory Affairs Department of the organisation and will be carrying out compliance monitoring reviews to ensure that business is meeting its regulatory obligations and compliance risks are mitigated. The monitoring specialist is requir...

POSITION INFO:

The Compliance Monitoring Specialist (“Monitoring Specialist”) will be working within the Compliance and Regulatory Affairs Department of the organisation and will be carrying out compliance monitoring reviews to ensure that business is meeting its regulatory obligations and compliance risks are mitigated. The monitoring specialist is required to complete high quality monitoring reviews from planning to reporting, to contribute to the implementation of the CRAD’s compliance monitoring methodology and processes, and to ensure that the organisation and all its subsidiaries are conducting business in accordance with applicable pieces of legislation and regulations and relevant codes and standards.

Qualifications

• A bachelor’s degree in business related discipline; LLB, B Com Law, BA Law, Risk Management
• Post-graduate Compliance Qualification is mandatory
• CPRAC Qualification from CISA will have an added advantage

Knowledge and Experience

• Minimum of 5 to 8 years relevant and practical compliance monitoring or regulatory compliance risk management experience
• Member of the Compliance Institute of Southern Africa

• Develop a risk based annual compliance monitoring plan to ensure coverage of key compliance risks across the organisation and subsidiaries for board approval. Work with the Compliance Manager to regularly assess the relevance and focus of the Compliance Monitoring Plan
• Execute the board approved compliance monitoring plan and ensure that monitoring reviews are strategic and structural to deliver the required level of assurance within the agreed timelines as per the compliance monitoring schedule.
• Implement the CRAD’s annual compliance monitoring plan by performing complex monitoring reviews, producing quality compliance monitoring results and providing compliance advice and guidance to business to achieve regulatory compliance outcomes.
• Develop and implement the Compliance Risk Management Plans (CRMPs) and perform compliance monitoring reviews by doing the following:   

(i) identifying and risk rating of the applicable provisions

(ii) identifying, analysing and testing controls;

(iii) Undertaking thorough process, system and business walkthroughs and applying best practice sampling mechanisms to form a reasonable assurance view

(iv) identifying potential areas or compliance vulnerability and risk;

(v) properly prepare and record working papers; and

(vi) present the monitoring outcomes to business stakeholders;

• To provide assurance to the board and relevant sub-committees on the adequacy and effectiveness of controls and systems developed by business, including adherence to regulatory requirements.
• Deliver high quality compliance monitoring reports regarding compliance risks that have been identified through compliance monitoring reviews and provide recommendations on sustainable remedial plans.
• Provide timely communication on the results of compliance monitoring reviews to SBUs/Departments, and management as and when the identified gaps are confirmed, present and submit these monitoring reports to relevant stakeholders in line with the requirements of the CRAD monitoring process and plan.
• Develop and monitor the issue log/tracker to ensure the information is accurate, valid and supported by factual evidence and manage record-keeping of all review documentation in the relevant SharePoint folders. Take ownership for reporting issues raised during reviews to ensure effective resolution of issues within agreed timeframes.
• Provide independent compliance advisory services through the development of recommendations for improvements to controls and processes, which will ensure adherence to legislative requirements and mitigation of regulatory risks.
• Continuously develop and improve the monitoring methodology and overall approach to conducting monitoring reviews and stay abreast of relevant trends and typologies to utilize this information to inform the organisation's Compliance Monitoring Framework.
• Pro-actively engage with stakeholders at all levels and build collaborative, effective relationships across the business and other assurance providers to contribute effectively to the execution of reviews and enhance knowledge and understanding of the organisation's business operations.

• Drive continuous improvement across the business by ensuring that statutory and legislative knowledge is always current, and stakeholders are engaged effectively to facilitate the establishment of a compliance culture that contributes to prudent risk management.
• Keep abreast with the organisation's internal business context, standards, and goals.
• Contribute to the drafting and revision of company policies

TECHNICAL/FUNCTIONAL COMPETENCIES

• Planning and organized approach to work, ensure that daily tasks are performed timely, and be able to adapt to short-term changes quickly and calmly
• Must be able to interpret and apply legislation to varying business environments within the organisation
• Strong analytical and problem-solving skills and must be able to analyse data and interpret results
• Strong presentation, negotiating and influencing skills
• Possess excellent communication skills and present concepts clearly and concisely

BEHAVIOURAL COMPETENCIES

• Highly detail-oriented and meticulous
• High level of integrity and ethical standards
• Professional, proactive, independent thinker able to work and drive forward key activities under own initiative.
• Ability to interpret complex regulatory requirements and effectively operationalise them in a way that is tailored to the relevant audience
• Ability to work independently, as part of a team and emotional intelligence
• Positive approachable open-door mind set which is solution focused and balancing business imperatives