SUMMARY:
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POSITION INFO:
Job Description:
The Head of Compliance and Legal for the company group is a pivotal executive role responsible for ensuring comprehensive regulatory compliance and legal oversight across the organization. This position demands extensive knowledge of relevant regulatory frameworks, the capability to develop and implement effective compliance processes, and leadership in managing legal matters.
Education and Experience:
- A minimum of 8 years’ experience in a compliance and legal function.
- Experience in a financial services industry is preferred.
- Educational qualification: BProc or LLB degree or BCom with legal major Law.
- Professional qualification: Compliance Practitioner or Compliance Professional.
Key Performance Areas and Responsibilities
Financial Accountability
- Manage and oversee the budget of the compliance reputational and regulatory risk departments.
- Minimize the cost associated with compliance and risk management failures
Strategic Accountability
- Ensure the organization operates within the bounds of the law and internal policies at all times, excluding human capital, IT, finance, governance, and tax.
- Ensure clarity and understanding of compliance requirements throughout the organization.
Functional Accountability
- Monitor and give input into the development of legislation and regulation which affects the business.
- Maintain the compliance universe in respect of the business.
- Compile and coordinate the execution of the Compliance Plan
- Develop and maintain Compliance Risk Management Plans (CRMPs) for the application of the compliance universe to the business.
- Review policies created by the business to ensure adherence to the divisional compliance universe.
- Ensure the adequacy and optimal functioning of the Operational Risk Management function.
- Complete and submit regulatory returns.
- Liaise with regulators and industry bodies to improve alignment and understanding as well as influencing regulatory developments.
- Compliance sign-off for day-to-day operations such as messaging and scripts.
- Direct oversight of escalated queries.
Regulatory Compliance
- Ensure the Group’s adherence to relevant regulations e.g., NCA, DCA, FAIS, Companies Act, FICA, POPIA etc.
- Establish and enhance compliance processes for operational efficiency.
- Conduct regular meetings with stakeholders to address issues, provide guidance, and ensure the completion of compliance tasks.
- Handle complex compliance cases and decision-making.
- Conduct regulatory and needs-based compliance training as required.
- Develop and implement group-wide compliance policies and procedures.
- Prepare for and manage regulatory audits.
Legal Oversight
- Provide leadership and management of all legal aspects of the group, including corporate and commercial legal matters.
- Negotiate, draft, review, and implement various legal documents.
- Provide general legal advice on legislation and regulations as needed.
- Coordinate and manage litigation conducted by the Group.
- Ensure compliance with the groups contractual obligations.
Compliance of Key Legislation
- Act as Money Laundering Control Officer, ensuring FICA compliance and AML policy implementation.
- Serve as Deputy Information Officer, developing and implementing the Group’s POPIA Policy and Strategy.
- Ensure overall FAIS compliance by Group FSPs, including file monitoring and reviewing FAIS reports.
- Ensure registration with the Information Regulator and submission of annual reports.
- Ensure adherence to NCA within the Group and oversee related file audits and compliance reviews.
Leadership and Team Development
- Participate as a member of the Group’s governance structure/s, contributing at a strategic level and acting with due care and diligence.
- Chair the group compliance exco and POPIA exco.
Strategic Planning and Risk Mitigation
- Contribute to the development and implementation of the Group’s overall strategies.
- Develop and implement Compliance and Legal strategies aligned with business requirements.
- Develop and enhance risk governance frameworks, ensuring effective risk assessment and mitigation.
- Ensure risk registers and non-compliance registers are in place and actively maintained for the regulatory and legal risks.
Specialized Subject Matter Knowledge
- Debt Collectors Act
- Financial Advisory and Intermediary Services Act (FAIS)
- Financial Intelligence Centre Act
- Financial Sector Regulation Act
- Insurance Act
- National Credit Act
- National Payment System Act
- Prescription Act
- Protection of Personal Information Act
Specific Sub-Areas of In-Depth Knowledge
- Comprehensive understanding and application of law contract in business transactions.
- Expertise in structuring, negotiation, and execution of complex funding arrangements.
- Detailed knowledge of the legal principles and practical implications of law of cession and sale.
- Thorough understanding of the laws governing agency relationships and representation.
Skills and competencies:
- Technical skills and leadership ability: Relating to areas of functional accountability.
- Thought leadership: Ability to provide strategic direction and innovative solutions.
- People leadership: Strong ability to lead and manage teams.
- Problem solving: Excellent problem-solving skills.
- Understanding of legislation: A sound understanding of and interpretation of legislation.
- Communication skills: Excellent communication skills, both written and verbal.
- Partnership and collaboration: Ability to work collaboratively with various internal and external stakeholders.
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