Overview
This role is responsible for managing the Risk Management Framework, policies, and processes, as well as identifying and assessing compliance risks associated with the institution's business activities.
Key Responsibilities
- Maintaining and updating the Risk Management Framework (RMF), the Risk Appetite (RA) Statement, the Risk Management policy, and the Risk tolerances.
- Effectively communicating and implementing the RMF within VFU.
- Administering related governance and reporting processes, such as a consolidated Risk Register.
- Ensuring compliance with the ALCO Charter, Finance Manual and any other guiding policy.
- Ensuring financial risk management following prescribed policies, processes and procedures.
- Ensuring timely reporting to all stakeholders.
- Analysing key performance indicators of the company and providing information to internal stakeholders for strategic decision making.
- Developing, managing and evaluating the performance of reports with respect to the set key result areas.
- Identifying training needs for subordinate staff.
- Implementing the Institution Risk Management Framework, policies, processes and procedures as well as conducting regular risk reviews.
- Rendering support in the development of and managing processes to identify and evaluate business risks and control self-assessments.
- Implementation of risk management systems including an efficient and functional BCP.
- Training and sensitization of staff on risk management.
- Developing risk policies, processes and procedures, risk limits and approval authorities.
- Keenly monitoring major and critical risk issues, including near misses.
- Identifying and assessing the compliance risk associated with the institution’s current and proposed future business activities.
- Identifying and keeping an inventory available to all staff of essential laws and regulations, internal policies, manuals, guidelines and procedures pertinent to the organisation.
- Identification and reporting of any internal, regulatory, statutory compliance breaches or gaps.
- Assessing the appropriateness of internal policies, procedures and guidelines, ensuring follow-up of any identified deficiencies, making recommendations for amendments, and supervising the implementation of corrective measures.
- Monitoring compliance with internal policies, processes, procedures and guidelines across all business units, branches by performing regular and comprehensive compliance risk assessment & testing, portfolio reviews and reporting the results.
- Training/educating all staff with respect to compliance with applicable laws, rules and standards and acting as advisor on compliance queries.
- Ensuring development of an effective internal compliance culture.
- Liaising with relevant external bodies and regulators on compliance matters.
- Preparation and submission of a return to the regulator on risk classification of assets and provisioning.
- Establishing and/or supervising appropriate compliance checks and controls.
- Maintaining an effective support mechanism to enable closure of all audit issues, compliance related exceptions raised within the institution.
- Developing annual work plan.
- Implementing risk/compliance monitoring tools/maps including activities, triggers, probability and actions.
- Spearheading the implementation of effective internal controls and ensuring that these are adhered to.
- Preparing, submitting and presenting periodic (Weekly/Monthly/Quarterly/Annual) risk and compliance reports.
- Performing any other duties assigned by supervisor.
Required Experience
Knowledge and Technical Skills: The following may be acquired through a combination of formal or self-education, prior experience, or on-the-job training.
Qualifications
Bachelor’s degree in Business, Finance, Accounting, Law, Economics, Risk Management, or related field. Professional qualifications are an added advantage: MBA, CPA, ACCA, CIA, CISA, CRISC, ACAMS, Risk Management certification.
