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Job Description |
- 1.Identification, assessment and monitoring of compliance risk
- Maintain the Bank’s compliance governance framework as well as to review framework updates prepared by the team.
- Oversee compliance audit activity and support the team to lead difficult conversation with departments in the Branch on recommendations, if necessary.
- Identify and assess associated compliance risk.
- Systematically monitor compliance risk via usage of a range of indicators e.g. customer complaints, irregular trading/payment activity and regulatory assessment.
- evaluate the adequacy of internal controls put in place by performing appropriate test and promptly follow up on any identified deficiencies and plans to address such deficiencies.
- 2.Reporting of compliance risk
- Report regularly to the Board on compliance issues and promptly on any material incidents of non-compliance i.e. failures that may attract a significant risk of legal or regulatory sanction.
- Report the findings and analyses on a regular basis to senior management that includes:
- a.the results of the compliance risk assessment highlighting key changes in the compliance risk profile and areas of needed focus.
- b.a summary of incidents of non-compliance and deficiencies.
- c.an assessment of the impact.
- d.recommendations of corrective measures.
- e.a record of corrective measures already taken and an assessment of the adequacy and effectiveness of such measures.
- f.insights and observations regarding the compliance culture.
- 3.Advisory to Board, Senior Management and Officers
- Maintain good working knowledge of industry trends, products, relevant laws and regulations.
- Review new legal and regulatory notices and recommendations prepared by team and provide input into recommendations.
- Act as a trusted advisor to management/leadership team on Compliance related topics.
- Updating on new legal and regulatory notices
- Assessment of implications to compliance risk profile and capacity
- Review new Branch policies to ensure alignment with all relevant regulations.
- Provide recommendations or solutions to meet the said requirements.
- 4.Guidance & Training
- Ensure adequate training to officers on relevant legal and regulatory requirements. The training must explain the implication to the Bank
- Provide guidance on implementation of internal controls to manage compliance risk
- Support, coach and guide complex Compliance issues.
- Oversee the team in providing sound compliance advice on matters including but not limited to legal and regulatory notices, Know Your Customer, Anti-Money Laundering, Anti Bribery, Conflict of Interest and Non Public Information Material.
- Provide Subject Matter Expertise in relation to process improvement and risk mitigation including being involved in the organizational development process to facilitate timely identification of compliance risk.
- 5.Others
- Responsible for assessing and updating departments frameworks and to deliver continuous improvement and ensure compliance with relevant regulations
- Oversee the lead large departmental initiatives to drive process improvement/ efficiency
- Participate in relevant committees within the Branch.
- Adhere to all company policies as well as guidelines.
- To attend committee meetings whereby she will be able to receive Shariah compliance updates.
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