Job Title: Risk and Compliance Officer
Hiring Organization: Umba
Location – Locality: Nairobi
Location – Region: Kenya
Industry: Banking
Job Type: Full
Time
Salary: KES
Competitive
Date Posted: 03/28/2024
Our mission entails providing accessible and cost-effective financial services across Kenya, enabling our customers to take charge of their financial well-being. We are committed to seizing a unique opportunity to transform the financial landscape in Kenya by harnessing the power of machine learning to develop intelligent, affordable financial products tailored for emerging markets. Our machine learning models are continuously improving, and we leverage AI and automation to deliver banking solutions at the lowest possible cost to our expanding customer base.
We have acquired a deposit taking Microfinance bank to allow us to offer full digital banking services in Kenya. Our primary focus is to offer a comprehensive range of digital banking products through Android and iOS Apps, and we take pride in our culture of consistently surpassing customer expectations, which has fueled our rapid expansion.
We are actively seeking outstanding individuals who not only possess exceptional talent but also share our vision, determination, and sense of purpose. Join us in our endeavor to establish the largest neo-bank in Africa.
Job
Description
Umba is
currently in search of a Risk and Compliance Officer to join our team based in
our Nairobi Office. In this role, the Risk and Compliance Officer will be
responsible for developing, implementing, and overseeing risk management and
compliance initiatives to ensure compliance with regulatory requirements and
adherence to regulatory bodies.
Responsibilities
Compliance
Oversight:
- Review
the bank’s existing policies, procedures, and guidelines to ensure
compliance with laws and regulations in accordance with banking and
Microfinance acts.
- Formulate,
review, and implement risk policies, procedures, risk limits, and approval
authorities.
- Periodically
review and update risk management policies and procedures.
- Law
Enforcement Coordination:
- Coordinate
with law enforcement agencies (e.g., CBK, KDIC, FRC, BFID) to ensure
compliance and report any suspicious activity that may violate legal
statutes or result in prosecution of the bank.
- Monitor
transactions for signs of fraud or illicit activity and detect patterns
requiring further investigation.
Interdepartmental
Collaboration:
- Coordinate
with internal departments (credit management, operations, finance and
human Resource) to resolve issues or concerns identified during audits or
investigations.
- Continuous
monitoring of the Bank’s Compliance risk through periodic updates of key
risk indicators.
Risk
Management and Training:
- Undertake
training for staff on inherent risks and controls within their processes.
- Monitor
and report on the Bank’s operational risks, maintaining and periodically
reviewing risk registers.
- Implement
and manage the risk and control assessment reporting process.
- Disaster
Recovery and Business Continuity:
- Monitor
the implementation of the Bank’s Disaster Recovery and Business Continuity
Plans.
- Identify
and monitor risks for all Bank projects, implementing risk and control
assessment reporting processes.
Enterprise
Risk Management:
- Prepare
Annual Risk & Compliance Strategy for Board Audit & Risk committee
(BARC) approval.
- Review
and maintain the bank’s Enterprise Risk Management (ERM) Framework.
- Develop,
maintain, and update the corporate risk register, regularly reviewing the
bank’s risk appetite statement.
Compliance
Assessment and Reporting:
- Conduct
compliance and risk assessments for key business areas and new
products/business changes.
- Develop,
implement, and manage a Stress testing framework for major risks facing
the bank.
- Prepare
Risk and Compliance reports and present them to the BARC on a quarterly
basis.
AML, KYC,
and Internal Controls:
- Monitor
adherence to compliance, Anti Money Laundering (AML), and Know Your Client
(KYC) standards.
- Facilitate
the documentation and review of departmental risk registers.
- Conduct
internal control assessments and report on any identified weaknesses.
- Any
other Adhoc duties assigned by your supervisor.
Skills
and Qualifications
- Bachelor’s
degree in Law, Finance, IT, or a related field from a recognized
institution.
- Risk
Certification or an equivalent professional qualification is required.
- Membership
in a professional body is an added advantage.
- A
minimum of 3 to 5 years of relevant experience.
- Previous
experience in the financial/banking industry is a plus.
- Demonstrated
strong analytical and organizational skills.
- Personal
attributes include integrity, dependability, initiative, results
orientation, creativity, and strong interpersonal skills.
- Proficient
in computer skills and familiar with a variety of computer applications.
- Capability
to translate strategy into actionable plans for the function.
- Proficient
in effective communication, both verbal and written.
