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Compliance ManagerBusiness Unit: Discovery Central Services
Function: Compliance
Date: 3 Sep 2024
Discovery – Group Compliance
Compliance Manager - GovernanceAbout Discovery
Discovery's core purpose is to make people healthier and to enhance and protect their lives. We seek out and invest in exceptional individuals who understand and support our core purpose, and whose own values align with those of Discovery. Our fast-paced and dynamic environment enables smart, self-driven people to be their best. As global thought leaders, Discovery is passionate about innovating in order to not only achieve financial success, but to ignite positive and meaningful change within our communities.
The purpose of this role is to provide sound advice to FSPs in terms of legislation, implement and maintain the FSP Governance Framework, manage and facilitate all FAIS-related regulatory engagements and submissions, attend to all legal obligations for FSPs, ensure that the FSPs follow best practices and the compliance methodology, and manage and oversee the team.
Areas of responsibility may include but are not limited to:
Provide advisory notes to business on regulatory compliance matters, engage stakeholders on resolution of compliance matters and interpretation of legislation, and draft and review compliance guidance notes.Develop and review company policies, frameworks, and processes in line with compliance best practice protocols and ensure that they are appropriate for the business.Manage the regulatory profile of the business, engage with stakeholders on any incidents (breaches and exposures), ensure that remedial action plans are implemented and tracked to completion, and regularly engage with other assurance provider functions.Manage the licensing requirements for FSPs, engage stakeholders and provide guidance and support to ensure licensing requirements are met timeously, monitor compliance with license conditions and restrictions, and facilitate submissions to the regulator.Facilitate the drafting of legal opinions and sign-off, vetting of contracts, including consulting with legal firms as required, draft and/or review and obtain sign-off of responses for submission to the regulator and attend to the drafting of exemption applications to regulatory bodies.Design, review, and sign-off compliance documents as required.Keep abreast of regulatory developments and changes in the financial services industry, with focus on FAIS and all subordinated legislation.Analyse regulatory changes and facilitate requests for comments on new and amended legislation.Communicate regulatory requirements to stakeholders; provide guidance and support on new and amended legislation.Complete impact assessments and conduct workshops on new and amended legislation; track implementation thereof.Manage all regulatory engagements and interact directly with regulatory and/or industry bodies on complex compliance queries, non-compliance issues, and fines and penalties.Facilitate meeting interactions with relevant business stakeholders and regulatory and/or industry bodies; ensure that questionnaires and surveys are completed by the FSPs.Manage and oversee submissions to the regulator such as annual financial statements, payment of annual levies, etc., ensuring timely submission to the regulator.Responsible for drafting and reviewing all FSP reports to various committees, regulator and/or industry bodies.Provide comprehensive reports and feedback to senior management and committees.Manage and oversee projects such as new business initiatives and third-party interactions as required.Manage and oversee the outputs of the team, guide and motivate team members to achieve common goals, set objectives for the team, and support them to ensure that the team's annual objectives are met.Build, develop, and maintain strong cross-functional relationships with key internal and external stakeholders relevant to the functional area and/or area of specialization to assess and anticipate emerging risk areas across FSPs.Education and Experience
5 years' working experience in a financial services compliance role in the application of FAIS within the FSPs as well as thorough understanding of the legislation.At least 4-5 years' experience in managing a team.Relevant tertiary education.Recognized compliance qualification from an accredited institution (Advantageous).Member of Compliance Institute of South Africa and/or Financial Planning Institute would be advantageous.Skills and Knowledge
Detailed knowledge of local (South African) legislation relating to financial services and able to interpret and apply legislation, including, but not limited to the following: FAIS, POPIA, Insurance Act.Sound understanding of compliance methodology, working knowledge of all elements comprising.Problem-solving skills and conflict management of situations in a constructive and professional manner.Ability to make rational judgments from the available information and analysis and provide considered and consistent advice.Strong communication, reporting, and presentation skills.Ability to work as a team, understand the impact of decisions and be confident enough to raise concerns within the team and to senior management.Strong research ability and attention to detail.Detailed and technical expertise in the operation and governance requirements of FSPs.Develop an effective network with business representatives and build the necessary trust relationship with business representatives.Writes in a well-structured and logical way – must have the ability to write and review compliance policies and draft compliance guidance notes and reports with the detail required to inform the business of regulatory requirements and potential impacts.Able to work well under pressure.Efficient time management skills, including quick turnaround time on quality work.Foster a positive work environment that promotes employee satisfaction and retention.Strong leadership and teamwork qualities.Experience and skills to manage a professional team.EMPLOYMENT EQUITY
The Company's approved Employment Equity Plan and Targets will be considered as part of the recruitment process. As an Equal Opportunities employer, we actively encourage and welcome people with various disabilities to apply.
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