Manager Risk and Compliance

The Risk function is responsible for;  

• Maintaining and updating the Risk Management Framework (RMF), the Risk Appetite (RA) Statement, the Risk Management policy, and the Risk tolerances to ensure they remain appropriate to VFU’s activities. 

• Effectively communicating and implementing the RMF within VFU. 

• Administering related governance and reporting processes, such as a consolidated Risk Register to log risks material to the organisation. 

• Ensure compliance with the ALCO Charter, Finance Manual and any other guiding policy. 

• Ensure financial risk management following prescribed policies, processes and procedures. 

• Ensure timely reporting to all stakeholders. 

• Analysing key performance indicators of the company and providing information to internal stakeholders for strategic decision making in line with the business plan. 

• Developing, managing and evaluating the performance of reports with respect to the set key result areas in line with the HR policies. 

• Identifying training needs for subordinate staff. 

• Implement the Institution Risk Management Framework, policies, processes and procedures as well as conduct regular risk reviews. 

• Render support in the development of and manage 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 so as to ensure risk consciousness amongst the staff. 

• Developing risk policies, processes and procedures, risk limits and approval authorities. 

• Keenly monitor major and critical risk issues, including near misses. 

The compliance function responsibilities include; 

• Identify and assess the compliance risk associated with the institution’s current and proposed future business activities including new products, systems, new business relationships, and any extension of operations or network on a national and international level. 

• Identify and keep 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. 

• Assess the appropriateness of internal policies, procedures and guidelines, ensure a follow up of any identified deficiencies, make recommendations for amendments, where necessary, and supervise the implementation of corrective measures to mitigate the identified deficiencies. 

• Monitor 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 report the results on a regular basis promptly.  

• Train/educate all staff with respect to compliance with applicable laws, rules and standards and act as advisor on compliance queries from staff members. 

• Ensure development of an effective internal compliance culture by promoting the benefits of ethical business conduct and compliance. 

• Liaise with relevant external bodies and regulators on compliance matters, exercise any specific legal responsibilities such as reporting suspicious transactions related to money laundering and the fight against terrorism financing. 

• Preparation and submission of a return to the regulator on risk classification of assets and provisioning. 

• Establish and / or supervise appropriate compliance checks and controls. 

• Maintain an effective support mechanism to enable closure of all audit issues, compliance related exceptions raised within the institution. 

• Develop annual work plan 

• Implement risk/ compliance monitoring tools / maps including activities, triggers, probability and actions. 

• Spearhead the implementation of effective internal controls and ensure that these are adhered to. 

• Prepare, submit and present periodic (Weekly/Monthly/Quarterly/Annual) risk and compliance reports to enable informed decisions. 

• Any other duties assigned by supervisor. 

Qualifications:  Knowledge and Technical Skills: 

The following may be acquired through a combination of formal or self-education, prior experience, or on-the-job training:  

• 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.