Job Title: Regulatory Affairs & Compliance Monitoring Officer
Department: Risk & Compliance
Reporting to: Assistant Manger Regulatory Affairs & Monitoring
Hours of Work: 8am – 5pm Monday to Friday
Additional hours as required by workload
Responsible for: Regulatory Compliance

Region: Dar Es Salaam

1. PURPOSE OF JOB

• Provide regulatory compliance expertise and guidance in an advisory capacity to business stakeholders in support of strategic initiatives and management of compliance risk.
• Provide compliance advice and risk stewardship to function business to ensure that appropriate compliance programs, policies, procedures, and other controls are in place and operating effectively and satisfy supervisory obligations and regulatory expectations.
• To identify and assess the compliance risks associated with the bank’s current and proposed future business activities, including new
products, new business relationships and any extension of operations or network.

2. KEY ROLE AND RESPONSIBILITIES

• Develop a comprehensive understanding of the business model, strategy, and product and services to provide substantive oversight, support, and challenge to enable sustainable business growth.
• Build and maintain an effective and constructive relationship with business and Support functions stakeholders that is based on trust,

capability, and integrity, providing timely, responsive, and quality compliance related advice and guidance to enable the bank to meet its strategic objectives.

• Provide advice, analysis (and challenge when appropriate) to the business and functional department, including product design, n ew business initiatives, projects, remedial activities, and transactional advice.
• Provide robust challenge to all relevant business and Support functions stakeholders where activities are outside of risk tolerance / appetite, escalating as neces- sary, until appropriate oversight and ownership is achieved including actions and plans to address any remedial action needed to come back within risk tolerance / appetite.
• Provide timely advice to the business and Support functions to ensure compliance with all relevant laws, regulations and internal policies (including those relat- ing to AML and KYC/CDD) and support the transition to proactive and pre-emptive compliance risk mitigations.
• Provide support and challenge to the business and Support functions stakeholders to ensure that they establish and monitor appropriate processes for compliance with the bank’s policies and procedures.
• Proactively monitor regulatory developments to manage the regulatory impact on the business and Support functions and its operations and flagging any poten – tial hotspots and risks.
• Review business responses and Support functions to regulatory feedback to ensure compliance issues raised in feedback are appropriately responded to and nec – essary corrective actions are initiated.
• Provide oversight and challenge to Customers’ Complaint Handling Process to enhance customer experience. Oversee resolution of material complaints to ensure appropriate closure.
• Proactively look for ways to improve the business and Support functions control environment by considering what could go wrong in the processes you operate and how errors could be prevented.

• Identify and assess sources of compliance risks in the bank and ensure that system and controls are appropriate to mitigate and manage risks within acceptable risk tolerance levels.

• Maintain adequate management MI / trackers across all aspects of compliance coverage and responsibility to ensure all issues and matters relating to the banking business are tracked, followed, regularly assessed, and reported on, including oversight of risk acceptance and /or mitigating action plans, identification, and management of high-risk clients.
• Analyze and interpret data to produce reports that help the bank to identify and manage emerging areas of risk / vulnerability and thus drive the relevant remedi- ation actions.
• Anticipate horizon compliance risks that may have a significant business impact and develop effective strategies to mitigate such horizon risks.

• Propose control effectiveness and efficiency improvements and simplifications where appropriate.

• Work with business and Support functions stakeholders to assess risks arising from products, segments, geographies, customers, and transactions.

• Provide reports to the relevant business risk and control committees and management teams on key compliance risks and issues pertaining to the bank business.

• Support the development and implementation of compliance programs with a focus on refining existing compliance programs and development of new programs in response to evolving regulatory, legal, and business requirements.
• Perform research and prepare summaries of legislation/regulation for issuance to internal operational and functional and business department.

• Preparation of corporate reports and documents to various regulatory authorities.

• Provide support to key regulatory change programs and projects across the bank.

• Maintain workplans specific to regulatory projects / initiatives and communicate the same to stakeholders in a regular and timely fashion to inform and seek inputs.
• Promote and embed a culture of openness, trust and risk awareness, where ethical, legal, regulatory and policy compliant conduct is a norm.

• Any other duties assigned from upper authority.

3 COMPETENCIES

• Good understanding and appreciation of compliance risk management practices.

• Good understanding of current and anticipated regulatory requirements and supervisory expectations.

• Strong analytical skills and confidence in interrogating data, processes, and interviewing stakeholders.

• Able to interpret and communicate clearly to the business the application of relevant rules and regulations.

• Sharp business acumen, including the ability to assess risks.

• Excellent oral and written communication skills – ability to present complex information clearly and concisely.

• Self-empowered to enable development of open communication, teamwork and trust that is needed to support true performance and customer service-oriented culture.
• Personal authority, integrity, and ethics, with proven ability to establish relationships and exert influence at senior levels.

• Proactive and creative approach to work, self-motivated and pragmatic.

• Exposure in effective risk management and ability to promote strong risk management culture.

4 QUALIFICATION AND SKILLS

• Bachelor’s degree from a reputable university preferably in Law, Economics, Finance, Risk Management, or related discipline.

• Bachelor’s degree or its equivalent in Law/Banking/Economics/Finance or related qualifications

• Any additional relevant compliance related professional certifications will be an added advantage.

• At least 5 years of banking experience in Compliance, Risk management, Governance, Audit, or any other related fields.
• Experience in designing and implementing Compliance programs, policies, and procedures that will ensure compliance with local and international standards and best practices.

5. OTHER

• Carry out work in accordance with the bank’s procedures.

• Perform the assigned tasks with due diligence.

• Eliminate waste of whatever form, suggest the use of new practices and contribute to the continuous improvement of the bank.