Risk & Compliance Officer at Jubilee Insurance Limited

Jobs in Tanzania 2024: Job Opportunities at Jubilee Insurance 2024

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Jubilee General Insurance Company of Tanzania Limited Jobs 2024

Risk & Compliance Officer

Risk & Compliance Officer at Jubilee Insurance Limited October 2024

Job Ref. No. HRJLICTZ003
Job Type: Full-time
Jubilee
Insurance was established in August 1937, as the first locally
incorporated Insurance Company based in Mombasa. Jubilee Insurance has
spread its sphere of influence throughout the region to become the
largest Composite insurer in East Africa, handling Life, Pensions,
General and Medical Insurance. Today, Jubilee is the number one insurer
in East Africa with over 450,000 clients.

Jubilee Insurance has
a network of offices in Kenya, Uganda, Tanzania, Burundi, and
Mauritius. It is the only ISO certified insurance group listed on the
three East Africa stock exchanges – The Nairobi Securities Exchange
(NSE), Dar es Salaam Stock Exchange and Uganda Securities Exchange. Its
regional offices are highly rated on leadership, quality and risk
management and have been awarded an AA- in Kenya and Uganda, and an A+
in Tanzania. For more information, visit www.JubileeInsurance.com.

We
currently have an exciting career opportunity for the role of Risk
& Compliance Officer Jubilee Life Insurance Corporation of
Tanzania. The position holder will report to the Chief Executive
Officer.

Role Purpose
The
role holder in the organization is responsible for ensuring the
adherence to regulatory and compliance requirements while managing risk
effectively. This role plays a critical part in developing and
implementing strategies and policies to mitigate risks and promote a
culture of compliance within the organization.

Main Responsibilities
Strategy:

• Develop and execute risk management strategies and policies aligned
  with the organization’s overall objectives and regulatory framework.
• Work
  with the business to Identify potential risks and recommend appropriate
  risk mitigation measures. • Support implementation of the risk
  management culture.
• Conduct regular risk assessments and support the management team in implementation of necessary controls to minimize risks.
• Ensure
  there are risk registers maintained for each department, that comprises
  key potential risks and the corresponding indicators.

Operational:

• Monitor and assess compliance with applicable laws, regulations, and internal policies.
• Perform periodic reviews of operational processes to identify potential compliance gaps and recommend corrective actions.
• Maintain the external compliance obligations register for relevant Acts.
• Develop and deliver training programs to educate staff on compliance-related matters.
• Maintain accurate and up-to-date records of compliance activities and reports.
• Assess the effectiveness of internal controls.
• Implement incident management procedures.
• Support the management in identification and implementation of corrective measures following incidents/ crisis.
• Develop,
  maintain and coordinate the company’s Business Continuity Plan (BCP),
  including annual appraisal of the Business Impact Analysis outputs.

Corporate Governance (Regulatory and Compliance):

• Stay updated with relevant regulatory changes and industry best practices.
• Ensure compliance with regulatory requirements and provide guidance on regulatory matters.
• Collaborate with internal stakeholders to ensure compliance with corporate governance standards.
• Support the preparation and submission of regulatory reports and filings.
• Classified
  as Confidential Recipient Only Ensure the company has written and board
  approved policies, that will foster an effective internal control
  environment.

Money Laundering Reporting Officer:

• Ensure the company meets all regulatory requirements and
  recommendations for AML/CTF compliance. • Receiving and evaluating
  Suspicious Transaction Reports (STR’s) against internal business
  information and external sources and make an independent determination
  whether there are enough grounds for suspicion to warrant reporting the
  transaction to the Financial Reporting Centre (FRC).
• Maintaining,
  as proof of compliance, all the evaluation documents/information used
  in the STR determination process and other investigations.
• Maintaining a register of all STR’s reported to the authorities and those not reported.
• AML/CTF
  risk identification and management. Working with the business to
  identify high-risk operations (Products, Services, Customers,
  Geographical Locations, Distribution). Review the ML/TF risk profiling
  developed by the business, the adequacy and efficacy of implementation
  and controls instituted. Providing Senior Management and Board regular
  updates on the same.

Data Protection:

• Establish, implement, and enforce a robust Data Protection and
  compliance framework and systems (policies, processes, and tools) so as
  to ensure that the Company is compliant with the Data Protection Act
  and Regulations.
• Keep abreast of regulatory developments and industry initiatives and advise management accordingly.
• Data
  Privacy Impact Assessments: Conduct privacy impact assessments for new
  products, processes, or systems that involve the collection and
  processing of personal data.
• Establishing the Data Protection
  Act Governance, regulatory framework and implementation plan which shall
  include development of the various required statements and policies.
• Regularly
  training of all internal stakeholders involved in data
  collection/processing, updating the training as well as conducting
  specific trainings for specific processing requirements.
• Serving
  as the Data Protection Officer and point of contact between the
  Company, the Office of the Data Protection Commissioner and other
  Regulatory Authorities and co-operating with them during inspections.
• Support
  the business in preparation of digital and other privacy statements as
  may be required for the institutions and supporting functions and
  ensure processes are put in place for the institutions/support functions
  to collect consents from the relevant data subjects and partners, have
  relevant privacy statements provided on all company forms and/or
  literature, websites and other communication or data collection mediums.

Leadership and Culture:

• Foster a culture of regulatory compliance and risk awareness throughout the organization.
• Provide guidance and support to staff regarding risk and compliance matters.
• Promote ethical conduct and integrity in all business activities.
• Lead by example and encourage teamwork and collaboration within the team.

Key Competencies

• Attention to detail and a meticulous approach to work.
• Ability to influence and engage stakeholders at all levels.
• Proactive mindset and ability to work independently.
• Strong organizational and time management skills.
• Ability to adapt to changing regulatory environments.

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Academic Qualifications

• Bachelor’s degree in finance, business administration, or a related field.
• Professional
  certifications in risk management, compliance, or a relevant field
  (e.g., Certified Risk Professional, Certified Compliance Professional)
  are desirable.

Relevant Experience

• At least 5 years of experience in risk management, compliance, Regulatory affairs and AML/CFT programs within the financial industry specifically investments, insurance and banking.
• Sound knowledge of regulatory requirements and industry standards in the insurance sector.
• 3. Familiarity with risk management frameworks and methodologies.

MODE OF APPLICATION:
If you are qualified and seeking an exciting new challenge, please apply quoting the Job Reference Number and Position by the 07th October 2024 to: career@jubileelifeinsurance.co.tz
Only shortlisted candidates will be contacted.

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