About the position
Job Title: Regulatory and Compliance Manager
Job Summary
The Regulatory Compliance Manager will play a pivotal role in ensuring that the bank adheres to regulatory standards by guiding, advising, and monitoring compliance practices across departments. The role is responsible for implementing effective compliance frameworks and strategies, conducting thorough training and testing, and ensuring compliance with legislative requirements. The Regulatory Compliance Manager will work closely with management and other stakeholders to uphold the bank's reputation and operational integrity within the regulatory landscape.
Experience and Qualifications
5-7 years’ experience in a compliance or regulatory role within the banking sector
LLB qualification (or equivalent) and additional compliance-related certifications
Extensive knowledge of FIC Act, POPI, FAIS, GDPR, EXCON Regulations, and other regulatory standards affecting banking operations
Key Responsibilities
Advisory and Guidance:
Provide regulatory guidance and advice to Business and management teams on compliance requirements, specifically for laws such as POPI, FAIS, TCF, FIC Act, FATCA, CRS, and EXCON Regulations.
Policy and Procedure Updates:
Regularly update Policy & Procedure Manuals to reflect changes in key legislation and operational standards impacting the bank.
Regulatory Compliance:
Ensure the bank’s alignment with FAIS Act, TCF standards, Codes of Conduct, Fit and Proper requirements, and other conduct standards through structured compliance programs and support.
Training and Development:
Conduct compliance training per the compliance training plan, ensuring training materials reflect current regulatory changes and policy updates.
Monitoring and Testing:
Perform compliance monitoring and testing; provide actionable recommendations and develop corrective action plans to address identified issues.
Compliance Risk Management:
Develop and maintain Compliance Risk Management Plans to mitigate risk and ensure organizational preparedness.
Reporting and Documentation:
Assist in submitting reports to SARS for FATCA and CRS, including new reporting implementations. Compile quarterly reports for Group and Audit Committee and update the Legislative Risk Matrix annually for the BoD.
Enhanced Due Diligence (EDD):
Oversee re-KYC and EDD processes for customers, ensuring compliance with enhanced customer due diligence standards.
Strategic Planning:
Develop and propose the annual Compliance Activity Plan for BoD approval, outlining compliance activities and priorities.
New Product Development:
Provide guidance on compliance considerations in the development of new products and delivery channels to ensure adherence to regulatory standards.
Skills and Competencies
Strong understanding of compliance frameworks and regulatory standards
Excellent analytical and problem-solving abilities
Exceptional communication skills for advising cross-functional teams
Proactive and detail-oriented, with the ability to manage multiple priorities
Skilled in training facilitation and compliance monitoring
Reports to: Head of Compliance
Desired Skills:
- Compliance
- Banking
- Detail-oriented
- regulatory reporting
- FICA
- FAIS
- EDD
