Senior Fund Corporate Risk and Compliance - EB

SUMMARY:
SeniorSpecialist Pension Fund Fund and Corporate Risk and Compliance -

POSITION INFO:

Our client, a dynamic Financial Services provider North seeks to employ a SENIOR SPECIALIST FUND AND CORPORATE RISK AND COMPLIANCE

Purpose of role

The primary purpose of the Fund and Corporate Compliance Specialist function, as a second life of defence, is to embed and promote a compliance culture within the Company and to provide assurance to the Company’s EB Board, Executive Management, the Head of Legal, Risk and Compliance and relevant committees on the level of compliance within the business

And to assist in achieving the Legal, Risk and Compliance unit’s mandate in providing assurance on regulatory risks and controls within the Company as well as to highlight and mitigate compliance risk exposures within the business

The Compliance Specialist is further responsible for the management of Fund Legal and Compliance business.  The incumbent will perform all legal and compliance duties on any assigned fund/s administered by the Company

Duties

The Compliance Specialist, in conjunction with the Head of Legal, Risk and Compliance, will be responsible but not limited to the following

Drafting of Rules, Special Rules and Rule Amendments

• Drafting and submitting to the Trustees for signoff and to the FSCA for registration and approval, main rules, special rules and rule amendments for selected Funds under the Company’s administration
• Amend Service level agreements and related documentation in line with approved rule amendments, where applicable

Provide Compliance Management functions to ensure that:

• The Company’s compliance framework and policies are properly embedded and implemented in the business
• There is regular reporting on compliance breaches and progress on mitigation and management plans
• Regulatory information is submitted to the FSCA as and when required, including details of participating Employers in the Umbrella Funds under the Company administration
• The Company continues to adhere fully to the SLA’s with all the Funds under the Company’s administration and to the regulatory requirements
• Ensure that the Company remains proactive by staying abreast of issues relating to the Funds’ SLA’s and non-SLA compliance issues thereby avoiding ‘nasty surprises’;
• Conduct monitoring within the Company and the Funds under their administration on the impact of legislation, and regulatory practice notes as per the annual Compliance Monitoring Plan
• Compile monitoring reports following reviews and discuss findings as well as recommended action plans with the Compliance Manager and relevant departments within the Company

Provide Risk Management functions to ensure that :

• The Company’s risk framework and policies related to risks and controls are properly embedded and implemented in the business
• All key risks affecting the Company and the Funds under their administration are identified, assessed, and adequately reported to the business and thereafter mitigated;
• Develop appropriate solutions/remedial actions to identified losses and risk exposures and ensure the effective implementation thereof;
• Operational risk losses due to frauds and/or control breakdowns are analysed, reported and monitored;
• Business/departmental performance is evaluated through risk scorecards and operational dashboards
• Regular reporting on compliance breaches and progress on mitigation and management plans
• Provide support in managing fraudulent activities as well as Professional Indemnity (PI) Claims
• Provide support in managing the Fit & Proper Requirements for the Company Key Individuals and Representatives
• Provide support in ensuring that policies are properly embedded and implemented in the business
• Assist in conducting/delivering annual regulatory or awareness training on Risk and Compliance requirements to all the Company’s employees

Miscellaneous Functions

• Provide input from a Fund Compliance perspective into the monthly EXCO report on the activities of the Legal, risk and Compliance Unit, for submission to the Company’s EB Board
• Once registered and approved, communicate rule changes to the business,, Trustees and other stakeholders if and when required.

Provide Complaints Resolution Management Function

• Ensure that, in respect of selected Funds under the Company’s administration, complaints, queries and enquiries from the office of the Pension Fund Adjudicator, the FSCA, external attorneys and Fund members are properly investigated and responded to timeously.  This is to be done in accordance with the legislation. Rules, policies, administration procedures and the service level agreements applicable to the Funds in question
• Monitor relevant mailboxes on a daily basis to ensure that all complaints, queries and enquiries are captures and complied with, in particular complaints and determinations issued by the office of the Pension Funds Adjudicator
• Produce monthly and quarterly reports on all complaints, queries and enquiries in respect of the selected Funds under the Company’s administration for purposes of board and sub-committee meetings
• Ensure that complaints, queries and enquiries from the Office of the Pension Funds Adjudicator, the FSCA, external attorneys and Fund members are captured and maintained on the RESPOND case management system and further ensure that proper controls and record keeping of all complaints, queries and enquiries are kept and are up to date
• Investigate, analyse and monitor escalations and complaints, Report trends and implement preventative measures with a  view to ensure that compliance-related complaints, queries and enquiries are reduced
• Identify, develop, enhance, document and make proposals to implement policies, procedures and processes that are relevant to the Complaints Resolution function

Employers that are under Business Rescue or in Liquidation

• Ensure that claim forms are completed and submitted timeously to business rescue practitioners and liquidators for the recovery of arrear contributions, ate payment interest and other claims that Funds may have against terminating employers
• Liaise with business rescue practitioners and liquidators, resolve queries and attend to all related administrative matters in respect of terminating employers, on behalf of selected Funds under the Company’s administration
• Produce monthly and quarterly reports on employers that are under business rescue and/or in liquidation in respect of selected Funds under the Company’s administration for purposes of board and sub-committee meetings
• Attend to all administrative matters, in conjunction with the Administration Departments, in respect of participating Employers (or Funds, if applicable) that are to be liquidated in terms of section 28 of the Pension Funds Act, including liaison with the FSCA and liquidators appointed by selected Funds under the Company’s administration

Fund Governance and Risk and Compliance Reporting

• Assist the Boards of the Umbrella Funds under the Company’s administration with governance requirements to ensure compliance with regulatory requirements, if and when required
• Produce monthly and quarterly reports to the Boards of selected Funds under the Company’s administration on relevant Compliance and Risk Management matters per agreed procedures and templates
• Assist with litigation matters, including research and liaison with attorneys, if and when required by the Head of Legal, Risk and Compliance
• Cultivate and manage objective working relationships with a variety of stakeholders including regulators such as FSCA, the Office of the Pension Funds Adjudicator and external attorneys, in the interest of the business
• Maintain expert knowledge on relevant legislation, regulation and industry best practice and the provision of proactive advice and solutions to relevant stakeholders

Qualifications

• LLB, B Proc or Equivalent legal qualification
• Admission as an Advocate or Attorney of the High Court of South Africa will be an advantage

Technical Knowledge

• Detailed knowledge of the Financial Services (preferably in the retirement fund industry) and its regulatory environment
• An in-depth knowledge and understanding of various statutes impacting the Company, but not limited to the Pension Funds Act, Long-term Insurance Act, Financial Advisory and Intermediary Services Act and subordinate legislation etc
• Litigation skills and experience
• Good verbal and report writing skills
• Good presentation skills (including communication and negotiation)
• Good to excellent communication skills

Organizational Values

• Ensure adherence to all organizational objectives
• Devote the whole of your time, attention and abilities during working hours to discharge your duties with strict accuracy
• Use your best endeavours to properly conduct, improve, extend, develop, promote, protect and preserve the business interest, reputation and goodwill of the company
• Any other duties as determined by the business needs to participate in all organisation events as required.

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