Job Title: Risk and Compliance Officer
Job ID: 10819
Location: Lagos, Nigeria
Company: Stanbic IBTC Capital Limited (part of Stanbic IBTC Bank Plc)
Parent Company: Standard Bank Group
Sector: Banking and Finance
Position Description
Job purpose:
• To support the CEO of Stanbic IBTC Capital (SICL) and the Stanbic IBTC Group Head, Compliance/Chief Compliance Officer to discharge their responsibilities relating to the compliance risk management process as required by relevant regulatory requirements, applicable codes of conduct and minimum standards
• Assist line management and other members of staff by providing advice to guide in discharging their responsibilities to ensure compliance with applicable statutory, regulatory and supervisory requirements in order to: – Protect the reputation of SICL and the Group; – Avoid the institution of legal action against SICL; – Promote a good working relationship with supervisors/regulators; – Ensure good housekeeping practices; and – Enable SICL to demonstrate to regulatory authorities and other stakeholders that it is "fit and proper" to undertake its business.
• To maintain and develop a thorough understanding of the relevant regulatory requirements and policies applicable to SICL, thereby facilitating the establishment of a compliance culture.
• To guide all members of staff act with integrity, competence, diligence, respect and in an ethical manner in dealing with all clients.
Key Responsibilities:
Regulatory Universe:
• Responsible for the completion and maintenance of SICL's Regulatory Universe and Policies
• Responsible for the development and maintenance of detailed Compliance Grid on relevant laws, regulations and policies.
• Provides gap analysis of updated regulations/legislations and policies.
Compliance Risk Management Plans (CRMPs):
• Responsible for the development and deployment of SICL's Compliance Risk Management Plans (CRMPs).
• Ensures the appropriate use of compliance risk management tools within the business.
Advisory:
• Analyses and identifies compliance risks and provides advice to management, relevant committees and the employees in order to effectively manage compliance issues.
• Provides assistance and advice on compliance issues in respect of new businesses, products and other initiatives such as projects.
• Completes the annual Compliance Self Assessment.
Monitoring:
• Creates a compliance monitoring plan in consultation with Group Compliance.
• Monitors on an on-going basis compliance potential breaches and exposures.
• Monitors Personal Account Trading (PAT), Conflicts of Interest (COI) and outside business interest (OBI) and investigate potential problem areas/trades.
• Reviews and approve requests for employees to gain access to areas behind Chinese Walls in respect of specific deals.
• Work closely with the Global Conflicts Control Room (GCCR) on deal clearance and watch and restricted lists issues.
• Monitors effectively the level of compliance with policies such as Market Abuse Policy, Conflict of Interest Policy, Gratification Policy.
• Provides guidance to members of staff of SICL in relation to Know Your Customer (KYC) requirements and ensure that SICL's relationships are KYC compliant.
• Reviews various sources of compliance information, including regulatory websites, Newspapers and informal sources.
• Ensures that there are customised CRMPs for all high risk legislations pertinent to SICL in line with the compliance plan for the year.
• Assists the business units with the resolution of compliance audit issues.
• Establishes a line of communication to SICL's MANCO, in order to monitor SICL's compliance with regulatory requirements.
• The Compliance Officer shall be well trained in the Rules and Guidelines on Margin lending and shall attend regular training sessions as organized or supported by the CBN or SEC to maintain a minimum Knowledge requirement in the personnel of the Market Operator.
Compliance Manuals, Standards, Policies/Procedures & Training:
• Responsible for the development and updating of policies and related training programmes in line with the compliance plan for the year.
• Responsible for educating the other personnel of periodic updates and adjustments as may be made by SEC from time to time.Ensures that trainings tailored for the business unit are signed off and, if appropriate, assist in the delivery of the training and awareness.
• Customises, if necessary, Group Minimum Standards and facilitates, in consultation with Group Compliance, the process of adoption thereof by the business units.
• Requests dispensation when policies and procedures deviate from that of minimum standards.
Regulatory Requirements:
• Remains aware of regulatory & legislative developments, and practices of regulatory authorities, which are relevant to SICL.
• Assist the CEO and business units in implementing existing, new and/or amended regulatory requirements.
• Assesses and advises the CEO and the business units on the impact of regulatory developments.
• Provides input or comment in relation to the drafting of proposed regulatory requirements.
Compliance and Risk Management Culture:
• Actively promote, on an ongoing basis, the Compliance Function, to ensure that a culture of compliance is established in the business units within SICL.
• Seek to establish a compliance culture that contributes to the overall objective of prudent risk management by SICL.
• Cultivate relationships within business units which result in the business units or other relevant forums proactively seeking Compliance involvement in their dealings.
• Assist in the facilitation of Risk Control Self Assessment (RCSA) for SICL and relevant business units within SICL.
• Assist in the creation and maintenance of key risk indicators (KRIs).
• Assist in ensuring that operational risk framework and policies are implemented in SICL, and that all members of staff are aware of operational risk policies and procedures.
• Assist in ensuring that adequate controls are in place to prevent regulatory breaches to the SEC and thereby avoiding regulatory fines.
• Manage BCM records and assist in ensuring that BCM culture is embedded in the SICL's space.
Feedback, Reporting & Escalation:
• Utilise established mechanisms for reporting and resolving non-compliance with regulatory requirements.
• Immediately reports material compliance related matters to the CEO of SICL and Head, Group Compliance/Chief Compliance Officer.
• Contribute to the annual sustainability reporting process.
• Informs the CEO, business unit heads and Group Compliance about regulatory inspections and acts as a conduit for any significant information requests, comments and findings.
• Complete formal monthly and quarterly compliance reports as may be required by various Group governance structures and regulatory requirements.
• May be tasked, where applicable, to act as an approved Compliance Officer in terms of applicable legislation and/or regulation (e. g. SEC).
• Creates and maintains an appropriate electronic record and filing system.
• Act as point of contact for and manage audits on behalf of SICL, maintaining ongoing dialogue with Stanbic IBTC Internal Audit department.
Business Planning/Decision Making:
• Prepare the annual compliance and monitoring plans and submit it to SICL MANCO for approval.
• Prepare Compliance reports for each SICL Board meeting and as required for Group Board meetings.
Value Management:
• Strive to influence a continual reduction in costs within the areas under control.Ensure that service delivered remains cost-effective and efficient.
Required Skills, Qualifications and Experience:
Educational Qualifications:
• First Degree in relevant fields
• Masters degree and/or relevant professional qualifications would be an added advantage
Technical Skills:
• Good Compliance and Risk Management Knowledge
• Excellent use of MS Word and MS Excel
• Good understanding of the Investment Banking processes and SEC's regulatory framework
• Good understanding of global financial markets
• Good research skills
Work Experience: Minimum of 3 years Compliance experience with at least 5-6 years working experience in an Investment Banking environment.
Required Competencies:
Personal Skills:
• Integrity
• Being proactive
• Result oriented
• Team player
• Self motivated
• Ability to work with minimal supervision
• Strong analytical and numerical skills
• Excellent communication skills
• Strong interpersonal and leadership skills
• Consensus builder
• Discrete with information
• Creative and innovative
• Good emotional intelligence skills
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