Jubilee Insurance Hiring Risk & Compliance Officer

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 African 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.

We offer an amazing employment opportunity for the role of Risk and Compliance Officer at Jubilee Life Insurance Corporation of Tanzania.The role holder will report to the CEO.

Main Responsibilities  

Strategy:

• Develop and implement risk management strategies and procedures that are consistent with the organization’s overall goals and regulatory framework.
• Collaborate with the business to identify potential hazards and offer appropriate risk mitigation strategies.
• Encourage the implementation of the risk management culture.
• Conduct regular risk assessments and assist the management team in implementing the required procedures to reduce risks.
• Ensure that each department maintains risk registers that include important possible risks and corresponding indicators.

Operational:

• Monitor and evaluate compliance with applicable laws, regulations, and organizational policies.
• Conduct frequent reviews of operational processes to detect potential gaps in compliance and offer corrective actions.
• Maintain an external compliance obligations register for the relevant Acts.
• Create and execute training programs to educate staff about compliance issues.
• Maintain accurate and current records of compliance actions and reports.
• Determine the efficacy of internal controls.
• Implement incident-management processes.
• Assist management in identifying and implementing corrective measures following incidents or crises. • Create, monitor, and coordinate the company’s Business Continuity Plan (BCP), which includes an annual assessment of the Business Impact Analysis results.
• Job Opportunity: Risk and Compliance Officer at Jubilee Insurance.

Corporate Governance (Regulatory and Compliance): 

• Keep up with current regulatory developments and industry best practices.
• Ensure regulatory compliance and provide regulatory advice. Collaborate with internal stakeholders to achieve corporate governance compliance. Contribute to the preparation and submission of regulatory reports and filings.

Classified as Confidential Recipient Only

• Establish written and board-approved policies to promote effective internal controls.

Money Laundering Reporting Officer:

• Ensure that the company follows all regulatory standards and guidelines for AML/CTF compliance. • Evaluate suspicious transaction reports (STRs) based on internal and external sources to determine if there are sufficient reasons for reporting to the Financial Reporting Centre (FRC).
• All evaluation documents and information utilized in the STR determination process and other investigations should be retained as proof of compliance.
• Maintaining a record of all STRs reported to authorities and those not reported.
• AML/CTF risk identification and management. Working with the company to identify high-risk operations (products, services, customers, geographic regions, and distribution). Examine the business’s ML/TF risk profiling, as well as the sufficiency and efficacy of the implemented controls.

Data Protection:

• Establish, implement, and enforce a strong data protection and compliance framework and systems (policies, processes, and tools) to guarantee that the organization complies with the Data Protection Act and Regulations.
• Keep up with regulatory developments and industry activities, and advise management accordingly.
• Data Privacy Impact Assessments: Perform privacy impact assessments on new goods, processes, or systems that gather and process personal data.
• Establishing the Data Protection Act governance, regulatory structure, and implementation plan, which will include the creation of the necessary statements and policies.
• Train all internal stakeholders involved in data collection and processing on a regular basis, upgrading the training as needed and conducting specialized training for specific processing requirements.

Leadership and Culture: 

• Develop a culture of regulatory compliance and risk awareness throughout the organization.
• Provide personnel with guidance and help on risk and compliance issues.
• Encourage ethical behavior and integrity in all corporate activities.
• Set an example and foster teamwork and collaboration within the team.

Academic Qualifications 

1. A bachelor’s degree in finance, business administration, or a similar discipline.
2. Professional qualifications in risk management, compliance, or related fields (e.g., Certified Risk Professional, Certified Compliance Professional) are advantageous.

Relevant Experience 

1. 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.
2. Sound knowledge of regulatory requirements and industry standards in the insurance sector.
3. 3. Familiarity with risk management frameworks and methodologies.

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Mode of Application:

To apply, please send an email to [email protected] before October 7, 2024, stating the job reference number and position.