Head Legal, Risk & Compliance

SUMMARY:
A large Financial Services company is currently looking for Head of Legal, Risk & Compliance Main purpose: Responsible for the Management of the Fund Legal and Compliance business unit. The business unit performs legal and compliance duties for all the fund related administration business of the company.

POSITION INFO:

RESPONSIBILITIES:

• Responsible for all compliance, governance and risk management structures of all Funds administered by the company.
• Ensure proper implementation of legislative requirements across all Funds.
• Create awareness of compliance and foster a culture of compliance within and across all Fund structures
• Monitor the liaison between the Funds and stakeholders in terms of compliance
• Monitor Funds compliance with relevant legislative or statutory requirements.
• Funds and Boards risk management and reputational protection
• Check Section 14 applications are well within the scope as required by the FSB.
• Liaise with Employers on Section 13A non-adherence
• Report to Boards on Section 13A non-compliance
• Draft and submit Fund adopted resolutions
• Draft and submit Fund rule amendments
• Draft and submit Special Rules
• Check death claims reports prepared internally before submission to Boards
• Manage and monitor complaints from members, FSB, PFA, Ombudsman, Legal representatives of members and ensure appropriate responses
• Compliance audit management on all Funds
• Assist in the delivery of uncompromising standards ensuring world-class service delivery from teams
• Manage relationships with regulator, providers and multi-functional SEB teams
• Keeping up to date with regulatory developments in the pension fund, employee benefits financial and insurance services industry.
• Understand and oversee Fund service level agreements with all internal and external stakeholders
• Attend to management interaction and ensure best Fund processes in line with statutory requirements
• Draft Fund Board policies

Reporting

• Controlling the outcome of the determinations issued and ensuring adherence
• Provide monthly reports for the relevant stakeholders
• Be able to deal with the Board of Trustees and other stakeholder enquiries

Innovative and Team Player

• Self-starter and ability to work independent
• Liaison with the Fund representatives or service providers to facilitate the resolution of complaints
• Actively participating and be actively involved in the strategic management of the office
• Be sufficiently familiar with organisational development and change management processes to have a positive impact on the management of a team
• Maintain strong relationships with stakeholders and relevant Authorities

KPI:

• Keep the business abreast of legislative, regulatory and industry developments
• Provide oversight in the interpretation and analysis of statutes relevant to the company, the communication of legislative and regulatory changes to the business and the updating of these changes to existing processes, as required

To be done through

-              ongoing updates distributed to management and staff via email;

-              quarterly face-to-face Legal & Technical Briefing Sessions to all staff; and

-              attending IRFA Legal & Technical quarterly meetings and providing feedback to the business after these meetings.

Oversight and management of Pension Funds Adjudicator responses and determinations and FSCA complaint

Oversee and manage the following critical outputs:

Clear the backlog of PFA complaints in respect of the Private Security Sector Provident Fund for the period June 2018 – February 2019.

Ensure that responses to PFA complaints are of high quality and speak to supporting documents annexed thereto.

Compliance Mailbox to be attended to daily to ensure that PFA complaints and determinations are routed to the right staff and dealt with timeously.

Ensure that adverse and appealable PFA determinations against the Transport Sector Retirement Fund are ring-fenced, communicated to the Fund and, if necessary, appeals must be lodged with the Financial Services Tribunal timeously.

Ensure that no backlog is created in relation to current PFA complaints and implementation of PFA determinations.

Ensure that FSCA complaints are responded to timeously.

Compliance Management

Provide oversight and play a leadership role in the Compliance Management function to ensure that

• 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; and administrative penalties as a result of compliance breaches are minimised.
• Manage and oversee the performance of Compliance operational activities within the company to minimise compliance risk through adherence to policies, procedures and guidelines and in accordance with regulatory requirements.
• Manage and oversee the development of a robust Risk and Compliance Management Framework and reporting structure with regard to company’s adherence to all aspects of the SLA with the Private Security Sector Provident Fund. This will include non-SLA compliance issues.  Once finalised, this framework will be replicated

-              for all the other Funds under company’s administration; and

-              for company as a s13B administrator and will include the issuing of monthly or quarterly reports to the Funds and.

• Manage and oversee the development of a central Repository of regulatory and compliance-related documents for easy access based on Moonstone’s “Market Conduct Compliance File Index”.

Risk Management

• Provide oversight and play a leadership role in the Risk Management function to ensure that all key risks affecting the company have been identified, adequately reported to the business and thereafter mitigated;
• risk framework and policies related to risks and controls for the company are properly embedded and implemented in the business; and
• ongoing reporting to board of directors, executive management and/or Advisory Committee on key risks, controls and mitigation impacting company is accurate, of a high standard and properly reviewed.
• Manage and oversee the development of a robust Risk and Compliance Management Framework and reporting structure with regard to company’s adherence to all aspects of the SLA with the Private Security Sector Provident Fund. This will include non-SLA compliance issues.  Once finalised, this framework will be replicated

-              for all the other Funds under company’s administration; and

-              for the company as a s13B administrator and will include the issuing of monthly or quarterly reports to the Funds and the company.

Min Requirements:

• Relevant BCom, or Bachelor’s Degree, MBA Preferable
• 10 years’ experience in a similar position
• EB experience
• Financial Acumen
  • Legal Qualification
  • FAIS accredited-RE1
  • Excellent command of English
  • 3years experience in management and complaints resolution
  • 5years experience in the Retirement Fund industry/Employee Benefits
  • Ability to work independently and as a team member
  • Pensions Law Pension Funds Act 24 of 1956
  • Knowledge of other SA Legislation
  • solving skills
  • Excellent communication skills (verbal & written)
  • The incumbent may not be someone previously removed from an office of trust
  • based on misconduct involving dishonesty
    • The incumbent may not hold a criminal record

Only candidates who meet the outlined requirements and have the relevant experience should apply for this position.

If you have not had any response in two (2) weeks, please consider your application unsuccessful.  Your CV will be kept on file for any further suitable positions.

NB! This job is now closed. You can apply for other jobs by uploading your CV.