Research and Risk Analyst

SUMMARY:
The main purpose of this position is to undertake extensive money laundering risks research and sector risk assessments relevant to the Prudential Authority

POSITION INFO:

Role description

The successful candidate will be responsible for the following key performance areas:

• Conduct research and identify both new and emerging ML risks (threats, vulnerabilities and consequences) and trends, including those in jurisdictions where South African banks have international operations. (Information must feed into the risk returns and inform the frequency of supervision.)

• Ensure that the PA is adopting international best practice in terms of evidencing an understanding of ML risks, reflective in the ML/terrorist financing (TF) risk assessments.

• Maintain and continually enhance the banking and life insurance risk-based tools.

• Provide training and briefings on ML risks-related matters, draft guidance (as may be required), and provide input into pertinent documentation for relevant stakeholders. • Ensure that the on-site inspections scoping adequately considers the ML risks relevant to the respective supervised institutions. • Develop, implement and maintain an automated sector risk assessment process whereby data is received via institutions, update the sector risk assessment methodologies utilised, and conduct sector risk assessments. • Ensure that banking and life insurance sector risk reports are issued to the public, and ensure that stakeholder engagement sessions take place in this regard. • Analyse the risk returns received from institutions, and ensure that the information is being correctly fed into the risk-based tool and that the tool is being updated as and when required and whenever new information is received. • Update the inspection procedures with relevant questions pertaining to ML risk mitigation and control assessment, and ensure that best practice and supervisory practices are adequately captured in the supervisory manual and/or the risk assessment tools adopted. • Compile statistics useful for ML sector risk assessments. • Provide inputs to the national risk assessments, and contribute to the work of the national risk assessment committee. • Ensure that ML, TF and PF risk assessments are conducted periodically for the banking and life insurance sectors, with inputs from the TF/PF analyst. Job requirements To be considered for this position, candidates must be in possession of: • an Honours degree (NQF 8) in Analytics, Auditing, Data Science, Commercial Law, International Relations, International Security, International Law, Law, or another field related to financial crime risk; and 2 of 3 Security classification • at least five to eight years of professional experience in financial crime control within a bank, an auditing firm or a consulting firm. Additional requirements include: • industry, organisational and business awareness, knowledge and skill; • data analysis and reporting knowledge and skill; • in-depth technical knowledge; • excellent writing skills; • good drafting and interpretation of legislation skills; • experience in conducting ML risk assessments; • ML research and practical experience; and • a good understanding of international best practice and technological developments in the anti-money laundering (AML) sphere

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