Supervisory Audit Manager - CIS - JHB - 26581

SUMMARY:
-

POSITION INFO:

ENVIRONMENT:

DESIGN, develop, test & implement new or enhanced supervisory tools as the next Regulatory and Supervisory Manager sought by a dynamic provider of advanced Financial Security Services in Joburg. You will also develop and execute a monitoring framework for unit trusts (collective investment schemes and global markets access while monitoring and assessing regulated entities/participants against the provisions of the FMA, FSRA, CIS, Company Rules and Directives, and enforcing compliance through regulatory action and sanctions. Applicants must have Matric/Grade 12 or equivalent with a Bachelor’s Degree in relevant fields such as Finance/Business/Economics/Law and Commerce and 10 years’ post qualification work experience, 5 of which must be managerial & proven knowledge and expertise in dealing with the Financial Markets Act and international regulatory standards, particularly those relating to FATF and other international standard setters such as the Financial Stability Board (FSB).

DUTIES:

• Responsible for designing, developing, testing and implementing new or enhanced supervisory tools.
• Develop and execute a monitoring framework for unit trusts (collective investment schemes and global markets access).
• Build and maintain an optimal, experienced, cross-functional, collaborative and inclusive team environment.
• Manage the people capability to execute on the supervisory and regulatory mandate and strategy.
• Responsible for tracking, monitoring and supporting performance outcomes for the team.
• Provide and support an Agile and structured approach to work distribution that promotes an inclusive and diverse team work ethic underpinned by corporate behaviours.
• Ensure that the team is compliant with all attributes and competencies that are relevant to the organisation and relevant to the role of the team.
• Be responsible for the development of a framework of process, systems, data for the function that promotes the objectives of the FMA and SRO function to maturity and maintain the framework to ensure relevance.
• Contribute to the development and maintenance of fit for purpose supervision and enforcement program, policies, long- and short-range goals, plans, program evaluation, and budget management.
• Provide support for escalated compliance and regulatory matters.
• Ensure queries and escalations are responded to with the required urgency.
• Maintain a comprehensive knowledge of the relevant legislation, the FMA, Financial Sector Regulation Act (FSRA), Collective Investment Schemes Act (CIS), Company Rules, and Directives.
• Keep abreast of domestic and international market research to proactively identify best practice and standards.
• Conduct research and analysis to provide for insights and opportunities as well as to mitigate for possible limitations to the supervisory function.
• Undertake ongoing global benchmarks for optimal best practice.
• Be responsible for the quarterly review of exam learning material.
• Create a dashboard and processes to track, monitor, and manage compliance reviews and investigations. This may result in outcomes that foster improvement, insights, and data integrity of enforcement statistics.
• Monitor and evaluate the consistent application of the FMA, FSRA, CIS Company Rules and Directives.
• Provide an analysis and report on compliance and violation trends.
• In collaboration with the Head of Regulation and Supervision, build, develop and maintain key strategic partnerships and stakeholder relationships to foster partnership, collaboration and understanding of the regulatory and supervisory capability in the financial market ecosystem, particularly in unit trusts.
• Develop and maintain strong, open relationships with other co-regulators.
• Communicate and mitigate emerging issues to the Head of Regulation and Supervision and, where relevant, to the team to manage risk.
• Actively participate in organisational working groups, including but not limited, to the Compliance Officer Forum.
• Participate in market-wide industry forums.
• Document, in a timely and complete manner, risk assessments, important communications and other relevant items in management information systems, consistent with divisional requirements, policies and standards.

Supervision of Regulated Entities/Participants -

• Ensure that Supervision fulfils its regulatory, supervisory and enforcement function effectively.
• Develop strong relationships with regulated entities, maintaining Supervision’s high standards of being a reliable and approachable escalation point.
• Gather, organise and analyse data for regulated entities.
• Identify emerging risk trends, which could have a material impact on regulated entities, in order to take appropriate actions and inform the Head of Regulation and Supervision accordingly.
• Monitor and assess regulated entities/participants against the provisions of the FMA, FSRA, CIS, Company Rules and Directives, and enforce compliance through regulatory action and sanctions.
• Guide, support, and provide training to regulated entities, particularly in new regulatory obligations.
• Perform desk-based reviews and onsite examinations.
• Write clear and concise memorandums and reports.
• Draw conclusions and recommend corrective actions as appropriate.
• Assist with developing supervisory monitoring frameworks, guidelines and tools.
• Consider on an ongoing basis whether the scope of the Company Rules and Directives provides an adequate framework for the regulation and supervision of regulated entities.
• Continually monitor and identify changes supervisory processes to improve efficiency and reduce risk.
• Review the process of identifying the risks and exposures that arise from the supervision and enforcement of the FMA, Company Rules and Directives.
• Monitor any emerging risks to the capital markets that may require the introduction of or amendments to the supervisory framework to mitigate the identified risks.
• Assist with the licensing of Participants and Nominees and the maintenance of all records of approvals and each Participant’s / Nominee’s adherence to the approval criteria.

Technical Guidance -

• Act as a technical expert in the financial and capital markets and provide internal and external training as needed.
• Provide advice and technical guidance internally as required to facilitate timely resolution of complex problems or challenges.
• Monitor developments in relevant international and regional regulatory standards and in the Financial Services industry and provide input and updates.

Strategy Formulation, Implementation, Planning and Projects –

• Implement Supervision Division-wide strategy, business plans and policies.
• Contribute to development and implementation of a monitoring framework and/or supervisory strategy, consistent with the FSCA, PA and SARB’s goals and objectives.
• Participate in and provide input to projects as required by the business/operational plan.

Enable client centricity within area of responsibility (Client Services) –

• Build and maintain relationships with the extended supervision community.
• Provide expertise and advice to clients and stakeholders.
• Contribute to the process of negotiating objective and realistic service level agreements, monitor appropriateness and recommend solutions.
• Deliver on service level agreements made with clients and internal and external stakeholders in order to ensure that client expectations are met and managed.
• Make recommendations to improve client service and fair treatment of clients within area of responsibility.
• Participate in and contribute to a culture which builds rewarding relationships, facilitates feedback and provides exceptional client service.
• Support the design and development of compliance and internal audit functions.
• Ensure effective financial management, control and corporate governance.
• Take accountability for the management of business-related risks.
• Support the professional development programs of Supervision through program development, delivery and participation.
• Contribute to the identification of opportunities for continuous improvement of systems, processes and practices of the overall Financial Markets
• Act regulatory regime, taking into account ‘international leading practice’, improvement of business processes, cost reduction and productivity improvement.

Effectively lead team (People) –

• Create a positive work climate and culture to energise employees, give meaning to work, minimise work disruption and maximise employee productivity.
• Demonstrate exemplary leadership behaviour, through personal involvement, mentorship, commitment and dedication in support of organisational values.
• Drive a culture that guides and directs best practice, fostering an environment of continuous learning, improvement and cohesiveness.
• Enable a learning and growth culture whereby information regarding successes, issues, trends and ideas are actively shared between team members.
• Identify employee growth and development needs and schedule interventions to enable ongoing development, training and personal growth.
• Effectively manage performance within the team in order to ensure business objectives are achieved.
• Encourage and support innovation, change agility and collaboration within the team.
• Participate in the design and application of a stakeholder feedback capability in respect of service delivery.

Contribute to financial controls and planning (Finance) –

• Manage high risk and problematic financial issues in the area of accountability and contribute to the development of policy.
• Plan and implement a cycle of medium-term improvements to drive pricing of services and products.
• Implement and manage financial risk methodologies, techniques and systems and use them to monitor and report on financial activities.
• Implement and provide feedback on the effectiveness of financial policy, practice and procedures: preventing illegal, unethical or improper conduct.
• Implement risk management, governance and compliance policies in own practice area, to identify and manage governance and risk exposure liability.
• Investigate reported wilful acts of non-compliance to organisation policy and practice and report on findings
• Share and transfer product, process and systems knowledge to colleagues.
• Collaborate and work with the Legal, Risk and Compliance team to deliver the required service levels.
• Actively participate within the team to ensure functional corporate objectives are achieved.
• Ensure achievement of own performance objectives.
• Actively share information with other team members regarding successes, issues, trends and ideas.
• Actively participate in own professional development and career path.
• Ensure active resource planning incorporating all practices.

REQUIREMENTS:

Qualifications -

• Matric/Grade 12 or equivalent.
• Bachelor’s Degree in relevant fields such as Finance, Business, Economics, Law and Commerce.
• A Post graduate Degree in similar fields is advantageous.
• Relevant professional membership will be required based on specialty.
• Evidence of continuing professional education relevant to the target position.

Experience/Skills –

• Minimum 10 years’ post qualification experience, 5 of which must be managerial.
• Minimum 5 years’ experience of the securities industry.
• At least 5 years of experience with a broadly equivalent financial services regulator or financial institution with CSD related experience.
• Industry experience involving LIPS, Collective Investment Schemes and Offshore Investments, with experience in Post Trade Services in the Capital Markets will be an advantage.
• Strong and proven knowledge and expertise in dealing with the Financial Markets Act and international regulatory standards, particularly those relating to FATF and other international standard setters such as the Financial Stability Board (FSB).
• Working knowledge and experience in management of conduct risk would be highly valued.
• Robust understanding of the responsibilities/role of the regulator and appreciation of what it means to be a risk-based regulator.
• An in-depth knowledge of the Financial Services industry and its unique characteristics.

ATTRIBUTES:

• Excellent research and analytical skills and ability to apply judgment.
• Influential skills and ability to lead meetings and deliver difficult messages, when necessary.
• Good people and time management skills are embodied in a professional, diplomatic and ethical attitude.
• Good communication and presentation skills.
• Strong stakeholder management skills, including ability to engage effectively and confidently with international counterparts.
• Be able to work flexibly, autonomously, and co-operatively in a collaborative team environment.