Job Summary

CIB Compliance requires a CIB dedicated Compliance Officer in country who will support the business for CIB products as well as engage with Absa CIB on compliance matters.

The Compliance officer will be required to:

• Manage delivery of all monthly and Quarterly Compliance reports to Line Management and Business.
• Provide adequate support to the Africa Sales and Trading, and Investment banking teams.
• Report on the level of compliance with internal policies and procedures, applicable laws, regulations and rules impacting the businesses.
• Implement and manage specific regulatory compliance projects.

Job Description

Main accountabilities and approximate time split

Operational duties – 80%

Outputs:

• Provide Compliance support to the Africa Sales &Trading and Corporate and Investment Banking teams, which may include projects and/or transactions
• To provide proactive advice on transactions, conflicts, new products and business initiatives within the Corporate and Investment banking and Trading areas.
• Provide Compliance guidance on Sales and Trading matters
• Deliver other Compliance related projects as and when directed
• Interaction with local regulators
• Interpretation of statutes and regulations
• The ability to translate compliance requirements from legislation into business processes/procedures
• Ability to apply legislative requirements to the approval and roll out of new products
• Enhance and promote a compliance culture through awareness activities
• Achieve the compliance coverage plan as contracted with the in-country Compliance Director and CIBW Head of Compliance
• Advise business on compliance issues and providing of compliance opinions
• Implement, embed and monitor CIB compliance policies, processes and methodology in the business operations.
• Create and build a compliance presence in the business
• Participate in the new product initiative process by reviewing new product proposals for compliance against local regulatory requirements and providing the in-country Compliance Director and CIB Head of Compliance with a report on these requirements.
• Ensure that business addresses concerns raised by the Regulator /delivers on commitments made to the Regulator
• Implement and comply with BIA Audit recommendations
• Follow up on any compliance related findings or action items
• Advise business on any changes in set standards/ local requirements (throughout the year)
• Identify business impact for new regulatory requirements and escalate upwards as necessary
• Provide clear, accurate and timely responses to in country Compliance Director and CIB Head of Compliance requests and requests from management for input on new initiatives and projects thereby providing a superior service which protects and enhance reputation of compliance function
• Act as point of contact between business and Compliance department.
• Ensure timely completion of deliverables stipulated in the CIB compliance scorecard.

Reporting – 10%

• Provide updates on projects and business as usual activities
• Submit reports to the in-country Compliance Director and CIB Head of Compliance on areas covered, findings and appropriate recommendations for improvement as required so as to assist the business to operate according to the various regulatory requirements applicable
• Provide management, in country Compliance Director and CIB Head of Compliance with quantitative and qualitative reports on progress achieved in terms of coverage plan
• Deal appropriately with compliance issues and escalate issues in an appropriate manner to the relevant persons.
• Produce quality reports with issues identified with supportive business focused recommendations, and submit to senior management, in country Compliance Director and the CIB Head of Compliance
• Complete & submit accurate & timeous compliance returns and regulatory and reports (monthly, quarterly, yearly) to the in-country Compliance Director and CIB Head of Compliance

Stakeholder Management – 10%

• Effectively manage in country compliance relationships with Corporate and Investment Banking Teams or any other internal stakeholder.
• Deliver valued and value-for-money advice and guidance to Corporate and Investment Banking Teams  on all compliance issues.
• Keep the in-country Compliance Director and CIB Head of Compliance informed on compliance matters which may pose financial or reputational risks for the business.
• Attend relevant in country meetings, and assist forums in identifying and comprehending the regulatory compliance risks
• Communicate regulatory issues/concerns with internal stakeholders and line management
• Develop and implement programme of regular meetings with internal stakeholders (quarterly formal meetings)
• Assist business to draft correspondence and presentations to the Regulator.
• Ensure to always improve on communications with business through innovative thinking and approaches in line with Absa expectations

Risk and Controls Objectives

Ensure that all activities and duties are carried out in full compliance with regulatory requirements, Absa Operational Risk Framework and internal Absa Policies and Standards

Manage risk and control effectively by applying applicable risk frameworks and embedding a positive risk culture

• Understanding of own role in the end to end processes in which you play a part, including applicable risks and controls.
• Adhere to Absa’s policies and procedures applicable to own role, demonstrating sound judgement and responsible risk management.
• Report all risk events / incidents / issues using the defined process for your business area and help to understand why these happened and how to prevent them in future.
•  Proactively look for ways to improve the control environment by considering what could go wrong in the processes you operate and how errors could be prevented.

• All mandatory training completed to deadline

Key Success Measures / Key Performance Indicators

• Pursue your own development to increase personal effectiveness and acknowledge strengths and areas of development.
• Set annual performance development objectives with the Head of Compliance Business Advisory

Technical skills / Competencies

• Intellectual and analytical skills of a high order.  He/she is likely to be a graduate and / or have a professional qualification.  
• The strength of character, credibility and personal presence and the communication skills to operate confidently and effectively at senior levels both internally and externally.
• The flexibility to appreciate the commercial objectives of the business, coupled with an ability to challenge, independently and constructively, senior management, peers or other staff where appropriate, to insist upon adherence to the highest standards of business practice and to the requirements of relevant authorities.  Tact and sensitivity as well as strength and authority are important.
• Ability to use initiative and work with minimum supervision but ensuring, at the same time, that the line reports are kept fully informed at all times.
• Ability to consider issues from a range of angles and propose creative solutions that assist the business in achieving its goals in a safe, compliant, and controlled manner.
• Ability to communicate effectively, orally and in writing, with senior internal and external audiences – to educate, persuade, negotiate, gain decisions, enforce.
• Ability to influence senior management.
• Ability to make a real contribution in a rapidly changing environment and thrive on change and the need to learn rapidly.
• Being able to effectively liaise with Absa CIBW compliance to solution projects and facilitate transaction approvals and BAU Business Skills

Knowledge, Expertise and Experience

Essential

• At least a relevant Bachelors degree preferably Bachelor of Laws ( LL.B) degree or other relevant tertiary qualifications
• At least three years compliance experience in a financial services environment.
• Experience in policy setting and roll out.
• Technical Knowledge – basic understanding of investment banking products including Bonds, Commercial paper, Loans, Derivatives

Preferred

• Relevant master’s degree
• Four years of compliance experience in a financial services environment

Absa Values

Absa’s Values and Behaviours represent the set of standards which governs the actions of all of us who work for the bank and against which the performance of every one of us in Absa are being assessed and rewarded:

• Trust
• Resourceful
• Inclusion
• Courage
• Stewardship

Education

Higher Diplomas: Business, Commerce and Management Studies (Required)