Regulatory Affairs & Shared Compliance Services Manager

Reference Number: R-15974294

Reporting to: Head of Compliance (Inferred from the description)

NBC is the oldest serving bank in Tanzania with over five decades of experience. We offer a range of retail, business, corporate and investment banking, wealth management products and services.

Job Summary

Provide Compliance support and guidance in respect of applicable regulatory requirements and compliance policies to protect the business from Conduct risk. This is achieved through establishing and implementing a clear compliance risk management framework, setting common standards, and assessing adherence thereto, providing training & awareness, be proactive in anticipating and addressing compliance risks in order to drive adherence to values & build solid regulatory relationship.

Job Description

Key Accountabilities

Regulatory Affairs

• Management of all regulatory engagements – enquires, consultations, relationships management etc.
• Facilitating of all regulators including the central bank’s Onsite and Offsite Inspections Management.
• Tracking of all issues raised from the regulators’ Inspection Audits.
• Regulatory Correspondence Receipt, Review/ vet and Issuance.
• Close follow up with the regulators on all pending requests to ensure timely response.
• Recording and Monitoring of all regulatory commitments to ensure they are closed timely.
• Product/ Service Due Diligence Reviews as required by Regulator
• Organizing of the monthly Legislative and Regulatory Forums
• Reviews of the bank’s draft policies to ensure their compliances to regulatory requirements
• Reviews of material outsourcing Contracts prior to submission to the Central Bank for review and approval
• Compliances Policies Broadcasts
• Regulatory Contact Logging
• Organize all meetings with the regulators, take minutes and maintain a formal record of minutes of all meetings held with them and ensure meeting minutes are complied and disseminated to relevant parties within 2 days after the meeting. Action items to be followed up to closure.
• Keep the bank informed on all compliance matters which may pose financial or reputational risks.
• Attend meetings and assist forums in identifying and comprehending the regulatory compliance risks.
• Ensure timeous provision of information to Regulators.
• 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 communication with business through innovative thinking and approaches.
• Enhance and promote a compliance culture through awareness activities.
• Ensure that business address concerns raised by the Regulator/ deliveries on commitments made to the Regulator.
• Maintaining and building healthy and trustworthy relationship with the relevant regulators and supervisory team.
• Continued pro-active stakeholder engagement and involvement on a business, regulators, and industry level.
• Participate in industry-related initiatives and establish networks with key role prayers.
• Proactively providing feedback to stakeholders on compliance issues of common interest in relation to industry developments and trends.
• Deal appropriately with compliance issues and escalate issues in an appropriate manner to the relevant persons.
• Maintain a formal record of minutes of all meetings held (by the compliance officer or business) with the regulator.
• Produce quality reports with issues identified with supportive business focused recommendations and submit to senior management and the Head of Compliance.
• Complete compliances returns and regulatory change report (monthly)
• Manage the full reporting process, findings and appropriate recommendations for improvement as required.

Shared Services

• Compliances Policies management including reviewing them and maintaining an up-to-date register of all compliance policies.
• Compliance Framework management
• Conduct Risk Framework Management
• Compliance Change Management
• Compliance Government & Secretariat – prepare all reports including weekly, monthly EXCO and ARO reports and Quarterly Board Reports.
• Regulatory tracking and Monitoring of all regulatory periodic returns from across the bank
• Implement and comply with Audit recommendations.
• Follow-up on any compliance related findings or action items.
• Facilitate the Regulatory Change process in the business and proactively follow up changes
• Advise business on any changes in set standards/local requirements (throughout the year) and identify business impact for new regulatory requirements and escalate upwards as necessary.
• Manage Regulatory Affairs RCSA conduct self-assessment and review on the key regularly controls depending on the frequency of controls
• Produce quality reports with issues identified with supportive business focused recommendations and submit to senior management and the Head of Compliance regularly

Training

• Provide on-going compliance methodology training to all NBC compliance staff in line with the compliance standards and manuals.
• Provide subject matter related training where required and specialist input to the development of compliance related training materials.
• Drive specialist awareness activities as and when required e.g. presentations to business
• Ensure that business addresses concerns raised by the Regulator /delivers on commitments made to the Regulator
• Drive specialist awareness activities as and when required e.g. presentations to business
• Continually develop personal business acumen/expertise, through relevant training and personal research.
• Ensure that business addresses concerns raised by the Regulator /delivers on commitments made to the Regulator
• Implement and comply with Audit recommendations
• Follow up on any compliance related findings or action items
• Facilitate the Regulatory Change process in the business and proactively follow up changes
• Advise business on any changes in set standards/ local requirements (throughout the year) and identify business impact for new regulatory requirements and escalate upwards as necessary.

Accountability: Regulatory Compliance and Policy Support

• To assist and oversee a process for the delivery of commercially sound compliance guidance and support ii respect of allocated and /applicable regulatory requirements and policies in a professional and helpful manner, always considering the potential alternatives within the applicable rules and regulations, endeavoring to find solutions to ensure compliance as well as the enablement and continuation of business.
• Actively participate in and contribute to process re-engineering, new product development hand approval processes and other project meetings, where relevant, by providing subject matter expertise on compliance risk management or allocated regulatory requirements and policies.
• Apply expertise to the maintenance of allocated policies as well as ensuring the standards and local regulatory requirements are set.
• Conduct quality assurance on ICPs, compliance findings, opinions and provide detailed feedback within agreed upon timelines.
• Provide input concerning material regulations into the relevant Forums in respect of allocated regulatory requirements.
• Monitor new regulatory developments and trends on regulatory requirements and policies and provide input into comment to regulators as facilitated by internal relevant Forums or industry bodies.
• Participation and involvement in compliance monitoring planning, Quality Circles and providing guidance in respect of allocated regulatory requirements and policies, the relevant sections to be monitored and the frequency of monitoring to ensure consistent application of the compliance methodology and assessment of findings.

Accountability: Embedding the Compliance risk management framework and methodology

• Contribute to the strategic success of the Rules Mapping and Risk Assessment Function.
• Contribute to the on-going improvement of the effectiveness of the Compliance risk management framework and methodology through the proactive identification of weaknesses and the implementation of solutions.
• Share regulatory, knowledge of the business across the compliance function, including ensuring that a uniform compliance approach is followed across NBC
• Contribute to the continued development and on-going improvement of the NBC's compliance methodology, standards and manuals based on own experience, research conducted, information received from stakeholders, industry Compliance developments and ideas for functional change.
• Maintain the rules of mapping and Risk Assessment process, including providing assistance in respect of allocated regulatory requirements, policies and business areas.
• Develop relevant compliance tools for allocated regulatory requirement/policies to assist business in the management of the associated compliance risk. Prepare and submit regular reports relating to activities conducted to various stakeholders and relevant governance structures.
• Perform compliance risk due diligence reviews on request ii line with the compliance due diligence reviews where required.
• Conduct adhoc special monitoring such as special reviews and Hot Spot Reviews as and when required. Monitoring to be done in consultation with and with participation from the relevant Monitoring and Testing Team, using the NBC Monitoring Methodology.
• Registration oversight.

Role / Person Specification

Experience Required:

• 5 years' experience in the banking industry or related field
• Minimum of 5 years' experience in compliance, preferably with an international exposure
• Experience in dealing with multiple stakeholders
• Wide-ranging compliance experience in a financial services environment.
• Good understanding of current and anticipated Tanzania and regional regulatory requirements and supervisory expectations.
• Experience in policy setting and roll out.

Qualification:

• Degree or Honors in BCom/LLB, or other relevant tertiary qualifications
• Certificate or Diploma in Compliance Management /Post graduate qualifications would be advantageous.

Knowledge, Skills required:

• Good communication skills
• Ability to influence senior management.
• Work with minimum supervision
• Engagements with senior staff
• Analytical and presentation skills
• Proficient in MS Office (Word, Excel, PowerPoint and Outlook) and the Internet)
• Strength of Character and Credibility

Competences required:

• Effective communication
• Deciding and initiating action
• Persuading and influencing
• Grating and innovating
• Delivering results and meeting expectations
• Formulating strategies and concepts
• Analyzing
• Adapting and responding to change

Qualifications

• Bachelors Degrees and Advanced Diplomas - Business, Commerce and Management Studies, Compliance Advisory & Interpretation (Meets some of the requirements and would need further development), Compliance Experience, Digital familiarity (Meets some of the requirements and would need further development), Ethics and values (Meets all of the requirements), Openness to change (Meets some of the requirements and would need further development), Reasoning (Meets all of the requirements)