Senior Group Benefits Compliance Officer

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Date: 12-Jan-2021

Location: Johannesburg, Gauteng, South Africa

Company: Sanlam Group

Who are we?

Sanlam Developing Markets (SDM) (a wholly-owned subsidiary of Sanlam Life Limited) is one of the top financial services providers in the South African entry-level and emerging middle market. It aims to understand the unique requirements of clients and offers a wide range of simple and affordable financial solutions that cover needs such as funeral insurance, savings for education, life cover and personal accident plans. In terms of the Sanlam Group Governance Policy, SDM is managed by the SA Retail Mass cluster, which is part of the Sanlam Life and Savings cluster within the Sanlam Group. There are four businesses within the SA Retail Mass cluster, namely; Group Benefits, Individual Life, Safrican Insurance and African Rainbow Life.

What will you do?

  • Appropriately escalate and manage compliance related issues within the business unit 
  • Create comprehensive compliance plans by risk and area 
  • Conduct periodic internal reviews or audits to ensure that compliance procedures are followed 
  • Conduct or direct the internal investigation of compliance issues 
  • Assess product, compliance, or operational risks and develop risk management strategies 
  • Develop and maintain technical compliance plans, risk measures and divisional compliance 
  • Support GB departments by collecting and coordinating internal compliance data with auditors and various departments 
  • Drive all compliance projects within GB
  • Oversee the up to date and maintenance of the key individual / representative register as required by FAIS 
  • Oversee the maintenance of the internal representative register for all additions and removals of representatives and further communicate all removals and/or additions to the Financial Sector Conduct Authority (“FSCA”) for the central representatives register to be maintained accordingly 
  • Oversee that all applications and profile changes in terms of the FAIS Act are submitted to the FSCA timeously 
  • Ensure that all Key Individuals and Representatives fully comply with the Determination of Fit and Proper Requirements in terms of the FAIS Act and maintain a competence register in this regard 
  • Maintain a working relationship with internal and external stakeholders      
  • Monitor compliance status of GB’s 3rd parties (Juristic Representatives) and Binder Holders 
  • Attend to general compliance matters within the GB 
  • Provide monthly Compliance Reports to GB Executive
  • Sit in on GB Risk and Compliance Forums
  • Attend to monthly Compliance Forum with GB Executive Team to provide monthly compliance updates, ratings of compliance risks and tracking of compliance remediation actions
  • Coordinate overlapping processes between the GB Compliance Team and the GB Legal Team
  • Provide compliance advise to the GB Executive Team regarding the structuring of policies and related agreements
  • Provide compliance advise to the GB staff relating to impact of non-compliance with legislation
  • Manage compliance Staff within GB

What will make you successful in this role?

 

Qualification & experience  

  • Legal degree or Diploma 
  • Admitted Attorney or Advocate would be advantageous 
  • Management Experience
  • Meeting the competence and experience requirements to be registered as a Compliance Officer with the FSCA  
  • Successfully written the Regulatory Exams (RE-1 or RE-5) 
  • A completed compliance qualification would be a distinct advantage  
  • At least 5 years relevant experience, preferably within the financial services / insurance sector 
  • At least 3 years Management experience in the insurance industry 
  • Knowledge of and experience in legislation relevant to the organization (e.g. FAIS, Insurance Act, Retail Distribution Review, New Insurance Act, 2017, FSR Act, POPI, FICA, Long-term insurance Regulations & Policyholder Protection Rules, 2017) 
  • Life insurance industry knowledge would be a distinct advantage An Insurance qualification will be advantageous. 
  • People Management

 

Knowledge and Skills

Compliance and legal projects management
Compliance advice and training
Documentation reviews
Risk Management
Compliance monitoring and reporting

Personal Attributes

Business insight - Contributing through others
Manages complexity - Contributing through others
Persuades - Contributing through others
Builds networks - Contributing through others

Build a successful career with us

We’re all about building strong, lasting relationships with our employees. We know that you have hopes for your future – your career, your personal development and of achieving great things. We pride ourselves in helping  our employees to realise their worth. Through its business clusters – Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investments, Sanlam Corporate, Santam, Miway, as well as the Group Office – the group provides many opportunities for growth and development.

Core Competencies

Being resilient - Contributing through others
Collaborates - Contributing through others
Cultivates innovation - Contributing through others
Customer focus - Contributing through others
Drives results - Contributing through others

Turnaround time

The shortlisting process will only start once the application due date has been reached. The time taken to complete this process will depend on how far you progress and the availability of managers. 

Our commitment to transformation

The Sanlam Group is committed to achieving transformation and embraces diversity. This commitment is what drives us to achieve a diverse, inclusive and equitable workplace as we believe that these are key components to ensuring a thriving and sustainable business in South Africa. The Group's Employment Equity plan and targets will be considered as part of the selection process.