- Develops, initiates, maintains, and revises policies and procedures for the general operation of the Risk, Compliance, AML/CFT Program and its related activities to prevent illegal, unethical, or improper conduct. Manages the day-to-day operation of the Program. Develops and periodically reviews and updates the Business Code of Conduct to ensure continuing accuracy and relevance in providing guidance to management and employees.
- Promotes an enterprise-wide-risk management competence throughout the company, including facilitating the development of risk management culture, common risk language and technical risk management expertise.
- Maintains effective systems and controls for compliance with applicable requirements as per the country’s legislation, those set by the CBB, and those established under any other statute or regulator to which the company is subject.
- Advising senior management/head of function on compliance with laws, rules and standards including keeping them informed on developments in the area.
- Identifies potential areas of compliance vulnerability and risk and develops/implements corrective action plans for resolution of problematic issues and provides general guidance on how to avoid or deal with similar situations in the future.
- Identifies, documents, and assesses the compliance risks associated with the development of new products and business practices, the proposed establishment of new types of business or customer relationships, or material changes such relationships. Define the plans to manage them.
- Establishes and maintains a Risk and Control Self-Assessment framework which provides the identification of inherent risks, mitigating controls and residual risks.
- Responds to alleged violations of applicable rules, regulations, policies, procedures, and Standards of Conduct by evaluating or recommending the initiation of investigative procedures. Develops and oversees a system for uniform handling of such violations.
- Acts as an independent review and evaluation body to ensure that compliance issues/concerns within the organization are being appropriately evaluated, investigated, and resolved.
- Educating staff on compliance issues and acting as a contact point within the Company for compliance queries from staff members.
- Monitors and as necessary coordinates compliance activities with other departments to remain abreast of the status of all compliance activities and identify latest trends.
- Monitoring and testing compliance by performing sufficient and representative compliance testing. Provides reports on a regular basis and as requested, to keep the senior management and Board of Directors informed of the operation and progress of compliance efforts.
- Ensures proper reporting of violations or potential violations to duly authorized enforcement agencies as appropriate and/or required.
- Establishes and maintains an effective compliance communication program for the organization, including an effective compliance training program for all employees and managers.
- Monitors the performance of the Risk and Compliance Program and related activities on a continuing basis, taking appropriate steps to improve its effectiveness.
- Ensure all relevant staff are effectively trained on AML/CFT.
- Monitor the level of AML/CFT compliance within the company and identify any additional training needs.
- Act as the point of contact for all AML/CFT related queries and STRs reporting to the authorities as and when required.
- Preparing annual reports on AML/CFT Compliance to the Board of Directors and senior management.
- Maintains a culture of Risk Management across all levels of the organization driven by “top down” approach.
- Integrate Risk Management with all organizational systems, thus ensuring greater acceptance of Risk Management practices across all levels.
- Sustained and standard Risk Management practices across all levels, thus ensuring common language as to classification and assessment of risks.
- Design and maintain a range of reporting mechanisms including early warning of potential risk factors, to alert different levels of management.
- Develop and regularly update risk register and associated risk profiles for critical processes.
- Adopt best practices in the identification, evaluation, and control of risks in order to eliminate or reduce the risks to a level, acceptable to the organization.
EDUCATION & TRAINING
- A Bachelor’s degree required; Master’s preferred
- ICA certification or equivalent
- CAMS certification or equivalent
- FRM or PRM; or equivalent.