Compliance Manager - Discovery Central Services

Job Purpose

The FAIS Centre of Excellence is a compliance function within Group Compliance that provides compliance oversight and advice to Discovery FSPs, Key Individual and Representatives.

The purpose of this role is to provide sound advice to FSPs in terms of legislation, to implement and maintain the FSP Governance Framework, be responsible for drafting and completion of all FSP reporting obligations, be responsible to manage and facilitate all FAIS-related regulatory engagements and submissions, attend to all legal obligations for FSPs, and ensure that the FSPs follow best practices and the compliance methodology and to manage and oversee the team.

Areas of responsibility may include but not limited to

• Provide advisory notes to business on regulatory compliance matters, engage stakeholders on resolution of compliance matters and interpretation of legislation, and draft and review of compliance guidance notes.
• Develop and review company policies, frameworks and processes in line with compliance best practice protocols and ensure that they are appropriate for the business. 

• Manage the regulatory profile of the business, engaging with stakeholders on any incidents (breaches and exposures), ensure that remedial action plans are implemented and tracked to completion, and to regularly engage with other assurance provider functions.
• Manage the licensing requirements for FSPs, engage stakeholders and provide guidance and support to ensure licensing requirements are met timeously, monitor compliance with license conditions and restrictions and facilitate submissions to the regulator. 
• Facilitate the drafting of legal opinions and sign-off, vetting of contracts, including consulting with legal firms as and when required, draft and/or review and obtain sign-off of responses for submission to the regulator and attend to the drafting of exemption applications to regulatory bodies.
• Design, review and sign-off compliance documents as and when required. 
• Keep abreast of regulatory developments and changes in the financial services industry, with particular focus on FAIS and all subordinated legislation.
• Analyse regulatory changes and facilitate requests for comments on new and amended legislation.
• Communicate regulatory requirements to stakeholders; and provide guidance and support on new and amended legislation.
• Complete impact assessments and conduct workshops on new and amended legislation; and track implementation thereof.  
• Manage all regulatory engagements and interact directly with the regulatory and/or industry bodies on complex compliance queries, non-compliance issues, and fines and penalties.
• Facilitate meeting interactions with the relevant business stakeholders and the regulatory and/or industry bodies; ensure that questionnaires and surveys are timeously completed by the FSPs.
• Manage and oversee submissions to the regulator such as but not limited to annual financial statements, payment of annual levies, etc. and ensure timeous submission to the regulator.
• Responsible for drafting and review of all FSP reports to various committees, regulator and/or industry bodies.
• Provide comprehensive reports and feedback to senior management and committees.
• Manage and oversee projects such as new business initiatives and third-party interactions as and when required.
• Manage and oversee the outputs of the team, to guide and motivate team members to achieve a common goal, setting objectives for the team and supporting them to ensure that the team’s annual objectives are met.
• Build, develop and maintain strong cross-functional relationships with the key internal and external stakeholders relevant to the functional area and / or area of specialisation to assess and anticipate emerging risk areas across FSPs.

Education and Experience

• 5 years’ of working experience in a financial services compliance role in the application of FAIS within the FSPs as well as thorough understanding of the legislation.
• At least 4-5 years’ experience in managing a team.
• Relevant tertiary education
• Recognised compliance qualification from accredited institution (Advantageous)
• Member of Compliance Institute of South Africa and/or Financial Planning Institute would be advantageous.

Skills and Knowledge

• Detailed knowledge of local (South African) legislation relating to financial services and able to interpret and apply legislation, including, but not limited to the following: FAIS, POPIA, Insurance Act.
• Sound understanding of compliance methodology, working knowledge of all elements comprising.
• Problem-solving skills and conflict management of situations in a constructive and professional manner.
• Ability to make rational judgements from the available information and analysis and provide considered and consistent advice.
• Strong communication, reporting and presentation skills.
• Ability to work as a team, understand the impact of decisions and be confident enough to raise concerns within the team and to senior management.

• Strong research ability and attention to detail.
• Detailed and technical expertise in the operation and governance requirements of FSPs.
• Develop an effective network with business representatives and to build the necessary trust relationship with business representatives.
• Writes in a well-structured and logical way – must have ability to write and review compliance policies and draft compliance guidance notes and reports with detail required to inform the business of regulatory requirements and potential impacts.
• Able to work well under pressure.
• Efficient time management skills, including quick turnaround time on quality work.
• Foster a positive work environment that promotes employee satisfaction and retention.
• Strong leadership and teamwork qualities. 
• Experience and skills to manage a professional team.