Website I&M Bank
I&M Bank
Compliance Officer
Job Purpose
To provide management with independent and objective compliance oversight in line with the organization’s Enterprise Risk Management Framework. The role ensures adherence to regulatory requirements, internal policies, risk management standards, and industry best practices while supporting a strong compliance culture across the institution.
Key Responsibilities
1. Regulatory Compliance Oversight
- Maintain a comprehensive understanding of all applicable banking laws, regulations, and regulatory guidelines.
- Continuously monitor changes in the regulatory environment and assess their impact on the organization.
- Collaborate with Legal and Regulatory Affairs teams to interpret and implement regulatory changes.
- Ensure the organization remains compliant with all applicable laws and regulatory requirements.
- Advise management on proposed and pending regulatory changes.
2. Policy Development and Enhancement
- Develop, review, and update compliance policies, procedures, and manuals.
- Ensure compliance documents are current and accessible through the organization’s intranet.
- Align policies with regulatory requirements and industry best practices.
- Communicate policy changes effectively across departments.
3. Compliance Risk Assessment and Mitigation
- Conduct comprehensive compliance risk assessments across the organization.
- Identify potential compliance risks and recommend mitigation measures.
- Develop action plans to address identified compliance gaps.
- Monitor the effectiveness of risk mitigation strategies and recommend improvements where necessary.
- Perform daily compliance monitoring activities.
4. Training and Awareness
- Design and deliver compliance training programs for employees.
- Tailor training content according to employee roles and responsibilities.
- Conduct ongoing awareness programs regarding regulatory changes and compliance expectations.
- Prepare training materials for risk and compliance-related training sessions.
5. Reporting and Documentation
- Prepare and submit compliance reports to senior management and regulatory authorities.
- Maintain accurate and up-to-date compliance records.
- Ensure proper filing and documentation of compliance activities.
- Support the Head of Risk and Compliance in preparing:
- Management Risk Committee (MRC) reports
- Board papers
- Other risk and compliance reports
6. Internal Audits and Compliance Reviews
- Conduct periodic compliance audits and reviews.
- Identify areas of non-compliance and recommend corrective actions.
- Work closely with Internal Audit and Risk Management teams to resolve compliance issues.
- Monitor implementation of corrective measures.
7. Investigations and Incident Management
- Lead investigations into compliance-related incidents, including:
- Customer complaints
- Potential fraud cases
- Suspicious transactions
- Regulatory breaches
- Recommend and implement corrective and preventive actions.
- Ensure proper documentation and reporting of investigation findings.
8. Anti-Money Laundering (AML) Program Oversight
- Oversee the institution’s Anti-Money Laundering (AML) program.
- Monitor:
- Customer Due Diligence (CDD)
- Enhanced Due Diligence (EDD)
- Transaction Monitoring
- Suspicious Transaction Reporting (STR)
- Stay informed about emerging AML risks and regulatory developments.
- Report suspicious transactions to the Head of Risk and Compliance.
9. Privacy and Data Protection
The Compliance Officer will be responsible for ensuring compliance with data privacy and protection laws by:
- Safeguarding customer information.
- Developing and maintaining data protection policies and procedures.
- Overseeing organizational data protection practices.
- Liaising with the Personal Data Protection Commission (PDPC).
- Responding to data subject access requests.
- Managing data security incidents and breaches.
- Providing information to data subjects regarding their rights.
- Training staff on data protection obligations.
10. Vendor Risk Management
- Assess compliance risks associated with third-party vendors and service providers.
- Conduct vendor due diligence and compliance reviews.
- Monitor ongoing compliance performance of outsourced service providers.
- Recommend risk mitigation measures for third-party relationships.
11. Audit Compliance Management
- Follow up on Audit Agreed Recommendation Plans (ARP).
- Coordinate with Heads of Departments to address audit findings.
- Monitor implementation of agreed corrective actions.
- Report outstanding audit issues to management.
Skills, Knowledge and Abilities
Technical Knowledge
- Strong knowledge of:
- Banking operations
- Banking regulations
- Compliance frameworks
- Risk management principles
- AML/CFT regulations
- Data protection laws
Analytical Skills
- Critical thinking and problem-solving abilities.
- Strong analytical and investigative skills.
- Ability to identify compliance risks and recommend solutions.
Communication Skills
- Excellent written and verbal communication skills.
- Ability to prepare professional reports and presentations.
- Strong stakeholder management capabilities.
Computer Skills
- Proficiency in:
- Microsoft Word
- Microsoft Excel
- Microsoft PowerPoint
- Microsoft Outlook
Interpersonal Skills
- Strong relationship management skills.
- Ability to work effectively with regulators, management, and employees.
- High ethical standards and professional integrity.
Academic and Professional Qualifications
Required
- Bachelor’s Degree in:
- Business Administration
- Banking
- Finance
- Risk Management
- Economics
- Or a related field
Added Advantage
Professional certifications such as:
- Certified Compliance Professional (CCP)
- Certified Anti-Money Laundering Specialist (CAMS)
- Certified Risk Management Professional
- ACCA
- CPA
- CISA
- Any relevant compliance or risk certification
Experience Required
Applicants should possess:
- Minimum of 3 years’ experience in a similar compliance, risk, audit, or regulatory role.
- Experience within a bank, financial institution, or other regulated environment.
- Experience in:
- Regulatory compliance monitoring
- AML/CFT compliance
- Risk management
- Internal controls
- Regulatory reporting
- Audit compliance management
- Data protection and privacy compliance
Ideal Candidate Profile
The ideal candidate is a highly analytical and ethical professional with strong knowledge of banking regulations, compliance risk management, AML requirements, and data protection laws. They should be capable of independently monitoring compliance risks, conducting investigations, managing regulatory relationships, supporting audits, and promoting a culture of compliance throughout the organization.
How to Apply:
To submit your application, please follow the link provided below.
To apply for this job please visit imbank.bamboohr.com.