The role of Head of Compliance involves establishing and maintaining an effective compliance function, ensuring the Board Approved compliance framework is fully aligned with all applicable regulatory laws and regulations. This function is vital for implementing the compliance framework across all areas of the bank, thereby protecting the institution from regulatory fines, financial loss, reputation damage, and legal ramifications resulting from non-compliance.
Key Responsibilities
Financial
- Ensure appropriate controls are in place to prevent and detect instances of conflicts of interest or patterns of illegal, unethical, or improper conduct by employees.
- Ensure that irregularities and non-compliance issues or breaches of applicable compliance policies and standards are properly investigated, escalated to relevant senior management and the Board Committee with follow-up on correction actions.
- Provide compliance, governance advisory, and support to the bank’s management, business, and control units in order to adhere to the bank’s standards and regulatory requirements.
- Ascertain a compliance assessment on new products, services, and delivery channels prior to launch in collaboration with relevant stakeholders.
- Collaborate with internal audit to ensure that any compliance related audit findings are adequately mitigated through a well-defined action plan.
- Assure that all regulatory requirements, inquiries, and periodic returns are adequately addressed and met on schedule.
- Report on compliance performance and identified risks to the appropriate senior management and board committee on a regular basis.
Customer
- Ensure appropriate whistleblowing channels and a framework are in place to encourage employees and other stakeholders to report any noncompliance without fear, and protect the whistleblower from any retribution.
Internal Business Process
- Ensure that the Governance, Compliance, and Control Frameworks of the Bank are dynamic and operating effectively.
- Ensure that the compliance program remains up to date with related regulatory requirements as stipulated by the CBK, including AML/KYC and statutory compliance.
- Liaise with external auditors, consultants, and regulatory authorities to make sure that inspection findings have been appropriately rectified.
Functional Responsibilities
- Promote a culture of high ethical standards and commitment to compliance controls within the bank.
Job Specification and Requirements
Academic
- Minimum of a bachelor’s degree in accounting, Banking & Finance or related discipline (with an MBA, MSC or its equivalent)
Professional Qualifications & Experience
- Professional qualifications e.g., CPA, ACCA & CIMA, CRMA.
- Proficiency in Microsoft Office Suite.
Desired Work Experience
- At least 15 years’ experience in a Risk, Compliance or Audit Department in a banking environment with a strong understanding of overall banking operations, systems and processes.
- 5 years of which should have been in a Senior position.
- Outstanding performance of duties and exceeding expectations in positions that require strong analytical, problem-solving, decision-making, team building, and leadership skills including the ability to manage risk, compliance, and control activities in a financial institution.
