Virtual Pay is seeking a Head of Risk to lead the development, implementation, and management of the company's risk management framework. This role is crucial for ensuring Virtual Pay operates within its defined risk appetite, complies with all regulatory requirements, and maintains a strong control environment. The ideal candidate must possess extensive experience in risk management within the financial services or payment services industry, coupled with a deep understanding of the global regulatory landscape.
Key Responsibilities
Risk Management Strategy
- Develop and implement a comprehensive risk management strategy aligned with the company’s business objectives and regulatory requirements.
- Lead the identification, assessment, and prioritization of risks across the organization.
Risk Governance
- Establish and maintain risk governance frameworks, policies, and procedures.
- Ensure effective risk reporting and communication to the executive team and board of directors.
Regulatory Compliance
- Stay abreast of global regulatory developments and ensure compliance with applicable laws and regulations.
- Liaise with regulatory bodies and ensure timely and accurate reporting.
Operational Risk
- Oversee the identification and management of operational risks, including fraud prevention, cybersecurity, and business continuity.
- Develop and implement risk mitigation strategies and controls.
- Oversee card risk management, ensuring effective controls are in place to detect and prevent fraud.
- Manage transaction monitoring systems to detect suspicious activities and ensure compliance with relevant regulations.
AML and Transaction Monitoring
- Develop and maintain policies and procedures related to Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) compliance.
- Implement and oversee robust AML and transaction monitoring programs.
- Ensure effective detection, investigation, and reporting of suspicious transactions.
Risk Assessment and Reporting
- Conduct regular risk assessments and audits to evaluate the effectiveness of risk management practices.
- Prepare and present detailed risk reports to senior management and the board.
Implementation of ISMS (Information Security Management System)
- Lead the implementation and continuous improvement of an ISMS in alignment with ISO/IEC 27001 standards.
- Identify and assess information security risks and implement appropriate controls to mitigate these risks.
- Ensure the ISMS supports the overall risk management framework and contributes to the company’s risk management strategy.
- Oversee internal and external ISMS audits, ensuring compliance and certification maintenance.
Leadership and Collaboration
- Lead and develop a high-performing risk management team.
- Collaborate with other departments to integrate risk management into business processes and decision-making.
Training and Awareness
- Promote a risk-aware culture across the organization through training and awareness programs.
- Provide guidance and support to staff on risk-related matters.
Requirements
- Bachelor’s degree in Risk management, Finance, Business, or a related field.
- Professional certifications such as FRM, PRM, CFA, or ACAMS are an added advantage.
- At least 7 years of experience in risk management within the financial services, fin-tech, or payments industry.
- In-depth understanding of risk, compliance, and fraud prevention strategies in digital payments.
- Familiarity with Kenyan and global regulatory frameworks governing PSPs.
- Strong leadership, analytical, and decision-making skills.
- Excellent communication and stakeholder management abilities.
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