The role of the Senior Officer, Regulatory and Statutory Compliance is to oversight and ensure that SBM Bank is compliant and adheres to all relevant laws and regulations that govern banking business and all other related activities undertaken by or affecting it, such as the Banking Act, CBK Prudential guidelines, Kenya banking sector Charter, Employment Act, Capital Markets Act, etc. The officer is also expected to participate and contribute to the development of a strong compliance culture in the Bank through regular compliance engagements with staff in the various departments, units, and across the branches.
Key Responsibilities
Regulatory & Statutory Compliance (50%)
- To monitor and keep abreast on any proposed changes to the relevant laws and regulations with a view to identify any potential impact that may arise for noting or action by the Bank’s Executive and the board.
- To monitor and ensure any changes to the regulatory and statutory requirements are immediately identified, the relevant departments/ units are advised and required actions are tracked for compliance.
- To maintain an up-to-date register of all regulatory and statutory requirements that the bank is obligated to adhere to and noting the respective internal owners/ departments/ units charged with the responsibility of enforcing and ensuring compliance.
- To regularly assess the status of compliance with all the relevant laws, regulations and policies by conducting independent compliance reviews and/or reviewing compliance self-assessments/ attestations submitted by departments/units as per the approved framework/ the agreed work plan or as guided by the supervisor.
- To ensure that any regulatory or statutory breaches identified are promptly reported.
- To guide, advise and sensitize staff in the various departments and units of their obligations with the focus on ensuring compliance with relevant regulatory and statutory requirements.
Compliance Monitoring (20%)
- To regularly evaluate and review the effectiveness of internal processes, policies and procedures to ensure that they are adequate and support the business in mitigating the Bank’s compliance risk exposure in a changing environment.
- To review and assess the effectiveness of the various Management Committees, Departments and Branches in mitigating against compliance risk exposure.
- To review and offer advisory so that all new products and services are adequately assessed and are guided by documented processes, policies and procedures to mitigate any potential compliance risk exposures.
- To liaise and collaborate with Risk and Internal Audit departments to identify areas of non-compliance and ensure adequate follow up is done to remediate or close any open issues.
Reporting (20%)
- To regularly review the regulatory returns prepared and submitted to the Regulators and other statutory bodies by the relevant departments for accuracy and timeliness in submission.
- To prepare regular reports providing updates on matters related to compliance with regulatory and statutory requirements.
- To prepare regular reports providing updates on matters related to compliance with the Bank’s approved policies, processes and procedures.
- To assist in the preparation of the compliance papers for the Executive Management and Board, giving updates on the status of compliance with the relevant laws, regulations and policies.
- To cooperate and facilitate the provision of ad-hoc reports and or information to the regulators as and when required.
Stakeholder Engagement / Training & Sensitization (10%)
- To organize and participate in the training and sensitization of Bank Staff and management on the regulatory and statutory requirements and obligations.
- To organize and participate in internal stakeholder engagements and assist management in promoting a culture of compliance with regulations/ guidelines and policies in the bank.
- To participate in industry forums and network with counterparts in the industry with a view of benchmarking and promoting compliance standards and best practice.
- To undertake other activities as may be assigned by the line manager and the bank management.
Key Relationships
Direct Reports to this Position: No direct reports to this role at the moment. However, there is an expectation that the holder should be a subject matter expert and be able to demonstrate confidence to lead teams of peers, communicate and engage with senior members of staff (e.g. Managers in various departments/ units) when undertaking compliance reviews or when called upon to do so.
Key Internal Stakeholders: All Branches and Departments.
Knowledge, Skills, and Experience required for this Role
- At least 5+ years’ experience in a banking environment, working in Compliance and or Risk role and with sound exposure and understanding of the relevant regulatory and statutory requirements.
- Sound working knowledge of the Banking Act, Prudential Guidelines and other relevant and applicable laws, regulations.
- Minimum of a Bachelors’ Degree.
- Professional certifications in Risk and Compliance will be an added advantage.
Competencies required for this Role
- Good interpersonal skills
- Planning and organising
- Good communication and presentation skills
- Proactive approach and sound judgement
- Strong analytical and monitoring skills
- Excellent report writing skills
- Attention to detail, and high level of accuracy.
