Risk and Compliance Manager

Let's Write Africa's Story Together!

Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.

Key Responsibilities

PRIMARY  |  Risk Framework and Management

• Own Symmetry’s first line risk management framework in line with Group and Old Mutual Wealth risk policies and setting the approach to risk and control self assessment, incident management and key risk indicators across every Symmetry team

• Lead risk and control assessments with each team and maintain the Risk and Control Matrix that forms the business risk profile, evaluating control design and operating effectiveness and determining residual risk ratings

• Own the risk incident process end to end: overseeing prompt logging, leading root cause investigations with the business and service providers, assessing client, financial and regulatory impact, finalising incident reports and confirming that corrective actions are closed with evidence

• Own the risk register so that entries are current, concise and accurately reflect inherent and residual risk, control effectiveness and action status
• Define and monitor key risk indicators and escalation thresholds, identify emerging risks and changes in the control environment, and escalate them to the Head of GLRC promptly

• Lead first line oversight of key outsourced service providers, including the fund administrator, through review of service levels, incidents, reconciliation breaks and control assurance reporting, escalating where performance falls outside agreed tolerances

PRIMARY  |  Compliance and Monitoring

• Design, implement and maintain Symmetry’s compliance function, mapping requirements under FAIS, CISCA, FICA, POPIA and FSCA conduct standards to business owners, processes and controls
• Own the FAIS supervision and Fit and Proper framework for representatives and key individuals, including supervision arrangements, Fit and Proper evidence (including competence and continuous professional development) and the accuracy of the representative register and records held with the FSCA

• Lead Symmetry’s first line implementation of Group compliance requirements, including the Risk Management and Compliance Programme under FICA and the POPIA privacy processes, covering training, attestations, incident escalation and record keeping

• Operate third party risk management under the Group TPRM Framework: maintaining the vendor inventory and risk tiering, coordinating periodic attestation cycles, and tracking issues to resolution

• Track regulatory change across FAIS, CISCA, FICA, POPIA and FSCA communications, assess the impact on processes and controls, and lead implementation within the business

• Oversee breach reporting from the administrator and management company on mandate, CIS portfolio limit and Regulation 28 constraints, escalating to the Head of GLRC and the investment team and tracking resolution

PRIMARY  |  Governance, Reporting and Regulator Engagement

• Prepare and present risk and compliance reporting, including key risk and compliance indicators, incident trends and remediation status, to the Head of GLRC, the Symmetry Governance Forum and Old Mutual Wealth governance committees

• Manage the quarterly Governance Forum: agenda, papers, minutes, action tracking and follow up reporting

• Coordinate first line input into internal audit, second line reviews and independent assurance reviews, including evidence preparation and tracking of findings to closure

• Prepare FSCA submissions, notifications and correspondence on matters delegated by the Head of GLRC, and manage regulatory information requests within required timelines

SECONDARY  |  Policy and Legal Workflow Management

• Draft and maintain policies, standard operating procedures and procedural documents for the GLRC function, and continuously improve risk and compliance processes

• Maintain the contracts register and review incoming agreements for regulatory and third party risk requirements, including outsourcing, data protection and FAIS provisions, routing them for legal review by the Head of GLRC or OMW Legal

• A law degree, or a BCom degree with a strong legal or regulatory background (minimum NQF level 7)

• 7 or more years of experience in financial services, including at least 5 years in risk management and regulatory compliance roles, ideally in asset management, collective investment schemes or a linked investment environment, and ideally coupled with operational experience

• Experience supervising or leading others, whether direct reports or project and workstream teams

• Demonstrable experience designing or embedding a risk management framework, including risk and control self assessment, incident management and key risk indicators

• Experience designing and executing a risk based compliance monitoring plan

• Advanced working knowledge of FAIS, including supervision and Fit and Proper requirements, and of CISCA, FICA and POPIA

• Strong written communication: the ability to turn complex operational detail into clear, concise reports in plain language

• Credibility with senior stakeholders and comfort operating in a complex group structure with shared services, group oversight functions and layered approval requirements

• A professional designation from the Compliance Institute Southern Africa or the Institute of Risk Management South Africa (IRMSA)

• Experience in third party risk management or oversight of outsourced service providers, particularly fund administrators

• Experience preparing FSCA submissions and managing regulatory correspondence

• Experience using governance, risk and compliance systems

• Understanding of investment compliance principles, including CIS portfolio limits, Regulation 28 constraints and mandate monitoring

• Investigates thoroughly: asks what could go wrong, follows the evidence and gets to root cause rather than accepting the first explanation

• Exercises sound judgement on control effectiveness and risk ratings, and can defend that view with evidence

• Writes clearly and concisely: produces incident reports, risk register entries and control descriptions that are accurate, easy to read and expressed in sound risk language

• Engages credibly with senior management, operational teams and service providers, building trust while holding firm on control requirements

• Leads and develops others, setting clear expectations and reviewing work to a high standard

• Takes ownership of the programme: this role is not supervised at task level, and the expectation is professional accountability for defined outcomes
• Follows actions through to closure and escalates clearly and promptly when something requires it, without waiting to be asked

The appointment will be made from the designated group in line with the Employment Equity Plan of Old Mutual South Africa and the specific business unit in question.

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