Assistant Manager - Compliance

Job Purpose

Provide management with independent and objective compliance oversight in line with the Enterprise Risk Management Framework.

Key Responsibilities/Tasks

• Regulatory Compliance Oversight:
  • Primary responsibility is to maintain a comprehensive understanding of all relevant country and local banking laws, regulations, and guidelines.
  • Continually monitor the regulatory landscape, staying vigilant for changes that may affect our operations.
  • Collaborate closely with the legal and regulatory affairs teams to interpret and implement compliance changes effectively, ensuring that our bank always remains in strict compliance.
• Policy Development and Enhancement:
  • Spearhead the development, review, and updating of our bank's compliance policies, procedures, and manuals and ensure they are uploaded in the intranet.
  • Ensure that our policies reflect the most current regulatory requirements and that they are clearly communicated to all relevant departments and personnel.
• Risk Assessment and Mitigation:
  • Responsible for conducting comprehensive risk assessments across all facets of our bank's operations on compliance risk.
  • Guide the identification of potential compliance risks, enabling you to develop strategies and action plans to mitigate these risks effectively.
  • Continually monitor the effectiveness of these strategies, making adjustments as necessary to maintain compliance.
• Training and Education:
  • Design and deliver comprehensive compliance training programs for our employees.
  • Programs will be tailored to the specific roles and responsibilities of different staff members.
  • Establish and oversee continuous education initiatives to ensure that our staff remains informed about evolving regulations and compliance expectations.
• Reporting and Documentation:
  • Prepare and submit regular compliance reports to our senior management and relevant regulatory authorities.
  • Ensure that our compliance records are well-organized and up to date, facilitating easy retrieval when needed.
• Internal Audits and Reviews:
  • Conducting periodic internal compliance audits and reviews will be a core part of your responsibilities.
  • Identify any instances of non-compliance, and you will collaborate closely with our audit and risk management teams to address and rectify any compliance deficiencies promptly.
• Investigations and Incident Management:
  • When compliance-related incidents arise, such as customer complaints, potential fraud, or suspicious transactions, you will lead the investigations into these matters.
  • Implementing corrective actions and preventive measures to mitigate future risks will be essential in your role.
• Anti-Money Laundering (AML) Program Oversight:
  • Managing our bank's AML program.
  • Oversee crucial components such as customer due diligence, transaction monitoring, and the reporting of suspicious activities.
  • Staying updated on emerging AML threats and regulatory changes.
• Privacy and Data Protection:
  • Encompasses ensuring that our bank strictly complies with data privacy laws and regulations.
  • Safeguarding customer information and developing and maintaining robust data protection standards and practices.
  • Overseeing the organization's data protection practices
  • Implementing and maintaining data protection policies
  • Liaising with the Tanzanian Personal Data Protection Commission
  • Providing data subjects with information about their rights
  • Managing data security breaches
  • Training staff on data protection obligations
  • Responding to data subject access requests
• Vendor Risk Management:
  • You will evaluate and manage compliance risks associated with third-party vendors and service providers.
• Compliance Risk - Daily monitoring of transactions and report any suspicious transactions to Head of Risk and Compliance
• Audit Compliance - In liaison with Heads of Departments, follow up on Audit Agreed Recommendation Plans (ARP) queries and reports
  • Inform and advice the management regarding proposed and pending regulatory changes.
  • Support the Head of Risk and Compliance in preparing risk related reports eg. MRC, Board papers etc.
  • Prepare training materials for risk and compliance related trainings whenever required.

Skills, Knowledge and Abilities

• Knowledge of banking industry and banking regulatory frameworks
• Critical Thinking and Problem-Solving skills
• Analytical and Math Skills
• Knowledge on Microsoft Applications
• Interpersonal Skills
• Communication skills

Academic / Professional Qualifications

• Bachelor’s degree in business administration, Banking, Finance or related field
• A minimum of 3 years working experience in similar role