Risk & Compliance Team Lead - UPDC Plc at UAC

Reports to: Chief Financial Officer
Directly Supervised by: Chief Financial Officer

Job Summary (This functions cut across UPDC businesses)

• Monitor and report enterprise wide risks within the BU.
• Examine, review, and report to management on the adequacy and effectiveness of the internal control system in the BU with a view to establishing that:
  • SAP Financial and operating information are reliable;
  • Policies, procedures, relevant legislations, plans, laws and regulations are complied with;
  • Resources are economically, effectively and efficiently utilised
  • Errors, frauds and irregularities are prevented and detected and reported
  • All business risks are managed to a level within the acceptable limit set by the Board.
  • Business goals and objectives are appropriate and achievable.
  • Leading and running the Compliance unit of UPDC by supervising the team of 1  Compliance Officer (UHL) and 2 call-over officers (UHL & VFM)
  • Conducting special investigations in UPDC and engaging in unscheduled surprise visits to conduct spot checks.
  • Monthly reporting to the MD of the BU, and the CFO on the activities of the businesses with respects to Risk management and Compliance.
  • Quarterly summary reporting to the Board Risk and Governance Committee on the activities of the departments across the BU.

Key Roles and Responsibilities

• Identify the operations and processes of the business unit to be reviewed and the risks inherent in the processes.
• Prepare and execute annual Risk & Compliance Plan, with approval of CEO and CFO. This ensures effective coverage of all the business units’ core business and resource management processes.
• Identify areas of control weaknesses, loss or potential loss and provide appropriate recommendations to management of the business units.
• Assist management in the identification of risks inherent in the business and providing recommendations on the adequacy and effectiveness of controls in place to minimize such risks
• Monitor the operating business environment for adequate segregation of duties physically and on SAP to ensure that no single person has an independent control over any important aspect of the business.
• Review and comment on the economy, efficiency, effectiveness of operations and monitor the environment in which the business operates to ensure that the business is adequately safeguarded against waste, fraud and avoidable loss.
• Examine the correctness of financial and operating information prepared for management on SAP and detailed testing of transactions and balances contained in the income statement and balance sheet respectively.
• Observe quarterly physical stock count exercise in all the depots and report on the adequacy of the process
• Verify and review the procedures laid down for periodical verification / reconciliation and testing of different sections of accounting records on SAP to ensure that they are accurate.
• Identify, assess and report on risks of the business units through the Risk and Control Self-Assessment (RCSA) questionnaire
• Update the risk registers of the business unit with emerging risks which may have arisen either through internal changes or new legislation;
• Ensure that articulated mitigating steps for identified risks are carried out;
• Compile risk and compliance reports and submit to BU head, as well as the Head Risk & Compliance (HR&C)  on a periodic and adhoc basis;
• Assess the adequacy of the designed and existing controls within the business unit and proffer recommendations;
• Conduct training on Risk awareness and control consciousness in the BU through the various regional meetings and at the head office with the leadership team.
• Assist process owners integrate risk management into their day-to-day activities;
• Compute and review the BU Key Risk Indicators (KRI) values and determine if the values have exceeded the risk limits for the BU;
• Follow up on all compliance and audit issues (internal & external) of the BU and recommendations made on the issues highlighted;
• Effectively and efficiently supervise the work of other Compliance Managers / officers across the regions in the business unit
• Assist to perform an analysis on existing policies and procedures of the business unit to determine whether gap(s) exist and recommend applicable policies and procedures to ensure effective and efficient control environment and closure of gaps identified
• Contribute to the development and maintenance of formal written policies and procedures in the business unit.
• Participate and/or lead various compliance, investigations, risk management, and process improvement initiatives.
• Build strong working relationships with internal departments, and auditors (Internal & External).
• Produce concise and accurate Risk & Compliance reports for management and the Board Risk and Governance Committee of UPDC.
• Test transactions on SAP to ensure Completeness, Accuracy and Validity of such transactions.
• Any other duty(s) assigned by management

AD-hoc and Routine:

• Special Investigations
• Unscheduled visits to business units for spot checks
• Monthly validation of RCSA and Reporting
• Regular Audit Follow up activities.
• Daily Review of Call-Over Reports.
• Attending weekly Business Review Meeting
• Quarterly Reports to Board Risk and Governance Committee

Strategic Involvements:

• Presenting reports at the quarterly meeting of the Board Risk and Governance Committee of UPDC.
• Participating in the Strategy Session of the BU
• Involvements in meeting with the executive members of the Clients’ companies.
• Attending the Leadership meetings of the BU
• Attending the Regional meetings of the BU with General Manager.
• Competency and Skills Requirements
• Analytical skills
• Good Communication & Persuasive skills
• Report writing and presentation skills
• Practical knowledge of office tools (Word, Excel & PowerPoint)

Other Relevant Information:

• The jobholder must be fully conversant with the Company’s Business processes, Audit procedures and Accounting policies, principles and practice.
• Knowledge of risk and control environment would be essential.
• The job requires a lot of travelling.
• Absolute confidentiality, high integrity, innovation and creativity, professional skepticism and strong interpersonal skills are required.

Minimum Qualifications

• Minimum of 8 years working experience
• Educational Qualification: HND upper credit or BSC (2-1)
• Professional Qualification (ACA, ACCA)