Chief Compliance Officer at an Assurance Company

JOB SUMMARY:

This role is responsible for ensuring strict compliance with the laws especially but not limited to the Insurance Act, the Money Laundering Prohibition Act, Companies and Allied Matters Act, Investment Act, Policies, Procedures and Guidelines of Regulatory Authorities (NAICOM, Securities and Exchange Commission, Nigerian Stock Exchange, Corporate Affairs Commission), review and evaluate compliance issues and concerns within the Group. To ensure that the organization is in compliance with the rules and regulations of regulatory agencies and that company policies and procedures are being followed.

ROLE QUALIFICATION:

• First degree in any discipline
• A relevant Master’s Degree will be an advantage
• An Insurance Professional Qualification is compulsory

WORK EXPERIENCE:

Minimum of 7 years post qualification experience in the Insurance Sector, with at least 4 years experience leading a technical unit.

KEY RESPONSIBILITIES:

• Planning, implementing and monitoring the Compliance Programme in the company to ensure strict compliance with relevant laws, policies and procedures of the regulatory authorities.
• To be fully acquainted with all applicable laws, policies, procedures and guidelines of the Regulatory Bodies as they relate to compliance.
• To monitor, and when necessary, coordinate compliance activities of other departments to remain abreast of the status of all compliance activities and to identify trends.
• To identify potential areas of compliance vulnerability and risk; develop/implement corrective action plans for resolutions of problematic issues, and provide general guidance on how to avoid or deal with similar situations in the future.
• To provide reports on a regular basis, and as directed or requested, to keep the Board and Management informed of the operation and progress of compliance efforts.
• To work with the Human Resources Department to develop an effective compliance training program, including appropriate introductory training for new employees as well as ongoing training for all employees and managers.
• To monitor the performance of the Compliance Program and related activities on a continuing basis, taking appropriate steps to improve its effectiveness.
• To supervise the activities of the Internal Control and Compliance departments and branches of the company and coordinate their activities in line with NAICOM guidelines.
• To ensure that all weekly and quarterly returns are filed with NAICOM and NFIU.
• To ensure strict compliance with the Customer Due Diligence (CDD) and Know Your Policy Holders (KYP) requirements.
• To ensure that all the necessary statutory returns are filed as at when due;
• Notify the appropriate departments to ensure timely rendition of returns.
• Vetting of all returns to ensure compliance with laid down procedures and statutory guidelines.
• Any other duties as assigned by Management.

REQUIRED SKILLS & COMPETENCIES:

• Knowledge and understanding of the Nigerian Insurance Sector
• Excellent customer relationship development/management
• Good negotiation, problem-solving and conflict resolution
• Creative and innovative
• Knowledge and understanding of commercial financial products
• Excellent communication skills (Oral & Written)
• Good managerial/administration skills
• Team building / conflict management
• Coaching / Leadership / Influencing
• Organization and coordination skills Initiative
• Entrepreneurship / taking ownership
• Analytical Skills / Problem solving
• Self-Management / Interpersonal Skills
• Advanced Credit Skills
• Business Acumen
• Strategic thinking
• Accurate Business decision making
• Planning and forecasting