Internal Control & Compliance Manager at Phase3 Telecom

ROLE SUMMARY

• The Internal Control & Compliance Manager is a senior leadership role responsible for ensuring the Microfinance Bank operates within all regulatory frameworks, internal policies, and industry best practices. The role encompasses designing, implementing, and monitoring internal control systems to mitigate operational, financial, and compliance risks. The successful candidate will act as the primary liaison with regulatory bodies, including the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), and other relevant authorities.

KEY RESPONSIBILITIES

Regulatory Compliance

• Ensure the bank's full compliance with all CBN microfinance banking guidelines, anti-money laundering (AML) regulations, and NDIC requirements.
• Monitor changes in financial services regulations and update internal policies accordingly.
• Prepare and submit all regulatory returns (prudential guidelines, AML/CFT reports, monthly/quarterly returns) accurately and on time.
• Act as the primary contact for regulatory examinations, audits, and inquiries.

Internal Controls & Risk Management

• Develop, implement, and periodically review internal control frameworks covering lending operations, treasury, deposits, IT systems, and branch operations.
• Identify control weaknesses, operational risks, and fraud loopholes; recommend and track remediation actions.
• Conduct regular risk assessments across all departments (credit, operations, finance, HR, IT).
• Ensure segregation of duties and proper authorization matrices are in place and enforced.

Audit & Monitoring

• Plan and execute internal audits of departments and processes on a rotational basis.
• Conduct surprise cash counts, loan portfolio reviews, and transaction testing.
• Investigate whistleblower complaints, suspected fraud cases, or policy breaches and prepare detailed reports for management.
• Track audit findings and ensure corrective actions are implemented within agreed timelines.

AML & CFT Compliance

• Implement and monitor the bank's AML/CFT program, including customer due diligence (CDD), enhanced due diligence (EDD), and suspicious transaction reporting (STR).
• Ensure proper Know-Your-Customer (KYC) procedures are followed at all customer touchpoints.
• Maintain the register of politically exposed persons (PEPs) and sanctioned entities.
• Train staff on AML regulations, fraud awareness, and ethical conduct.

Reporting & Documentation

• Prepare quarterly compliance reports for the Board Audit & Risk Committee.
• Document all internal control procedures, risk registers, and exception reports.
• Maintain an up-to-date repository of all regulatory correspondence and filings.

Training & Advisory

• Train department heads and staff on compliance requirements, internal controls, and fraud prevention.
• Provide advisory support to management on the compliance implications of new products, partnerships, or expansion plans.

QUALIFICATIONS & EXPERIENCE

Education

• Bachelor's degree in Accounting, Finance, Banking & Finance, Economics, or Law.
• A master's degree (MBA, MSc Finance, or related) is an added advantage.

Professional Certifications

• Certified Internal Auditor (CIA)
• Certified Fraud Examiner (CFE)
• Associate/Chartered Accountant (ACA, ACCA, or CIMA)
• Certified Compliance Professional (e.g., CAMS – Certified Anti-Money Laundering Specialist) is an added advantage.

Work Experience

• Must have a minimum of 8 years of progressive experience in internal control, audit, compliance, or risk management within a microfinance bank, commercial bank, or other CBN-regulated financial institution.
• At least 3 years in a supervisory or managerial role.
• Demonstrable experience in preparing and submitting CBN and NDIC regulatory returns.
• Proven track record of conducting internal audits, investigating fraud, and implementing control systems.

Technical Skills

• Deep understanding of CBN Microfinance Banking Guidelines, AML/CFT Act 2011 (as amended), NDIC Act, and Banks and Other Financial Institutions Act (BOFIA).
• Proficiency in core banking applications and Microsoft Office (Excel, Word, PowerPoint).
• Knowledge of data analytics tools for audit testing is an advantage.
• Familiarity with IFRS for financial institutions.