Regulatory Compliance & Internal Control Officer at The Development Bank of Nigeria (DBN)

Job Objective and Summary

•  Supports the analysis of all regulatory circulars and guidelines and reducing same to compliance obligations. Monitoring compliance with all internal policies and the Bank Code of Conduct. Coordinate the prompt and timely rendition of all regulatory returns and provide support to the Bank in ensuring compliance with corporate governance and all regulatory compliance related responsibilities. Provide support in the development and maintenance of the compliance rule book of the bank. Implement the Internal Control Framework and highlight observed gaps in the implementation of internal policies. Preparation of Monthly Bank reconciliation statement from all banks and participation in the anniversary review of compliance issues of on-boarded PFIs. Screening of end-borrower list and report on false positives or negatives for remediation before disbursement of funds to PFIs. Expense review and maintenance of logical access right including creation of users and maintenance of stock of tokens.

Core Responsibilities and Key Result Areas

Strategic leadership and management

• Supports the execution of the organisation strategy.
• Assists in the preparation and supervision of the unit’s budget.
• Recommends policies, systems and procedures necessary for effective function.
• Enhances the internal processes and procedures, enhancing best practices and compliant with international standards.
• Manages employees through coaching and training in order to improve performance and to achieve the department objectives and targets.
• Manages the unit’s overall activities.

Effective monitoring and compliance with Regulations and Internal Policies

• Implement the AML/CFT Policies of the Bank and recommend review of the policy as and when required.
• Maintenance of the rule book and analysis of all regulatory circulars and guidelines.
• Prepare and implement the annual compliance plan and programme.
• Monitor compliance of the Bank with the Code of Conduct.
• Plans compliance testing to ensure that procedures are operating effectively with appropriate controls and recommend changes where necessary.
• Monitor compliance with policies, plans, procedures, laws, regulations, contracts, and ethical business conduct.
• Conduct sample checks on end borrower data quality and carry out necessary screening of end-borrower lists against sanction list.
• Follow up on unsolved disputes that are raised by the Customer Services and ensure resolution of same.
• Maintains current and extensive knowledge of the laws and regulatory guidelines by which the bank is required to comply with.
• Monitor the implementation of corrective actions are implemented in case of findings.
• Provide updates on regulatory developments within or outside of the bank as well as evolving best practicesin compliance control to ALCO and MRC.
• Liaises with other units to ensure compliance with Board and Management decisions.
• Incorporates Board and Management decisions into measurable action points to aid compliance.
• Implement the approved AML/CFT training plan for the year and rendition of returns to regulatory bodies(CBN SEC and NFIU).
• Provide assistance in the interpretation and implementation of new or changes in regulations and policies, as required, to address, manage and mitigate impacts of such changes, in a practical and effective manner, with a good understanding of the business operations and needs.
• Creation of staff awareness, training and coordination of the quarterly AML/CFT training session.
• On-Boarding Due Diligence of PFIs (Compliance with KYC requirement and validation of documents submitted).
• Participate in the anniversary review of PFIs with level of compliance with AML/CFT regulation.
• Carry out compliance risk assessment of PFIs and Products risk assessment in line with AML/CFT Guidelines.
• Work with departments for timely rendition of all regulatory returns and render regular returns to regulatory bodies (CBN and NFIU).
• Follow-up on all regulatory issues including regulatory intelligence.

Effective Internal Control

• Support the review of all contracts before payments to contractors and ensures there is value for money on all services rendered to the Bank.
• Support the review of all expenses for completeness and value for money on procure to pay prior to payment by finance.
• Policy and Standard Operating Procedure (SOP) management. Review all internal policies and ensures the processes are well captured in the SOPs of departments.
• Carry out regular stock count and monitor the utilization of stock items by Admin.
• Prepare Bank reconciliation statement for all Banks on a monthly basis and follow-up on all outstanding issues.
• General ledger review and systems review, including creation of users on the system.
• Review of new ledgers created and closure of ledger that are no longer required, including call-over of transactions.
• Review and monitor systems log and investigate unusual systems error.

Reporting

• Prepares relevant periodic reports related to the department functions as and when requested by Management.
• Provide support in the rendition of periodic returns to CBN and NFIU.
• Provide support in the preparation of updates and reports to MCRC, ALCO and BACC.
• Develops procedures, reports, meeting notes etc. periodically to identify hidden risks or non-conformity issues.

Key Performance Indicators

• Number of AML/CFT and Compliance issues recommendations accepted.
• Percentage of actions fully implemented.
• Quality and timeliness of service.
• Effectiveness of policies measured by the level of acceptance by the public .
• Turn-around time in preparing Periodic report on compliance to Management and Board for decisions .
• Timeliness of returns to regulatory bodies (CBN & NFIU) .
• Rating on Customer satisfaction .
• Timeliness in implementation of action plans .
• Timeliness in responses to stakeholder query .
• CBN Rating of Compliance Function .
• Number of control exceptions highlighted and remediated .
• Extent of compliance with Banks Compliance Risk Appetite (Zero Penalty /fines)

Competencies

Knowledge

• Understanding of stakeholder value .
• Understanding of public relations .
• Understanding of local and international financial laws, rules and regulation .
• Knowledge of banking operations (Domestic & International operations) .
• Knowledge of accounts management .
• Knowledge of credit analysis / appraisal .
• Understanding of environmental / industry analysis .
• Understanding of assets / liabilities management .
• Knowledge of the legal and regulatory framework and the regulatory environment .

Technical Competencies

• Excellent quality and resource management .
• Attention to detail and accuracy .
• Excellent communication (oral and written) in English .
• Demonstrates excellence in the application of financial regulation policies and compliance controls .
• Excellent operational risk management .
• Expertise in Internal Control .

Behavioural Competencies

• Leadership ability .
• Problem-Solving/Decision making ability .
• Confidentiality and discretion .
• Communication .
• Multi-tasking ability .
• Sound Practical Judgment .
• Excellent time management .
• Deadline-driven

Qualifications

Educational Qualifications

• A bachelor’s degree in Arts, Business or any related field is required.
• A post graduate degree in a related field is an added advantage.

Professional Qualifications

• Membership of the international compliance association or any related professional certification is an added advantage.

Experience Qualifications

• A minimum of 6 years related experience of in a compliance/risk and control / regulatory role within a financial services institution.