Chief Compliance Officer at Baobab Microfinance Bank

Overview of Mission

• Under the supervision of the CEO, the compliance officer is responsible for the implementation and compliance of Baobab Nigeria activities with local regulations and standards of Baobab Group. He has an advisory role and supports regulatory issues of the institution’s departments.
• The CCO participates in the implementation of a regulatory monitoring system to ensure the compliance of business processes with laws and regulations.
• The Chief compliance Officer also participates in the implementation of non-compliance risk control framework within the institution and manages the internal system of anti money laundering.
• The Compliance Officer can, at the request of the Management, be involved (leader or participant) in the analysis and the implementation of projects initiated by Baobab.
• The Chief Compliance Officer (CCO) oversees and manages compliance issues within their company or organization. The CCO ensures that the organization is in compliance with various regulatory requirements and that employees are in adherence with internal procedures and policies, Provides leadership, direction, and integration of compliance activities to fulfill Baobab MFB needs and state and federal regulations. Directs the formulation of strategic compliance planning in support of the Baobab's vision, mission and values.
• Directs integrated implementation and evaluation of compliance initiatives and on-going activities for compliance units, Dispute Resolution, and Internal Audit and other compliance partners as may be identified to serve future needs, Interfaces with senior administration, staff and government agency officials in the representation and development of various strategic compliance programs, policies, services and initiatives. Serves as the Baobab’s chief representative and advocate for excellence in compliance functions.

Responsibilities and Function

• The function involves meeting with the heads of department and operations, conducting interviews, and leading working groups.
• The Compliance Officer has access to senior management (CEO) and is reporting regularly to the Group Head of Compliance in charge of supervising the compliance function within the Group Baobab.

Missions:

• Anti - Money Laundering
• Management of the anti-money laundering system Including procedures, implementation of operational processes, compliance with local regulation and international standards, etc.
• Participation in improvement of AML risk detection tools, analysis of operations and detection of suspicious behaviors.
• Monitoring and follow-up of good application of procedures by operational departments.
• Anti-money laundering correspondent accompanied by local authorities.
• Analysis and report suspicious transactions to local authorities .
• Organization of staff training on financial security.

Regulatory Watch:

• Follow-up of local law and regulation evolutions, standards and practices, and procedures of Baobab Group .
• Participation in meetings with local authorities and professional associations .
• Impact analysis on Baobab activities and information to senior management .
• Monitoring the implementation of regulatory changes (updated procedures, business processes, etc.)

New Products / Services:

• Involvement in new product/service analysis in accordance with Group procedures (control of rules issued by Baobab Group) .
• Participation in analysis of non-compliance risks (AML, etc.) .
• Support for the senior management for impacts of new product .

Non-Compliance Risks:

• Identification and assessment of risks related to non-compliance with regulatory requirements .
• Analysis of strengths / weaknesses of the local system to comply with regulatory requirements and proposition of improvement to senior management (recommendations).
• Implementation of permanent/regular controls .

Customer Protection:

• Identification and analysis of regulations on customer protection and its impacts (e.g. information to provide to customers, management of customer complaints, etc.) .
• Monitoring of customer protection rules’ implementation and proposition of action plans if necessary .

Procedures:

• Responsible to follow set up and update of procedures and the compliance of validation process with Baobab Group rules (in collaboration with the Group General Secretary) via:
  • Review of all procedures set up by Baobab departments .
  • Monitoring the update of procedures following potential changes in operational processes .
  • Monitoring the approval process.
  • Ensure communication to employees.

Follow-Up of Reportings:

• Set up and update of the list of reporting requirements to local authorities, to shareholders and to Baobab Group .
• Follow-up of reporting requirements .

Reporting of Compliance Department
The Compliance department is responsible for setting up with:

• Regulatory reporting to local authorities on the topics of compliance and anti- money laundering .
• Reporting to senior management of Baobab on tasks performed by the Compliance department .
• Reporting to the Group Head of Compliance in charge to supervise Compliance function within the Group.

Other Missions
Projects:

• Upon senior management request, involvement in projects in collaboration with other departments .
• Set up specifications and participation in the choice of new softwares for specific projects .
• Monitoring of tests’ achievement required before production implementation .

Required Profile

• Ability to use independent judgment and to manage and impart confidential information.
• Knowledge of current and emerging equal opportunity and affirmative action legislation, issues, and trends.
• Knowledge of public policies, legislation, guidelines, and standards pertaining to discrimination and sexual harassment in the work place.
• Demonstrated ability to develop institutional policies and procedures.
• Supervisory, employee development, and leadership skills.
• Strong critical thinking skills and the ability to analyze, summarize, and effectively present data.
• Knowledge of concepts, practices, principles and procedures of strategic business planning and reporting.
• Strong interpersonal and communication skills and the ability to work effectively with a wide range of constituencies in a diverse community.
• Strong analytical, evaluative, and objective critical thinking skills.
• Knowledge of federal and state employment laws and regulations, and public sector employment policies and procedures.
• Demonstrated understanding of compliance systems and controls.
• Detailed knowledge of laws and regulations affecting business operations.
• Knowledge of local, state and federal accounting and auditing compliance laws.
• Knowledge of employment and educational regulatory requirements, guidelines, and procedures for the administration of federal and state laws on civil rights and the Clery Act.
• Ability to interpret and advice on the application of various laws and regulations.
• Knowledge of team building principles and techniques.
• Knowledge of fiscal principles to oversee budgets and financial activity within the areas of oversight.
• Must maintain certification status.

Educational and Professional Qualification

• Master's degree at least 10 years of experience directly related to the duties and responsibilities specified.
• Previous Banking experience in related fields.
• Certification/Licensure Certified Public Accountant (CPA), Certified Internal Auditor (CIA).
• Completed degree(s) from an accredited institution that are above the minimum education requirement may be substituted for experience on a year for year basis.

Experience:

• At least 10 years of experience directly related to the duties and responsibilities specified.
• Must be grounded as regards to financial compliance regulation of affiliated countries. Banking experience is Key, and Microfinance Banking experience will be an added advantage.

Skills:

• Depth knowledge of regulations, standards and rules of financial industry and products .
• Ability to communicate orally and written with other departments and externally with authorities .
• Ability to work in a team and manage several subjects / issues simultaneously.

Personal skills:

• Fluent in English
• The highest ethical and professional standards.
• Strong analytical, and decision-making skills.
• Demonstrated effective leadership, team building and coaching skills.
• Demonstrated ability to motivate people, assess and develop employee skills.
• Excellent planning and organizational skills.
• Demonstrated ability to use logic, reasoning, and critical thinking in identifying the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
• Ability to work with teams and lead decision-making processes in a team environment.
• Ability to interact with Senior staff within an organization as well as teams in a foreign HQ.