Job Title: Risk & Compliance Officer
Organisation: aYo Uganda Ltd
Duty Station: Kampala, Uganda
Reports to: UG CEO
About US:
aYo uses technology, analytics, mobile and digital channels to make life and hospital insurance accessible and easy to use across the African continent. It is a subsidiary of MTN Group, it offers digital insurance to MTN Subsidiaries.
aYo aims to improve the lives of its clients through financial inclusion, uplifting, and ultimately create a future where everyone uses insurance.
Job Summary: The Risk & Compliance Officer will take ownership of the analysis of current and emerging risks & compliance affecting aYo Uganda in particular from an InsurTech, micro-insurance, data privacy and TelCo integration perspective. You will be required to shape and design the strategic compliance and risk function to assist the business into growing their footprint whilst maximising the realisation of available opportunities and at the same time reducing risk exposure within an acceptable risk appetite. You will support management and aYo HoldcoUganda, but also provide information for reporting to the board, aYo HoldCo and shareholder(s)/ other stakeholders on risk and compliance matters.
You will be responsible for managing aspects of risk and compliance incl. implementation and maintenance of risk & compliance frameworks for primarily broker/ intermediary services, insurance (on the basis of binder functions provided to insurance underwriters), TelCo risks etc. Specific risk areas include, strategic, corporate governance, regulatory compliance, information security, IT operational risks, insurance risks, contractual and operational risks etc.
Key Duties and Responsibilities:
Risk management:
- Implement, with the support of the aYo HoldCo Group Head- Risk and Compliance the enterprise risk management framework and tools for aYo Uganda
- Understand internal and external business requirements as it relates to the change initiatives
- Identify, monitor, assess and manage all qualitative and quantitative risks within the business across all markets and functions (sales, claims, billing / collections, IT operational, pricing and actuarial, capital management, etc.)
- Assist the Group Head | Risk and Compliance at Holdco level in reporting to Exco and the board on emerging risks and risk mitigating strategies, as well as reactive monitoring of risks (e.g. fraud monitoring in claims) – foreseeable, current and emerging material risks
- Development of risk management policies and strategies with a clear mandate to automate risk assessments
- Design and implement methods for avoiding potential threats using available risk metric software and personal knowledge of the industry
- Deliver regular risk analysis reports to company executives complete with actionable plans for avoiding or preventing potential threats at all levels
- Manage and prepare all documentation related to risk assessments and review of standard operating procedures
- Assist the Group Head | Risk and Compliance at HoldCo level to analyse, highlight to Exco and board and coordinate the management of potential risk arising from changes in legislation, regulation, regulatory guidance, business practice or company circumstances, as relevant to Uganda.
- Lead the process to raise the risk awareness amongst relevant stakeholders, including educating and training stakeholders on potential risk and the techniques used to mitigate such risk
Compliance management:
- Analyse, mitigate, monitor, measure and report on compliance issues impacting the business
- Be responsible for the maintenance, execution and regular updating of the core local compliance and monitoring systems, including the carrying out of periodic checks and audit checks
- Responsible for upkeep of relevant compliance registers, including registers required under applicable regulations
- Conduct compliance assessments
- Ensure maintenance of the overall control environment (internal audit, external audit, compliance, etc.)
- Responsible for drafting, reviewing and rolling out compliance training and awareness programs to ensure the business is compliant with best practices
- Record the controls that are being implemented within the business against the specific regulatory environment
- Drafting end user licences, terms and conditions, and relevant policies and procedures in strengthening the governance framework.
Stakeholder management:
- Engaging with business regarding the compliance, risk and regulatory requirements when developing new products and the technology ecosystems involved
- Engaging with subsidiaries with specific focus on insurance underwriter associated risks and TelCo services risks
- Liaising with third party service providers who will supply products and services to understand risk exposures
- Review first line IT security and data governance risk frameworks and ensure standards are in place
- Possess excellent communication skills both verbal and written including influence and persuasion skills
- Display a strong customer focus background with commercial awareness and strategic thinking capability
- Cultivate relationships with business and technology stakeholders
Fraud risk monitoring:
- Review and independently monitor the company’s fraud risk management programme and tools (these are due to be developed by first line functions)
- Support operational staff in fraud management approaches and implement controls
- Support team that will work with advanced analytics service providers (3d party) in fraud risk management controls
- Engage with all stakeholders in a professional and cooperative manner:
- Provide authoritative, expertise and advice to all stakeholders
- Build and maintain relationships with internal and external stakeholders
- Deliver on agreements made with stakeholders in order to ensure that expectations are managed
- Make recommendations to improve stakeholder engagement
- Participate and contribute to the IT culture by living the aYo values
- Self-management and teamwork:
- Develop and maintain productive and collaborative working relationships with peers and stakeholders
- Positively influence and participate in change initiatives
- Continuously develop own expertise in terms of professional, industry and legislation knowledge
- Contribute to continuous innovation through the development, sharing and implementation of new ideas
- Take ownership for driving career development
Key performance measures
- Business Acumen: Understands how the business operates, what the key issues and risks are that drives business success; and how they impact on the commercial viability of potential ventures and the profitability of aYo. Find pragmatic ways of balancing risk vs. reward. Maintain good relations with management, but also act independently where necessary to alert the board on high residual risk exposures.
- Customer/ Stakeholder Commitment: Constructive engagement with all stakeholders on risk management and compliance, taking into account materiality and proportionality of risks
- Risk awareness & monitoring: Balances risk & reward, current vs. emerging risks, management action solution driven etc.
- Collaboration: Prioritize the business interests of aYo and invests in the success of aYo by aligning effort across business areas.
- Impact and Influence: Persuades, convinces, influences and inspires others, both within aYo and externally to win support, loyalty and gain commitment to the purpose of aYo.
- Self-Awareness and Insight: Manages self and relationships with others effectively, deals with ambiguity, uncertainty and pressure, and provides perspective in difficult situations.
- Diversity and Inclusiveness: Is sensitive to individual and cultural differences and demonstrates humility and an openness to engage people from diverse backgrounds and cultures to the mutual benefit of all parties concerned.
Qualifications, Skills and Experience:
- The applicant must hold a Bachelor’s degree in accounting, business administration, legal, finance, actuarial science, mathematics or risk management
- At least two years of relevant risk (strategic and operational risk) and Compliance experience in the FinTech/Financial services/Insurance industry
- Proven experience with risk management (underwriting, pricing, claims, compliance, etc.)
- Sound knowledge of information security and data governance framework
- Demonstrate a practical understanding of Insurance legislation and related products in Uganda.
- Demonstrated adherence to the fit & proper requirements as determined by IRA.
- Experience in IT controls, cyber security security controls
- Experience working in a business-critical digital environment
- Good knowledge around Integration as well as the Security associated with these environments
- A significant can-do attitude
- Self-driven
- Results focus and multi-tasking in fast paced environment
- Strong attention to detail
- Relationship management including influencing and persuasion skills
- Maturity in managing conflict at senior stakeholder level in the organisation
- Balancing need for growth, taking risk and protecting the company against high-risk exposures that could be detrimental to the organisation
- Being able to communicate through a variety of different channels
- This position is subject to IRA approval
- The successful candidate will have to provide a certificate of good conduct.
How to Apply:
All suitably qualified and interested candidates are encouraged to apply by Email: send your updated CVs, Application letter & Academic documents to recruitment.ug@ayo4u.com Clearly Subjected: Risk & Compliance Officer
Deadline: 14th March 2023