Duties and Responsibilities
Duties and Responsibilities (Include but is not limited to):
Complete all required actions to maintain existing financial services licenses
Monitor and submit regulatory reports to Regulators
Provide oversight to ensure the:
Key Individual remains Fit and Proper and meets the Continuous Professional Development (CPD) requirements; and
Representative registers are maintained.
Ensure all actions linked to FSCA, FAIS Act, NCA (or other similar legislation applicable to non-South African entities) are actioned in an effective and timely manner
Carry out research into the new regulatory requirements to maintain and apply for re-newel of licenses
Provide ad-hoc support and advice relating to new licensing/category requests
Engage in discussions with the relevant Central Banks and/or Regulatory Authorities
Build solid relationships with the contact person in the Regulatory Bodies, as well as external assurance
Ensure accuracy of license requirements and update thereof for transacting (i.e., annual licensing fees)
Manage the relationships with regulatory bodies for current licenses
Maintain accurate lists of all current regulators and contact details
Manage the relationship with the various Regulatory Bodies and resolve all queries timeously and effectively
Attend all meeting with Regulatory Authorities (new and existing)
Maintain open communication channels with regulators
Make applications for authority for changes as and when required
Draft regulatory applications, policies and monitor the adherence to internal controls
Draft applications to Regulators relating to existing licenses relating to insurance, credit products
Draft and maintain frameworks, policies and standards applicable to the FSP, aligned to the Group and legislative requirements applicable to the jurisdiction it operates in
Oversee the implementation of frameworks, policies and standards by the 1st line of defence
Perform sample testing in accordance with internal frameworks, policies, standards, processes and the applicable laws
Stakeholder Management
The Compliance Regulatory Specialist will also work closely with key senior stakeholders in both the 1st and 2nd line of defence, including the Chief Growth Officer, Product Heads (insurance and loans), Compliance Assurance Specialist, Head of Compliance, Regulatory Compliance Change Programme Manager, as well as the Head of Risk
Provide accurate information to external and internal auditors, as well as address any queries relating to assurance performed
Develop and facilitate training
Develop, country specific, awareness and targeted training material aligned to the license and product specific regulatory requirements and regulatory expectations
Facilitate training to representatives and all level of employees
Ensure that all required Mukuru group licenses are legally compliant
Maintain a database of all Mukuru licenses within remit
Monitor the expiry dates of all licenses and/or renewal licensing fees
Ensure all licenses are renewed timeously
Oversee the maintenance of recording of all license information documents for every country that Mukuru transacts with
Create shared internal-use documents for every country where licenses are held for reference for due diligence before transacting
Oversee that all relevant information is included including limits for values, exemptions etc. are included
Oversee that all documents are live and kept up to date at all times
Attend all regulatory body inspections, external assurance and remediation initiatives
Prepare for regulatory inspections, as well as all internal and external audits/assurance reviews
Attend all regulatory inspections
Obtain reports from inspections, internal and external assurance providers
Follow up on any findings to ensure they are resolved timeously
Monitor and assist with the remediation of identified gaps and/or areas of deficiencies and report the status/progress of remediation to the line manager and Head of Compliance
Respond to license related queries promptly
Provide assistance to financial services license concerns
Respond and resolve queries effectively
Communicate with internal departments (e.g., Business development and legal) regarding license acquisitions and updates.
Oversee the duties of the Compliance Assistant
Coach and mentor, the Compliance Assistant
Give directions and manage the daily duties of the Compliance Assistant
Conduct bi-annual performance reviews with the Compliance Assistant
