About this role

Lets Write Africa's Story Together!

Old Mutual is a firm believer in the African opportunity and our diverse talent reflects this.

Job Description

The Risk and Compliance Head in a long-term insurance company plays a pivotal role in ensuring the organization operates within regulatory boundaries while proactively managing risks that could impact its financial stability, reputation, or customer trust. This role is responsible for facilitating, coordinating and overseeing the implementation of the risk strategy and enterprise risk management disciplines within a complex area of business, and also monitors, escalates and reports material risks, events and issues.

Minimum Requirements.

Namibian Citizen;
B.Com, B.Acc or an equivalent relevant degree as a minimum mandatory requirement;
7 - 10 years’ experience in risk management, investment risk, audit and/or compliance, ideally in the financial services or investment management industry, including at least 5 years at management level;
Relevant financial services certifications shall be preferred;
Strong technical skills;
Flawless command of the English language;
Assertive self-starter with excellent communication, organisation and presentation skills;
Excellent conflict handling skills;
Ability to work under pressure while maintaining high service levels; and
A team player.

Job Specification:

Enterprise and Operational Risk Management

Ensure alignment to and optimisation of Old Mutual Namibia (OMNAM) Risk Methodology and Old Mutual Holdings (Namibia) (Proprietary) Limited (OMHN) Risk Strategy for the Investment cluster;
Drive full compliance to the OMHN Enterprise Risk Management Policy to ensure effective risk management by:
Performing oversight over Risk Identification and management of Risks, Controls, Management Actions, Key Risk Indicators and Risk Events including timely Risk Reporting and Escalations; and
Providing guidance and training on OMNAM Risk Methodology, OMHN Risk Strategy and systems;
Manage and embed Financial Risk Management in the Investment cluster aligned to the OMNAM Financial Risk Management Frameworks;
Ensure readiness for and successfully completion of quarterly Risk Control Self-Assessment sign-offs;
Plan, implement and embed appropriate Risk Policy adoptions, monitor and report upon the Risk Policy compliance levels; design and monitor awareness creation plans for appropriate Risk Policies;
Provide timely assurance and reporting of Management Actions and compliance ratings to relevant forums within OMNAM;
Ensure timeous completion and accurate submission of annual letters of representation and Risk Policy attestation process;
Lead Strategic and Operational Risk assessments, maintain a forward-looking view of material and Emerging Risks, and oversee effective controls, Key Risk Indicators, Risk Events, Management Actions, escalation and reporting;
Oversee Operational Risk Management, including control effectiveness, Risk Event analysis, root-cause challenge and remediation of material control weaknesses;
Maintain oversight of the approved Risk Appetite frameworks and ensure that Risk Exposures, Tolerances and Limits are appropriately defined, monitored, challenged and escalated; and
Oversee Business Continuity Management and operational resilience, including scenario analysis, critical service dependencies, recovery capability and response readiness.

Investment and Market Risk Oversight

Provide independent oversight of Investment Risk across portfolios and funds, including assessment of portfolio risk against approved objectives, mandates, Risk Appetite, Tolerances and Limits;
Provide fund portfolio governance oversight, including compliance with mandates, governance standards, delegated authorities and relevant committee decisions;
Monitor, challenge and report on Market Risk, Interest Rate Risk, Liquidity Risk and Concentration Risk at portfolio and aggregate levels;
Review portfolio stress testing and scenario analysis, assess vulnerabilities under adverse market conditions and ensure material findings are escalated and reflected in risk decisions;
Challenge portfolio risk-taking, limit utilisation and Concentration Risks, and oversee timely remediation of breaches or adverse trends;
Provide independent valuation and pricing oversight, including governance of valuation methodologies, pricing controls, exceptions and escalation; and
Oversee breach monitoring, investigation, remediation, escalation and reporting for regulatory, compliance, mandate and internal limit breaches.

Credit, Counterparty and Model Risk

Oversee Credit Portfolio Risk Management and monitoring, including portfolio quality, risk migration, concentrations, limit utilisation and emerging vulnerabilities;
Provide independent Credit Risk challenge on material credit proposals, portfolio strategies, restructures, impairments and risk-mitigation actions;
Monitor counterparty exposures and covenant compliance, ensuring exceptions, deteriorating positions and breaches are promptly escalated and remediated;
Track and report credit portfolio quality using relevant indicators, including arrears, defaults, impairments, watch-list exposures, rating migration and concentration trends;
Provide Model Risk oversight across material investment, valuation, credit and risk models, including governance, independent review, validation status, limitations, overrides and remediation; and
Act as Secretariat to the Credit Committee(s), ensuring sound governance, accurate recording of decisions, clear allocation of actions and appropriate escalation of unresolved matters.

Regulatory Compliance

implement the OMHN Regulatory Compliance Risk Policy and Group Compliance Frameworks, programs, and controls to ensure alignment with Namibian regulatory requirements, industry standards, and organizational governance objectives;
Ensure accurate and timely reporting of regulatory compliance breaches, concerns, and statutory submissions through the appropriate governance channels and regulatory reporting processes;
Monitor compliance breaches, track remediation actions, and ensure timely escalation and reporting of regulatory concerns;
Manage regulatory affairs activities, maintain effective relationships with regulators, and coordinate responses to regulatory requests, reviews, audits, inspections, and investigations;
Provide independent oversight and assurance on the adequacy and effectiveness of compliance-based processes and controls through compliance monitoring, testing, and risk-based reviews in accordance with an approved Compliance Monitoring Plans;
Maintain oversight of the regulatory universe and Compliance Risk Management Plan, identify emerging compliance risks and legislation, assess regulatory impacts of regulatory developments, and advise business on the required changes;
Monitor regulatory compliance remediation activities, ensuring corrective and preventive actions are implemented effectively and within agreed timelines to strengthen the overall control environment;
Ensure adherence to the OMHN Anti-Money Laundering (AML) Counter Terrorist and Proliferation Financing (CTPF) and Sanctions Risk Policy and embedding, implementation and review (at least annually) of the OMHN AML CTPF Risk Management and Compliance Programme (OMHN RMCP) and the OMNAM Financial Intelligence Act Internal Rules;
Ensure accurate reporting on overall AML compliance status, including any regulatory/compliance breaches or concerns and conduct of the OMHN Accountable Institutions and Reporting Institutions that is inconsistent with the OMHN RMCP requirements, nature and extent of material AML and Sanction Risks, mitigating controls and appropriate business processes; and
Oversight over performing of AML Risk Assessments (at business, product level and distribution channel) as required by the OMHN RMCP, inclusive of regular reviews (at least annual) of such.

Assurance, Reporting and Leadership

Manage applicable Group Internal Audit (GIA) reviews and ensure quality through oversight of the identification of Issues Being Addressed by Management, Managements’ feedback and remedial actions to ensure root causes are addressed;
Proactive management of GIA issues becoming due with timeous reporting and escalation;
Provide independent assurance and constructive challenge on the design and operating effectiveness of the Investment cluster’s risk management, compliance and governance arrangements.
Prepare and present clear, decision-useful risk and compliance reports, risk assessments, regulatory updates, compliance ratings, and key risk and compliance matters to Boards, Executive Committees and its senior management, and Group Risk and Compliance functions;
Advise senior management and investment committees on material risk exposures, regulatory obligations, product and portfolio developments, strategic initiatives and business transformation.
Develop and execute an annual risk-based Risk and Compliance Monitoring Plans covering enterprise, operational, regulatory, conduct, investment, market, liquidity, credit, counterparty, valuation and model risks.
Provide expert guidance to senior management on risk, compliance, policy implementation, business transformation, and strategic initiatives.
Build and maintain strong relationships with internal and external stakeholders, provide specialist investment risk and compliance advice, and support the Investment cluster in understanding and implementing risk, regulatory and governance requirements;
Deliver guidance, awareness initiatives, and oversight to ensure employees undergo training on applicable legislation, regulatory developments, industry standards, and compliance obligations to strengthen the risk and compliance culture;
Communicate strategic objectives, lead and motivate teams, manage performance, allocate resources, and foster accountability to achieve functional and organizational goals; and
Identify capability gaps, implement development initiatives, and provide coaching, mentoring, and knowledge-sharing to strengthen individual and organizational capability.
Lead and develop the Risk and Compliance function, ensuring appropriate capability, accountability, succession and technical depth.

Skills

Adaptive Thinking, Business

Requirements

Analysis, Change Management, Compliance and Regulatory Principles, Current State Analysis, Data Analysis, Data Compilation, High Risk Typologies Methodologies, Negotiation, Planning and organisational skills, Policies & Procedures, Policy and Regulation, Policy Development, Policy Implementation, Presenting Solutions, Professional Presentation, Report Review, Risk Management, Strategic Planning, Threat Assessment, Verbal Communications
Competencies
Balances Stakeholders

Chief Risk and Compliance Officer: OMIGNAM & OMW

About this role

Skills

Requirements

## Builds Effective Teams

## Builds Networks

## Business Insight

## Collaborates

## Communicates Effectively

## Customer Focus

## Decision Quality

Education

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