Bancassurance Risk & Compliance Manager

JOB PURPOSE

The job holder will provide independent risk and compliance oversight of the Bank’s bancassurance business, ensuring that bancassurance activities are conducted within the approved risk appetite, regulatory requirements, insurance intermediary obligations, customer protection standards and the Bank’s governance framework.
The role will also serve as a key second-line control function between the commercial Bancassurance business and the Bank’s broader Risk, Compliance and Governance framework.

The Insurance (Bancassurance) Regulations apply to bancassurance intermediaries and provide for their registration and supervision. They also address confidentiality, complaints, reporting, technical staff and governance requirements.

KEY RESPONSIBILITIES AND ACTIVITIES

Bancassurance Regulatory Compliance

Maintain a comprehensive Bancassurance Regulatory Obligations Register.
Monitor compliance with among others:
Insurance Act
Insurance (Bancassurance) Regulations, 2020
IRA regulatory requirements
CBK requirements applicable to banks
Consumer protection requirements
Data Protection Act
AML/CFT/CPF requirements
Applicable Bank policies and procedures.
Track regulatory circulars, guidelines and changes affecting bancassurance.
Assess regulatory changes and coordinate implementation with relevant stakeholders.
AML/CFT/CPF & Fraud Risk