Manager Compliance Monitoring & Testing
Deadline of this Job:
28 February 2023
Within Tanzania , Dar es Salaam , East Africa
NBC is the oldest serving bank in Tanzania with over five decades of experience. We offer a range of retail, business, corporate and investment banking, wealth management products and services.
Plan, execute and manage monitoring and testing assignments in accordance with the NBC Compliance Monitoring plan and relevant policies, procedures and quality standards. He is responsible for the quality of monitoring activities to ensure NBC adherence to external and internal regulations and policies.
Accountability: Functional Management and Business Coordination (Weighting 80%)
• To plan, coordinate and finalize monitoring reviews in line with the Compliance Assurance Methodology
• To enable the distribution of the Announcement Memo on completion of the planning phase.
• To conduct opening meetings either physically or by means of teleconferences to communicate the purpose, objectives and approach to line management on the first day of each review.
• Develop testing strategies for key controls within the business in order to adequately mitigate the risks by confirming that the testing strategies address the control.
• Execute tests to assess the Design Effectiveness (DEA) and, Operational Effectiveness (OET) of the controls in place or Outcome Testing (OT) to ensure compliance with relevant regulatory and policy requirements, in line with Compliance M&T methodology and ensure working papers are of high quality.
• Engage with Head of Monitoring & Testing on an ongoing basis during the review assignments for necessary guidance or interventions.
• Ensure timely submission of the working papers to enable the Head of Monitoring and Training timely review and provision of effective feedback on the testing work performed.
• Engage with stakeholders on progress of the monitoring activities so that they are aware of issues identified timely and are aware of the progress of the monitoring assignment.
• Raise findings as early as possible so that issues identified can be discussed with management to confirm the assessment and agree actions with stakeholders prior to completion of fieldwork and write concise, accurate reports so that stakeholders understand the testing scope of the assignment and the testing conclusions reached.
• Review management action plans to confirm that the identified risks will be mitigated.
• Ensure high quality, timely and consistent delivery of all Monitoring deliverables (e.g. working papers, reports etc.)
• Track and monitor findings on an ongoing basis and provide accurate and complete Management Information.
• Ensure compliance to the NBC owned policies, legislation and regulation through testing to identify areas of non-compliance.
• Liaise with stakeholders and peers on issues relating to regulatory risk assessment, Management Information reporting issues and regulator relations, as well as to work in close cooperation with other control functions such as Internal Audit, Operational Risk, Financial Crime etc.
• Socialize and champion the Annual Monitoring Plan with a variety of senior stakeholders as well as communicate the results of Monitoring reviews and enforce remediation as necessary, enhancing the compliance culture.
• Seek opportunities, within Compliance and business in order to enhance compliance processes, procedures and culture.
• Give your proposals to the Head of Monitoring & Testing on the innovative ways to improve the oversight provided to business so that efficiency and effective monitoring can be achieved.
• Keep up to date on regulatory-related issues across a range of topics by awareness of current regulatory changes, training sessions.
• Be aware of changes to business and their plans to ensure appropriate mapping of Monitoring activities through discussions with management and other assurance providers so that monitoring activities can be planned.
• Assist Head of Monitoring and Testing to own, build and manage relationship with key stakeholders (both internal and external to ensure that they are made- and remain-aware of the value-added by the Monitoring function and its activities.
• To maintain and embed a high level of professionalism in all interactions with business and colleagues in terms of verbal and written communication with minimum negative feedback received from business and by responding professionally and promptly to written communications with business stakeholders and Personal appearance by adhering to required corporate dress code, operating within acceptable/formal business norms during meetings.
• To display and adhere to the NBC Values in all activities daily with no negative comments in this regard.
• To develop innovative ways to improve the oversight provided.
• To ensure 100% attestation is maintained for all compliance trainings that will be conducted for new and existing staff.
• To be aware of changes to the NBC businesses and their plans.
• Ensure adherence to code of conduct.
• Ensure satisfactory service delivery while executing all monitoring assignments.
Accountability: Reporting (Weighting 20%)
• Ensure effective, accurate and robust reporting and MI is maintained for Monitoring & Testing to meet the needs and expectation of various stakeholders
• Keep Head of Monitoring & Testing & Colleagues informed on NBC’s policies and regulations during monitoring activities which may pose financial and reputational risk to the business.
• Periodic reports to the Head of Monitoring and Testing on the results of the Monitoring reviews.
Bachelor`s Degrees and Advanced Diplomas – Business, Commerce and Management Studies, Compliance Advisory & Interpretation (Meets some of the requirements and would need further development), Compliance Experience, Digital familiarity (Meets some of the requirements and would need further development), Ethics and values (Meets all of the requirements), Openness to change (Meets some of the requirements and would need further development), Reasoning (Meets all of the requirements)