Risk and Compliance Officer
Nairobi, Nairobi, Kenya
Full Time
Experienced
About Umba
Our mission entails providing accessible and cost-effective financial services across Kenya, enabling our customers to take charge of their financial well-being. We are committed to seizing a unique opportunity to transform the financial landscape in Kenya by harnessing the power of machine learning to develop intelligent, affordable financial products tailored for emerging markets. Our machine learning models are continuously improving, and we leverage AI and automation to deliver banking solutions at the lowest possible cost to our expanding customer base.
We have acquired a deposit taking Microfinance bank to allow us to offer full digital banking services in Kenya. Our primary focus is to offer a comprehensive range of digital banking products through Android and iOS Apps, and we take pride in our culture of consistently surpassing customer expectations, which has fueled our rapid expansion.
We are actively seeking outstanding individuals who not only possess exceptional talent but also share our vision, determination, and sense of purpose. Join us in our endeavor to establish the largest neo-bank in Africa.
Job Description
Umba is currently in search of a Risk and Compliance Officer to join our team based in our Nairobi Office. In this role, the Risk and Compliance Officer will be responsible for developing, implementing, and overseeing risk management and compliance initiatives to ensure compliance with regulatory requirements and adherence to regulatory bodies.
Responsibilities
Our mission entails providing accessible and cost-effective financial services across Kenya, enabling our customers to take charge of their financial well-being. We are committed to seizing a unique opportunity to transform the financial landscape in Kenya by harnessing the power of machine learning to develop intelligent, affordable financial products tailored for emerging markets. Our machine learning models are continuously improving, and we leverage AI and automation to deliver banking solutions at the lowest possible cost to our expanding customer base.
We have acquired a deposit taking Microfinance bank to allow us to offer full digital banking services in Kenya. Our primary focus is to offer a comprehensive range of digital banking products through Android and iOS Apps, and we take pride in our culture of consistently surpassing customer expectations, which has fueled our rapid expansion.
We are actively seeking outstanding individuals who not only possess exceptional talent but also share our vision, determination, and sense of purpose. Join us in our endeavor to establish the largest neo-bank in Africa.
Job Description
Umba is currently in search of a Risk and Compliance Officer to join our team based in our Nairobi Office. In this role, the Risk and Compliance Officer will be responsible for developing, implementing, and overseeing risk management and compliance initiatives to ensure compliance with regulatory requirements and adherence to regulatory bodies.
Responsibilities
- Compliance Oversight:
- Review the bank's existing policies, procedures, and guidelines to ensure compliance with laws and regulations in accordance with banking and Microfinance acts.
- Formulate, review, and implement risk policies, procedures, risk limits, and approval authorities.
- Periodically review and update risk management policies and procedures.
- Law Enforcement Coordination:
- Coordinate with law enforcement agencies (e.g., CBK, KDIC, FRC, BFID) to ensure compliance and report any suspicious activity that may violate legal statutes or result in prosecution of the bank.
- Monitor transactions for signs of fraud or illicit activity and detect patterns requiring further investigation.
- Interdepartmental Collaboration:
- Coordinate with internal departments (credit management, operations, finance and human Resource) to resolve issues or concerns identified during audits or investigations.
- Continuous monitoring of the Bank’s Compliance risk through periodic updates of key risk indicators.
- Risk Management and Training:
- Undertake training for staff on inherent risks and controls within their processes.
- Monitor and report on the Bank’s operational risks, maintaining and periodically reviewing risk registers.
- Implement and manage the risk and control assessment reporting process.
- Disaster Recovery and Business Continuity:
- Monitor the implementation of the Bank’s Disaster Recovery and Business Continuity Plans.
- Identify and monitor risks for all Bank projects, implementing risk and control assessment reporting processes.
- Enterprise Risk Management:
- Prepare Annual Risk & Compliance Strategy for Board Audit & Risk committee (BARC) approval.
- Review and maintain the bank’s Enterprise Risk Management (ERM) Framework.
- Develop, maintain, and update the corporate risk register, regularly reviewing the bank’s risk appetite statement.
- Compliance Assessment and Reporting:
- Conduct compliance and risk assessments for key business areas and new products/business changes.
- Develop, implement, and manage a Stress testing framework for major risks facing the bank.
- Prepare Risk and Compliance reports and present them to the BARC on a quarterly basis.
- AML, KYC, and Internal Controls:
- Monitor adherence to compliance, Anti Money Laundering (AML), and Know Your Client (KYC) standards.
- Facilitate the documentation and review of departmental risk registers.
- Conduct internal control assessments and report on any identified weaknesses.
- Any other Adhoc duties assigned by your supervisor.
- Bachelor's degree in Law, Finance, IT, or a related field from a recognized institution.
- Risk Certification or an equivalent professional qualification is required.
- Membership in a professional body is an added advantage.
- A minimum of 3 to 5 years of relevant experience.
- Previous experience in the financial/banking industry is a plus.
- Demonstrated strong analytical and organizational skills.
- Personal attributes include integrity, dependability, initiative, results orientation, creativity, and strong interpersonal skills.
- Proficient in computer skills and familiar with a variety of computer applications.
- Capability to translate strategy into actionable plans for the function.
- Proficient in effective communication, both verbal and written.
- Valid work authorization for Kenya
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