To interpret and refine large data and provide specialist analysis and insights pertaining to behavioural trends and potential risks that impact the Momentum Channels and may possibly result in potential financial losses to the business and to establish, maintain and enhance effective operational risk mitigation processes and policies.
Requirements
Qualifications
- Grade 12 or equivalent qualification
- Bachelors Degree and a Legal (i.e. LLB, CFE) and/or compliance and/or risk management qualification
- Regulatory Examination (RE1 & 5) completed
- A minimum of 5 years related experience in the Insurance Industry.
- A minimum of 5 years investigative experience in negative sales/insurance intermediary conduct related trends and/or offenses.
- Advanced knowledge of the Financial Advisory & Intermediary Services (FAIS) Act and applicable/relevant legislation that governs the financial services industry.
- Advanced knowledge of the KR1s reporting system, AS400, BPM, Wealth, external verification agencies etc. Momentum product and business process knowledge preferred.
INTERNAL PROCESS
- Detailed analysis and interpretation of data relating to client, policy and adviser administration systems to identify and report on high-risk areas using the KR1S Intermediary Model (the Model).
- Source data across business systems to assess, analyse, investigate and report in an appropriate format to stakeholders.
- Perform data mining exercises to contribute to data integrity and quality.
- Support the various operational business areas to perform data modelling by identifying trends and patterns that highlight anomalies and tracks exceptions.
- Perform root cause analysis and identify thematic operational risk exposure .
- Review, compile and report accurate data intelligence to identify risks within the various areas.
- Identify, understand and interpret data structures across various databases within the business to facilitate data analysis and continuous monitoring activities.
- Identify and understand business processes to facilitate and enhance data analytics.
- Maintain data quality of relevant risk management systems and databases.
- Enhance existing reports residing in the Model.
- Provide continuous monitoring and management of the Model.
- Provide input for enhancements to the the Model to ensure a pro-active approach to prevent and/or eliminate negative behaviours.
- Embed the outputs of the Model.
- Recommend and implement
- Advise stakeholders on business and operational matters related to the data analysis conducted.
- Influence business partners to adopt to adopt business practices that will establish and enhance positive sales behaviours.
- Act as the primary and responsible contact within the Model process
- Act as the link between Group Forensic Services, Compliance and Risk Management.
- Investigate and manage referrals and complaints received.
- Collaborate with stakeholders to ensure continuous compliance with established processes and service level agreements (SLAs).
- Manage risk measurement activities linked to the Model to assist stakeholders to better understand their respective risk exposure.
- Provide oversight over relevant operational risk tools available, where applicable.
- Provide support on interrogating systems to identify negative behaviour and implement risk mitigation strategies and/or process changes to improve efficacies in the utilisation of the Model.
- Provide support in effective risk mitigating principles and processes to prevent negative behaviour.
- Recommend internal control measures to address negative behaviour to prevent/combat white collar crime against the business.
- Develop standards and procedures necessary for effective resolution of risk related matters.
- Manage the outcomes of findings escalated to relevant stakeholders.
- Monitor and report on key operational risks impacting the business.
- Build and maintain relationships with stakeholders.
- Provide authoritive expertise and advice to stakeholders.
- Document and ensure communication of key risks to control and reduce risk.
- Enable channel stakeholders to manage, oversee and improve behavioural risk mitigation processes.
- Liaise with Group Forensic Services in terms of escalating matters that require formal investigation.
- Develop and maintain productive and collaborative working relationships with peers and stakeholders.
- Positively influence and participate in change initiatives.
- Continuously develop own expertise in terms of professional, industry, legislative and regulatory knowledge.
- Contribute to continuous innovation through the development, sharing and implementation of new ideas.
- Take ownership for driving own career development.
- Identify opportunities to enhance cost effectiveness and increase operational efficiency.
- Manage financial and other company resources under your control with due respect.
- Provide input into the risk identification processes and communicate recommendations in the appropriate forum.
