Category: Govern Legal Compliance & Sustain - OF5302
Posted by: Alexander Forbes
Posted on: 27 May 2025
Closing date: 04 Jun 2025
Location: Johannesburg
Purpose Of The Job
To ensure that Alexforbes complies with all applicable regulatory requirements, with a specific focus on the Financial Advisory and Intermediary Services Act (FAIS), Collective Investment Schemes Control Act (CISCA), and the Pension Funds Act. The role involves monitoring, advisory, reporting, and training functions to support a culture of compliance and ethical conduct.
Overview
FAIS Responsibilities
- Ensure the Alexforbes and its representatives comply with FAIS licensing conditions, including maintaining valid FSP licenses and subcategories.
- Monitor and enforce Fit and Proper Requirements for Key Individuals and Representatives, including:
- Honesty and integrity
- Competency (qualifications, experience, and regulatory exams)
- Continuous Professional Development (CPD) tracking
- Operational ability and financial soundness
- Maintain and update the Register of Representatives, ensuring timely onboarding, debarment, and status changes.
- Oversee compliance with advice and intermediary service standards, ensuring that advice is suitable, unbiased, and well-documented.
- Implement and monitor adherence to Treating Customers Fairly (TCF) outcomes.
- Conduct internal FAIS compliance reviews and prepare reports for regulators.
- Ensure that the management and marketing of collective investment schemes (CIS) comply with CISCA and FSCA Conduct Standards.
- Monitor the governance and operational compliance of CIS managers, including:
- Portfolio structuring and disclosures
- NAV calculations and pricing accuracy
- Liquidity risk management
- Conflicts of interest and personal account trading
- Review and approve marketing materials and fund fact sheets for regulatory compliance.
- Liaise with trustees and custodians to ensure proper oversight and segregation of assets.
- Support the preparation and submission of regulatory returns and disclosures to the FSCA.
- Stay abreast of regulatory changes and international best practices in CIS governance.
- Ensure that Alexforbes (specific entities) is licensed as a retirement fund administrator under Section 13B and complies with all licensing conditions.
- Monitor compliance with fiduciary duties and governance standards applicable to administrators.
- Oversee the accuracy and timeliness of:
- Member record-keeping
- Contribution reconciliations
- Benefit calculations and payments
- Statutory reporting to the FSCA and fund boards
- Ensure that Service Level Agreements (SLAs) with retirement funds are aligned with regulatory expectations and are effectively monitored.
- Support internal and external audits and implement corrective actions for any findings.
- Ensure consistency in the approach and execution of compliance monitoring.
- Providing input into the annual monitoring planning process, ensuring consistency and relevance according to risk.
- Ensure the completion and delivery of the annual compliance monitoring plan.
- Review, evaluate and optimise tools, processes, and reporting to drive efficiencies of controls.
- Implement and monitor changes and new controls introduced, and ensure changes are embedded into operations.
- Design control self-assessments using risk-based methodology to test processes and assess compliance.
- Ensure that progress updates are sent consistently to first-line compliance and the business.
- Ensure the Completion of Compliance Risk Management Plans as per Compliance Universe and the approved plan.
- Ensure adequate controls are in place within the Groups risk appetite.
- Ensure that compliance reports are ready timeously for each respective committee and Board meetings.
- Compile reports for internal risk committees.
- Continually assess the effectiveness of reports and enhance based on the target audience.
- Assist with ad hoc reports as and when required.
- Provide input into the training and awareness plan.
- Conduct and develop training to the compliance community and business.
- Manage and update the Groups Non-Compliance Incident Register.
- Proactively reduce risks and enhance compliance detection concerns by driving alignment across functions in terms of system adaptation and implementation.
- Highlight key governance, control and process deficiencies to business and compliance and agree on timelines to close out deviations.
- Be risk-focused by continually assessing both internal and external factors that influence the entities risk profile within the Group.
- Conduct policy reviews as and when required.
- Work closely with other teams and other assurance providers across the Group.
- Support Manager and the Group Chief Compliance Officer strategies by ensuring understanding and execution.
- Develop group policies, standards, guidance papers and templates.
- Drive, manage and lead the process of the identification, assessment and management of risk through development and maintenance of risk assessments on a Group level.
- Provide input into strategic principles and processes to ensure sustainable strategic compliance.
- Monitor the identification of risks, feedback and corrective action implemented through oversight of engagements with stakeholders, to ensure these risks are monitored through applicable governance forums and structures.
- Represent the Chief Compliance Officer at relevant governance forums, structures, meetings, engagements, and regulatory interactions when required.
- Position requires a bachelors degree qualification; or
- 5 - 8 years experience in the Financial Services industry.
- Good understanding of compliance principles and approaches, strong knowledge of governance, risk management, internal controls, compliance, and financial reporting to allow for identification, assessment, and analysis of issues related to the risk and internal control environment.
- In-depth knowledge of FAIS, CISCA, and the Pension Funds Act.
- Ability to identify inefficiencies and remediate.
- Lead, guide and support the people within division.
- Develop and maintain desired organisational culture
