Risk and Compliance - Officer I

Risk & Compliance Officer I-Bancassurance

Job Purpose:

To ensure effective implementation of the Risk Management and Compliance Framework across the Bank’s Bancassurance business, ensuring adherence to the Insurance Regulatory Authority (IRA), Central Bank of Kenya (CBK), and Financial Reporting Centre (FRC) requirements.

The role supports the Chief Risk and Compliance Officer and MLRO by identifying, monitoring, and mitigating risks, promoting regulatory compliance, and ensuring robust AML/CFT controls for insurance distribution activities. As Deputy MLRO, the officer assists in the management of suspicious transaction reporting, AML investigations, and training.

Key Roles and Responsibilities:

A. Risk Management

• Implement and maintain the Bancassurance Risk Management Framework in line with CBK Prudential Guidelines, IRA regulations, and the Bank’s Enterprise Risk Policy.
• Maintain the risk register for the Bancassurance unit, including product, operational, reputational, and conduct risks.
• Conduct periodic risk assessments of products, intermediaries, and third-party arrangements.
• Monitor insurer performance, service levels, claims handling, policy issuance, complaint resolution, and premium remittance obligations.
• Monitor key risk indicators (KRIs) and escalate emerging issues to management.
• Participate in loss event reporting, risk self-assessments, and business continuity planning.
• Support audit and control reviews, ensuring closure of action points.

B. Compliance Oversight

• Ensure compliance with IRA (Bancassurance) Regulations, CBK Prudential Guidelines, Insurance Act, and internal policies.
• Conduct compliance monitoring reviews on sales, policy servicing, claims handling, and commissions.
• Advise the Bancassurance unit on compliance issues and regulatory obligations.
• Maintain an up-to-date regulatory obligations register covering IRA, AML/CFT, consumer protection and data protection compliance requirements.
• Monitor compliance with minimum capital/guarantee/bond, ownership, principal officer approval, business plan, collaboration agreement, and other registration conditions required for bancassurance intermediary.
• Review and update Bancassurance compliance manuals, codes of conduct, and customer communication templates.
• Prepare periodic compliance reports for the Bancassurance team, EXCO, and Board.
• Coordinate regulatory returns and communication with the IRA and CBK.
• Support compliance readiness for inspections by IRA or CBK.

C. AML/CFT Oversight (Deputy MLRO Role)

• Act as Deputy MLRO for Bancassurance operations, supporting the MLRO in fulfilling obligations under POCAMLA and the Proceeds of Crime and Anti-Money Laundering Regulations
• Monitor AML/CFT compliance within insurance distribution, including premium payments, commissions, and claims.
• Oversee customer due diligence (CDD) and Enhanced Due Diligence (EDD) for high-risk customers, PEPs, and cross-border transactions.
• Ensure screening against sanctions lists, UN/OFAC listings, and adverse media for both clients and intermediaries.
• Assist in reviewing and filing Suspicious Transaction Reports (STRs) and Cash Transaction Reports (CTRs) with the FRC.
• Conduct periodic AML/CFT risk assessments and staff training in collaboration with the Head of Risk & Compliance.
• Ensure record keeping and data retention align with POCAMLA.

D. Governance and Advisory

• Provide advisory support on new product approvals, distribution partnerships, and insurance marketing campaigns.
• Participate in relevant committees such as the Bancassurance Committee, Operational Risk Committee, and Compliance Forum.
• Liaise with internal stakeholders (Finance, ICT, Operations, Legal) on risk and compliance matters.
• Promote ethical conduct and compliance culture among Bancassurance staff.
• Support internal awareness campaigns on fair treatment of customers and regulatory obligations under TCF (Treating Customers Fairly) principles.
• Prepare and submit regulatory reports to IRA and relevant AML/CFT authorities as required.

Key Performance Indicators:

• Accuracy and timely updating of risk register with mitigation actions.
• % completion of annual compliance plan.
• Accuracy and timeliness of returns to IRA and CBK.
• Successful closure of staff queries.
• Quality, timeliness, and completeness of reports filed to FRC.
• Proper record keeping.
• Complete trackers/logs.
• Performance appraisals submitted on time.

Academic Requirements:

• Bachelor’s degree in business, Law, Finance, Economics, or related field.

Experience:

• Minimum 2 years’ experience in risk, compliance, or AML roles within financial services.

Core Competencies:

• Banking/Bancassurance Knowledge.
• Product Knowledge.
• Financial & Business Acumen.
• Customer Engagement.

Professional Competencies:

• Accountable.
• Excellence.
• Team Player/Collaboration.
• Leadership.
• Works Strategically.
• Relationship Building.

Technical Skills:

• Strong analytical and risk assessment skills.
• Excellent understanding of insurance and banking products.
• Sound judgment and high integrity.
• Excellent written and verbal communication skills.
• Proficiency in regulatory reporting systems (e.g., go AML).
• Ability to influence, train, and engage diverse teams.
• Knowledge of insurance products.
• Strong organization and prioritization skills.

Knowledge:

• Broad knowledge & understanding of the banking, insurance concepts.
• Ability to identify solutions that effectively address business and control needs.

The deadline for submission is 25th August 2026.