HomeRisk & Compliance Manager Vacancy – DigiWallet Limited (Belize City)

Risk & Compliance Manager Vacancy – DigiWallet Limited (Belize City)

  • December 11, 2024
  • Posted by: BCCI
  • Category:
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ABOUT DIGIWALLET: DigiWallet is Belize’s most comprehensive and cutting-edge mobile wallet solution! With over 190,000 DigiCell mobile users, and 90% nationwide LTE and fiber coverage, DigiWallet offers all Belizeans easy and safe access to the widest array of financial services via the most reliable and secure networks. DigiWallet replaces the need for bank cards and cash with an easier, safer and more secure payment method.

ABOUT ROLE: The Risk & Compliance Manager (R&CM) is responsible for managing all aspects of risks to DigiWallet Limited (DWL), its customers, reputation, assets and the interests of stakeholders, ensuring that the subsidiary complies with all regulatory requirements. The RC&M will ensure implementation of DWL’ board approved risk management strategy, ensure that DWL meets all regulatory independent testing requirements relating to (AML, CFT, PCI, etc), develop, lead, and motivate the risk and compliance team to maximize effectiveness, ensure the subsidiary has an effective customer feedback and complaints system and assess and report on the potential risk of new retail initiatives being developed by DWL. Additionally, the incumbent is responsible for the implementation of any Retail initiatives impacting the branch with support from the GM DWL. Responsible for the tracking and monitoring of customer feedback ensuring that the required reports are completed and escalated to the appropriate section. This position reports to the General Manager DigiWallet.

STANDARD JOB REQUIREMENTS:

  • Bachelor’s degree in Finance or Business with 5 years of experience.
  • Master’s degree in Finance & Risk Management with 8 years of experience would be an asset.
  • Recognized certification/designation in AML/CFT.
  • Good technical administrative, analytical, and business support experience.
  • Understanding the whole range of products and services provided by DWL.
  • Exposure to general banking and particularly risk management support functions
  • Detailed knowledge of the regulations and legislation governing money laundering and payment systems.
  • Detailed knowledge of the operations of the organization and the environment (e.g., regulatory, physical) in which it operates.
  • Knowledge of the key business functions (e.g., operations, sales, marketing, finance, corporate governance) and an understanding of the key risks and controls in these areas.
  • Thorough knowledge of operational risk management policies, compliance and fraud prevention controls, the Retail product set and business processes and operational procedures and people policies.
  • Detailed knowledge of the Finance and business strategy and the DWL operating structure and interface.

MAIN RESPONSIBILITIES INCLUDE BUT NOT LIMITED TO:

Risk Management & Compliance

  1. Develop risk management policies and procedures in accordance with the relevant international standards of risk management, applicable laws, regulations and standard practice for BOD approval, and coordinate implementation of approved policies.
  2. Ensures adherence to risk service standards on legislation relating to ‘know your client’, anti-money laundering and other control /compliance responsibilities / issues, e.g., management control testing, BCP, fraud management policies and CAMR rules for client acceptance. Helps in any training and competency schemes established within the business over time.
  3. Provide intervention coaching in risk and compliance across branches based on self-assessment results and areas identified as requiring attention.
  4. Evaluate new services and products to determine potential ML and compliance risks and provide advice for mitigation.
  5. Responsible for recognizing risks and effectively developing risk response strategies in collaboration with Legal, Compliance, Audit, Finance, IT and Operational Risk.
  6. Attends risk management and other compliance related meetings, training courses (both internally and externally).

Internal Controls & Monitoring

  1. Develop AML/CFT policies and procedures in accordance with relevant laws and regulations for BOD approval.  Prepare reports for BOD, at least on an annual basis, on the effectiveness of the AML/CFT framework.  Advise the DWL management team and the BOD of proposed or pending regulatory changes, and update policies and procedures accordingly.
  2. Ensure that quality independent management control testing to assist with the management of operational risk is implemented, consistently executed, and monitored. This includes identifying root cause, conducting incremental testing, performing exception analysis, and trending analysis. Ensure that quality workbooks and summaries are submitted in accordance with risk management guidelines.
  3. Ensures that security measures are met, and internal control procedures are followed to minimize fraud, forgeries, and irrecoverable losses and to reduce non-compliance.
  4. Ensures adherence to anti-money laundering compliance requirements for the business, including all aspects of terrorist financing and know your customer.

Leadership

  1. Lead the DWL management and staff in implementing approved AML/CFT policies and procedures throughout DWL, ensuring that high risk matters (e.g., onboarding accounts of politically exposed persons) are handled appropriately.
  2. Lead, motivate and develop a team of Fraud Control and AML/CFT officers. Keep abreast of new techniques and trends in money laundering, fraud, and operational risks, and new/improved methods of detecting and combating these and ensure as change agent that regular and appropriately targeted training is provided to DWL BOD, management, and staff.
  3. Lead the DWL team to full compliance with established laws, regulations, and guidelines, and approved policies and procedures. This includes daily monitoring of control activities for account on-boarding, periodic file reviews, customer due diligence and transaction monitoring.
  4. Facilitates staff training and education on all control, risk related issues, best practice, regulation, product and service risk, and changes.

Audit Validation & Documentation

  1. Coordinate, track, and manage rectification of deficiencies identified by internal audit, external audit, regulatory examinations, management control testing and the self-assessed process. This involves supporting retail resources in the development of deficiencies, following up with action plan owners, monitoring remediation activities along with the finalizing of all deficiency closure requests for SET approval.
  2. File timely suspicious transaction reports (STRs) when warranted. Ensure that required compliance records and registers are maintained within DWL.  Act as liaison between DWL and regulatory bodies (FIU, CBB etc) on compliance matters and investigations.
  3. Analyzes and reviews completed loan applications of sales team members, in accordance with authorized limits, management control testing process and / or sampling guidelines.
  4. Establishes and follows a systemic approach to monitor risk in the jurisdiction and document findings and tracks non-compliance areas until they are regularized.

Customer Centric

  1. Assess and report on the effectiveness of DWL’ customer feedback and complaints system and provide guidance for improvement where gaps are identified.
  2. Attends risk meetings on behalf of the subsidiary and affects the necessary follow ups / remedial actions to manage identified risks.
  3. Champions continual rapport with business segments on planning large client flows, operational and pipeline activity. 

Team Centric

  1. Assists in the development of policies and procedures for DWL as required in conjunction with Legal, Compliance, Audit, Credit and Operational Risk.
  2. Ensures that the subsidiary and the staff are appropriately trained to conduct business from an operational risk and governance perspective.
  3. Leads and partners with senior peer team to ensure business growth and customer satisfaction targets are achieved.

PERSONAL ATTRIBUTES:

  1. Strong ability to assess risks, identify regulatory gaps, and ensure compliance with financial laws and policies.
  2. Strong interpersonal skills, ability to communicate with customers and teams in an honest and direct manner across the organization.  
  3. Strong creative skills, ability to confidently present ideas in a solution-oriented manner. 
  4. Maintain a high level of integrity and dependability with a strong sense of urgency and results-orientation. 
  5. Comfortable navigating the dynamic and evolving challenges of a startup environment, including limited resources, shifting priorities, and fast-paced growth.
  6. Agile, collaborative, and accountable in the execution of job functions.

ABOUT OUR OFFER:Attractive compensation and benefits package commensurate with experience and qualifications.

If you are interested in joining our team, letter of application accompanied with detailed Curriculum Vitae, copy of Certificate from highest level of education, and contact details of three (3) recent professional referees should be submitted electronically no later than Friday, December 27th, 2024, and addressed to:

Employee Relations Manager

Belize Telemedia Limited

digicareers@livedigi.com