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Risk & Compliance Officer

  • job type Full Time

A major player in the insurance industry is looking for a Risk and Compliance Officer to join their team. The successful candidate will be ensuring the development and implementation of the risk management and compliance framework including the relevant policies and procedures as well as liaising directly with regulatory bodies on matters relating to risk and compliance.

Responsibilities:

  • Design and implement the Risk Management Framework tools, systems and processes and propose updates, as necessary, to ensure it remains aligned to the risk profile of the business;
  • Support Management in the identification and evaluation of the key risks facing the company and monitor for new risk areas;
  • Collate and validate risk information and Maintain the Risk Register of the Company;
  • Identify controls, mitigation techniques and strategies for the risks of the company and evaluate the residual risks;
  • Monitor risk exposures to ensure adherence to the Risk Appetite policy established by the Board and escalate any identified breaches;
  • Prepare required risk reporting for any Board Committees and for the Board and maintain proper records;
  • Support the development of an effective risk culture across the business;
  • Work closely with risk-related functions such as internal audit, actuarial, underwriting and finance;
  • Ensure the company satisfies its authorisation requirements in terms of the Insurance Business Act, Regulations and Insurance Rules issued thereunder, the Insurance Distribution Rules and the Conduct of Business Rules and assess the possible impact of any changes in the legal environment on the company’s operations;
  • Identify and assess compliance risks across all operations of the Company including activities outside Malta and those outsourced to third party service providers;
  • Monitor compliance and identify any breaches and escalate them to the Risk & Compliance Committee and where necessary to the Board and the MFSA;
  • Maintain proper compliance records and monitor regulatory reporting requirements;
  • Prepare a compliance plan on an annual basis and quarterly compliance reports to the Risk & Compliance Committee;
  • Liaise and communicate with the MFSA on an ongoing basis, to file notifications, submissions and requests with the MFSA, to obtain documents on the MFSA’s request and assist MFSA personnel as necessary during compliance visits;
  • Support the development of an effective compliance culture across the business;
  • Maintain training and CPD records for relevant persons;
  • Provide training on regulatory matters to staff and management as necessary;
  • Assist with Data Protection matter including providing advice on how to conduct Data Protection Impact Assessments (DPIAs) and ensure data management compliance within the Group.

Education & Experience:

  • Possess a Bachelor’s degree in law, risk management,/business administration, finance or similar subjects.
  • Risk Management or financial services qualification from a reputable professional or tertiary education institution;
  • Preferably already PQ'd  by the MFSA, or fit to be approved
  • Minimum 4 years’ experience in risk ideally with insurance background, or within Financial Services
  • Strong knowledge of the insurance market, techniques, and the legal and regulatory environment.

Skills:

  • Strong decision-making skills and the ability to work well under pressure.
  • Ability to work independently and in a team.
  • Ability to meet tight deadlines.
  • Excellent oral and written communication skills.
  • Fluency in Maltese and English.

Job Summary


  • Job Reference: 3225/21
  • Published on: October 11, 2021
  • Primary Job Focus: Insurance
  • Employment Type: Full Time
  • Experience: Experienced
  • Status: Searching
  • Salary: €50000 - €60000
  • Application Deadline: December 31, 2021

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