Job Details

Job Description

NICO Insurance

VACANCY ANNOUNCEMENT RISK & COMPLIANCE OFFICER

NICO Insurance Zambia Limited, a general insurance company, has been operating in Zambia since 1st October 1997, and has branches in Lusaka, Kitwe, Ndola, Livingstone and Chipata. NICO Insurance Zambia Limited is a member of NICO Group of Companies operating in Malawi, and Sanlam through Sanlam Emerging Markets. The Company is now seeking to identify a qualified individual to be engaged as:

RISK AND COMPLIANCE OFFICER

Reporting to the Risk & Compliance Manager, the incumbent shall assist with various critical functions essential for maintaining the organization’s adherence to regulatory standards and risk mitigation strategies.

• Assists in the identification and evaluation of risks and the development of risk mitigation controls and activities for submission to the Risk and Compliance Manager.
• Monitors the departmental risk factors for all key processes to ensure that all mitigating controls are adequate and being effectively implemented.
• Working alongside process owners and management, the Risk and Compliance Officer will facilitate the maintenance of the Policy and Procedure inventory, ensuring it reflects changes and updates from internal and external stakeholders.
• Monitor the completion of Internal and External Audit recommendations and secure Closure Evidence for future reference.
• Forms part of the salvages disposal committee to ensure that salvages are disposed of in line with NICO Zambia Policies and Procedures.
• Examines weekly transactions to detect any unreported suspicious activities.
• Assists the Risk and Manager in gathering information for essential Compliance reports submitted to both internal and external stakeholders.
• Supports the coordination of training activities related to Risk and Compliance and ensures the retention of training registers.
• Updates the Compliance Universe for future compliance testing purposes.
• Informing relevant internal stakeholders about new policies, procedures, and legislation to raise awareness.
• Ensuring the adherence to document retention guidelines across the entire organization.
• Ensuring the accuracy, integrity, and compliance of revenue-generating processes related to insurance policies, premiums, claims, and associated financial transactions.
• Proactively identifying inefficiencies, bottlenecks, and opportunities for improvement within existing processes.
• Business partnering on initiatives that streamline workflows, optimize operational procedures, and enhance overall efficiency.
• Assist in the organisation of brainstorming sessions and workshops to generate innovative ideas for process enhancement and development of new procedures.
• Conducts evaluation of the effectiveness of implemented solutions.
• Prepare detailed reports and presentations outlining findings, improvements, and compliance status for stakeholders and regulatory bodies.

Requirements:

• Have a first degree in Finance, Accounting, Audit, Economics or equivalent
• Have a minimum of three (3) years’ experience in Audit, Finance, ERM or similar.
• Proven knowledge of insurance standards and procedures.
• High attention to detail and excellent analytical skills.
• Sound independent judgement and high integrity.