Risk & Compliance Manager

Develop and implement risk management policies, programmes and standards to mitigate all risks to the Credit Union and to ensure compliance with the Bank of Jamaica, Ministry of Finance & Planning and other relevant laws and regulations.

MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LIMITED

RISK & COMPLIANCE MANAGER 

JOB SUMMARY

Develop and implement risk management policies, programmes and standards to mitigate all risks to the Credit Union and to ensure compliance with the Bank of Jamaica, Ministry of Finance & Planning and other relevant laws and regulations.

KEY RESPONSIBILITIES

1. Reviews and assesses laws and regulations which may impact the risk management function of the credit union and makes recommendations for action to senior management.
2. Reviews and make recommendations concerning the liquidity and securities risk management portfolios to ensure the availability of sufficient funds to meet the needs of the Credit Union and to minimize the risk of losses due to factors such as maturity, marketability, interest rate changes and portfolio concentration.
3. Develops and implements policies and standards aimed at mitigating the Credit Union’s risk exposure.
4. Ensures that respective policies and procedures are updated or established in accordance with evolving regulations, legal requirements, industry trends and Credit Union needs.
5. Evaluates new and existing products and services to determine the level of risks.
6. Evaluates reports of unusual or suspicious transactions and ensures the timely filing of Suspicious Activity Reports.
7. Acts as liaison between the Credit Union, League, the Bank of Jamaica, Ministry of Finance & Planning and relevant law enforcement agencies with respect to compliance matters and investigations.
8. Carries out tests of systems operating within the Credit Union, documents observations of non-compliance with accepted policies and procedures and reports any deviations.
9. Designs and conducts risk training to create a strong risk culture within all levels of the Credit Union.
10. Maintains risk registers based on applicable laws and AML considerations.
11. Monitors all risk-taking activities and risk exposure to ensure that they are in line with the Credit Union’s approved risk appetite and risk limits.
12. Prepares and presents comprehensive risk assessment report for management analysis.
13. Generates regular and ad hoc compliance reports.
14. Performs other related functions that may be assigned from time to time.

REQUIRED KNOWLEDGE, SKILLS AND COMPETENCIES

• Expert knowledge of industry standards pertaining to risk and compliance.
• Thorough knowledge of statutory laws and regulations governing the financial institutions operations.
• Demonstrate strong knowledge of risk identification, assessment and management framework.
• Sound knowledge of international accounting standards and practices.
• Strong skills in spreadsheet and in analyzing large volume of data. Experience working with a computerized risk management system would be an asset.
• Sound knowledge of Bank of Jamaica’s Risk and Compliance policy.
• Sound knowledge of statistics, data collection, analysis and presentation.
• Sound knowledge of Anti Money Laundering and the Proceeds of Crime Act Regulations.

MINIMUM REQUIREMENTS

• 1^st  Degree in Accounting, Finance, Risk Management, Business Administration or equivalent qualifications.
• Three (3) years work experience in Risk Management at a financial institution.

We thank all applicants for expressing an interest; however, only shortlisted applicants will be contacted.