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Chief Compliance Officer (CCO) - Deposit-Taking Microfinance Institution
Fairmoney
Accounting & Finance, Legal
Lusaka, Zambia
Posted on Mar 7, 2025
The Chief Compliance Officer (CCO) will develop, implement, and oversee a robust compliance framework to ensure that FairMoney Zambia meets all local and international regulatory requirements as set out by the Banking and Financial Services Act, the Microfinance Regulations, and other applicable guidelines. The CCO will work closely with senior management and the Board to embed a culture of compliance, ethics, and transparency throughout the organization while minimizing regulatory and reputational risks.
Educational Background: A bachelor's degree in Law, Business Administration, Finance, or a related field is required; an advanced degree (e.g., MBA, LLM) is preferred.
Professional Certifications: Relevant compliance certifications such as Certified Regulatory Compliance Manager (CRCM), Certified Anti-Money Laundering Specialist (CAMS), or equivalent, are highly desirable.
Experience: Minimum of 8-10 years of progressively responsible experience in compliance or risk management roles within the financial services or microfinance sector. Prior experience in a regulated deposit-taking environment is strongly preferred.
Regulatory Knowledge: In-depth understanding of Zambian financial regulatory frameworks, including the Banking and Financial Services Act and Microfinance Regulations.
Technical Skills: Proficiency in compliance monitoring tools, risk management systems, and data analytics. Strong knowledge of anti-money laundering practices, data protection, and consumer protection regulations.
Core Competencies
Regulatory Expertise:
• Detailed knowledge of relevant laws and regulations, with the ability to interpret and apply them effectively.
Analytical Skills:
• Strong capability to analyze complex regulatory requirements and compliance data, translating them into actionable policies.
Communication & Interpersonal Skills:
• Excellent written and verbal communication skills, capable of engaging with Board members, regulators, and staff across all levels.
Problem-Solving:
• Proactive approach in identifying compliance risks and developing innovative solutions.
Leadership:
• Proven track record of leading compliance teams, mentoring staff, and driving a culture of integrity and accountability.
Attention to Detail:
• Meticulous in developing and reviewing policies, reports, and regulatory submissions.
Personal Attributes
Integrity & Ethical Standards:
• Demonstrates the highest level of honesty and ethical behavior in all actions.
Adaptability:
• Comfortable operating in a dynamic and evolving regulatory environment.
Resilience:
• Able to work under pressure and manage multiple priorities effectively.
Collaboration:
• Team-oriented and capable of building strong working relationships with stakeholders internally and externally.
Key Responsibilities
1. Compliance Framework & Policy Development
• Develop and Update Policies: Establish, maintain, and update comprehensive internal compliance policies and procedures in line with Zambian regulatory requirements and international best practices.
• Framework Implementation: Design and implement an enterprise-wide compliance framework that covers all regulatory areas (anti-money laundering, data protection, consumer protection, etc.) relevant to a deposit-taking microfinance institution.
• Code of Conduct: Collaborate with other senior executives to develop or enhance the organization's code of conduct, ensuring that it is disseminated and understood throughout the institution.
2. Monitoring & Reporting
• Compliance Monitoring: Oversee the ongoing monitoring and testing of the institution's compliance with internal policies and external regulatory requirements.
• Reporting: Prepare periodic compliance reports for the Board and regulatory bodies, highlighting compliance performance, risks, breaches, and remediation plans.
• Audit Coordination: Work closely with internal and external auditors to address compliance findings and implement corrective actions promptly.
3. Regulatory Liaison & Risk Management
• Regulatory Interface: Act as the primary liaison with the Bank of Zambia and other regulatory authorities, ensuring timely communication of compliance issues, changes in regulations, and remedial actions.
• Risk Assessment: Collaborate with the Chief Risk Officer (CRO) to assess compliance risks as part of the enterprise risk management process and ensure that risk mitigation measures are effectively implemented.
• Incident Management: Develop and oversee procedures for investigating and reporting compliance breaches, and manage any regulatory inquiries or examinations.
4. Training & Culture
• Training Programs: Design and deliver ongoing compliance training and awareness programs for employees, management, and the Board to promote a strong compliance culture.
• Ethical Leadership: Champion ethical behavior and transparency across the organization, ensuring that all employees understand their compliance obligations.
• Advisory Role: Provide expert advice and guidance to business units on regulatory requirements, policy interpretation, and best practices in compliance.
5. Continuous Improvement
• Process Enhancement: Regularly review and refine the compliance framework and monitoring systems to address emerging regulatory trends, technological advancements, and operational changes.
• Benchmarking: Stay updated with global best practices in compliance management and apply lessons learned to enhance the institution's policies and procedures.
• Technology Integration: Support the adoption of compliance technology tools for effective monitoring, reporting, and risk assessment.
- Paid Time Off
- Training & Development budget
- Paid company business trips
- Hybrid work
- Competitive Compensation
- Screening call with Recruiter: 30 minutes
- Interview with the Director of International Expansion
- Interview with the CEO
- Panel discussion