Head of Monitoring and Testing at ABSA Bank Limited November 2024

ABSA Group Limited

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About Us

Truly African
We are a diversified standalone African financial services group, delivering an integrated set of products and services across personal and business banking, corporate and investment banking, wealth, investment management and insurance.

Absa Group Limited is listed on the JSE and is one of Africa’s largest diversified financial services groups with a presence in 12 countries across the continent and around 41 000 employees.

Absa Group Limited is listed on the JSE and is one of Africa’s largest diversified financial services groups with a presence in 12 countries across the continent and around 41 000 employees.

We own majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, the Seychelles, South Africa, Tanzania (ABSA Bank in Tanzania and National Bank of Commerce), Uganda and Zambia. We also have representative offices in Namibia and Nigeria, as well as insurance operations in Botswana, Kenya, Mozambique, South Africa, Tanzania and Zambia.

Head of Monitoring and Testing

Head of Monitoring and Testing at ABSA Bank Limited November 2024

• locations Absa House - ABT
• time type Full time
• job requisition id R-15969928

Empowering Africa’s tomorrow, together…one story at a time With over 100 years of rich history and strongly positioned as a local bank with regional and international expertise, a career with our family offers the opportunity to be part of this exciting growth journey, to reset our future and shape our destiny as a proudly African group.

My Career Development Portal: Wherever you are in your career, we are here for you. Design your future. Discover leading-edge guidance, tools and support to unlock your potential. You are Absa. You are possibility.

Job Summary
Plan, execute and manage monitoring assignments in accordance with the Absa Compliance Monitoring plan and relevant policies, procedures and quality standards. The Role holder is responsible for the quality of monitoring activities to ensure adherence to external and internal regulations and policies.

The monitoring of the compliance processes and methodology in all the businesses to ensure regulatory compliance throughout the business unit, as well as the implementation, alignment and embedding of the compliance training requirements in the business. Ensuring that the compliance function delivers the compliance deliverables required and as per the mandate.

Job Description
Main accountabilities
People Management

• Perform people management functions, including but not limited to:
• workforce and recruitment demand planning
• recruitment
• talent management and succession planning
• mentoring and coaching
• performance development
• reward and recognition management
• training and development
• Contribute fully to the team effort
• Facilitate coaching / training of team members in areas of specialist knowledge, or allocated areas of common interest
• Share knowledge, information, ideas and assist in the training of less experienced colleagues.

Management of Monitoring reviews

• Drive the application of the Absa Group compliance methodology for the monitoring and reporting of compliance risks and issues.
• Maintain Monitoring planning universe and update this on a quarterly basis to ensure that high risk areas are monitored.
• Formulate/compile an annual compliance monitoring plan in conjunction with management taking into consideration other assurance provider plans, available resources (staff and budget) versus the needs and expectations of executive and senior management and submit to the Director of Legal and Compliance for review.
• Monitoring follow-up action undertaken by management to remedy compliance findings, advising business to ensure that action taken is sufficient, timely and that controls introduced are operating as intended to mitigate the risk.
• Ensuring that staff are trained on a continuous basis in order to ensure that they have adequate technical knowledge in order to understand the Compliance risk management framework that applies to the bank, as well as the Compliance risks to which the bank is exposed.
• Plan, coordinate and finalise monitoring reviews in line with the Absa Compliance Manual and Monitoring/Assurance Standards.
• To enable the distribution of the Planning Memorandum on completion of the planning phase;
• To conduct Opening Meetings either physically or by means of Teleconferences to communicate the purpose, objectives and approach to line management on the first day of each review;
• Ensure high quality, timely and consistent delivery of all Monitoring deliverables
• Develop innovative ways to improve the oversight provided
• Implement the Annual Compliance Monitoring and Testing Plan
• Develop testing strategies for key controls within the business in order to adequately mitigate the risks by confirming that the testing strategies address the control.
• Manage the execution of Design Effectiveness Testing (DEA) and Operational Effectiveness Testing (OET) of the monitoring team in line with methodology requirements to ensure working papers are of a high quality.
• Review the DEA and OET working papers of controls tested to confirm that the correct control assessments have been raised.
• Provide effective feedback to the team on an ongoing basis during the monitoring assignment to address any concerns relating to testing performed.
• Engage with stakeholders on progress of the monitoring activities so that they are aware of issues identified timely and are aware of the progress of the monitoring assignment.
• Raise findings as early as possible so that issues identified can be discussed with management to confirm the assessment and agree actions with stakeholders prior to completion of fieldwork and write concise, accurate Reports so that stakeholders understand the scope of the assignment and the testing conclusions reached.
• Review management action plans to confirm that the identified risks associated will be mitigated.
• Ensure high quality, timely and consistent delivery of all Monitoring deliverables (e.g. working papers, reports etc) through appropriate oversight and controls to stakeholders and compliance management
• Liaise with stakeholders and peers on issues relating to regulatory risk assessments, intelligence/MI, reporting issues and regulator relations
• Ensure that Code of Good Practice targets are met for the team
• Socialise and champion the Annual Monitoring Plan with a variety of senior stakeholders as well as communicate the results of Monitoring reviews
• Keep up to date on regulatory-related issues across a range of topics by awareness of current regulatory changes, training sessions
• Own, build and manage relationships with key stakeholders
• Ensure compliance to the Compliance Owned policies, legislation and regulations through testing to identify areas of non-compliance.
• Provide an assurance to Director of Compliance and Legal and the ABT management on proper identification and closure of root causes of issues emanated from BOT/regulatory examination, Audits and Conformances

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Role / Person Specification
Knowledge & Skills: (Minimum of 6)

• Understands monitoring, including what makes an effective monitoring framework, core methodology to apply and key attributes of an effective monitoring team,
• Understands and is able to assess risks and controls, including what makes an effective risk framework and the role of Compliance within that framework,
• Is able to assess risks and controls,
• Broadly understands the legislative and regulatory landscape and requirements imposed by the Tanzania regulators, including the Central Bank of Tanzania, Capital Markets and Securities Authority (CMSA), Financial Intelligence Unit (FIU)
• Is able to engage and work constructively with other teams,
• Manages, motivates and drives performance of others.
• High profile nature of the role – frequent interaction with the most senior management in the business
• Being able to impartially deal with all levels of staff
• Capability to initiate, work and successfully complete (E2E) an engagement as an individual under minimum or no supervision
• Ability to work flexitime in order to meet pressing timelines.

Other Skills required to undertake the role

• Problem Solving / Decision Making
• Quality, High Standards and Controls
• Communication / Influence
• Planning & Organising
• Integrity and professionalism
• Leadership capability
• Analytical, Testing & Monitoring
• Innovation & Change
• Relationship / Partnership Approach
• Financial management
• Risk management
• Commercial awareness
• Business consulting acumen and management

Competencies: (Minimum of 8 competencies)

• Deciding and initiating action
• Persuading and influencing
• Leading and supervising
• Creating and innovating
• Relating and networking
• Formulating strategies and concepts
• Applying expertise and technology
• Entrepreneurial and commercial thinking

Experience and Qualification
Essential Qualifications

• Educated to degree level (benchmark is bachelor’s degree) or have equivalent business experience. Degree to be in Audit/Risk Management/ Accounting / Financial Services or any other relevant discipline.
• Minimum 5 years proven people management experience/leading teams.
• Minimum of 5 years’ experience in financial management, Strategic
• Planning, Governance processes and reporting
• Proven ability to interpret strategy and execute effectively
• Proven experience in managing and delivering on a complex business project Portfolio

Preferred

• Formal qualification or studying for, such as CPA, ACCA, CIA, CISA, CCSA and or business or risk related degree / qualification.

Absa Values
Absa’s Values and Behaviors represent the set of standards which governs the actions of all of us who work for the bank and against which the performance of every one of us in Absa are being assessed and rewarded:

• Trust
• Resourceful
• Stewardship
• Inclusive
• Courage

Education

• Bachelor`s Degrees and Advanced Diplomas: Business, Commerce and Management Studies (Required)

Absa Bank Limited is an equal opportunity, affirmative action employer. In compliance with the Employment Equity Act 55 of 1998, preference will be given to suitable candidates from designated groups whose appointments will contribute towards achievement of equitable demographic representation of our workforce profile and add to the diversity of the Bank.
Absa Bank Limited reserves the right not to make an appointment to the post as advertised.

Deadline f: December 05th 2024.

CLICK HERE TO APPLY!