Innovate Holdings
Posted Job
over 1 year ago

Risk & Compliance Officer

Innovate Holdings is the holding company of Innovate General Insurance Ltd, Innovate Capital Solutions Ltd and Innovate Life Assurance Ltd .

Innovate Holdings seeks to recruit suitably qualified and experienced people to fill the following positions.

Job Summary

The Risk Officer will oversee and direct the development and implementation of the risk and compliance management frameworks, and organize specific business unit risk management activities into an enterprise risk management system and brief the risk committee members and the Board on the nature and potential impact of the principal risks facing the Innovate group of companies.


  • This role reports directly to the Group Chief Operating Officer/Group Chief Executive Officer.

Key Accountabilities:

The overall objective of the Risk & Compliance Officer is to plan, monitor and manage the day to day Risk & Compliance activities for the Innovate group of companies in accordance with the best practice Compliance Framework and provide the necessary guidance and support to the Compliance network. It is also to provide explicit and proactive guidelines in relation to Compliance policies and international regulations that affect all areas.

Summary of Key Responsibilities:

  • Periodic review of effectiveness of corporate-wide risk management framework and compliance framework together with businesses, for defining the process for risk appetite development within the business
  • Ensuring that there is an adequate risk infrastructure including limit structure, methodologies, management information and systems
  • Develop a compliance framework to existing operating policies, and where such framework does not exist, develop in liaison with key business officers such policies as may be necessary to protect business value
  • Developing and managing a risk committee pack and regular senior management briefing pack that summarize all key exposures across the subsidiary entities
  • Reviewing the relevant monthly and quarterly risk report produced by market, credit and operational risk prior to distribution
  • Ensuring adequacy of the compliance framework for all relevant requirements as prescribed by the regulators
  • Develop and manage a risk management framework relevant to pertinent environmental risks
  • Ensuring that processes for risk identification, measurement and management are in place and escalation of issues for all types of risks from all sources within the bank
  • Consulting and advising on actions to address significant risk issues and events, table recommendations to the risk committee for approvals
  • Monitoring of compliance with the groups KYC and AML policies during the account opening process
  • Reporting of suspicious transactions to the Financial Intelligence Centre (FIC) in accordance with the Financial Intelligence Centre Act No. 46 of 2010 and any statutory amendments thereof
  • Periodic process compliance reviews across subsidiary businesses and monthly of Compliance reports

Transaction – monitoring

  • Process assurance for all regulatory returns to the Bank of Zambia, Pensions & Insurance Authority and other regulators
  • Ensuring implementation of the Bank of Zambia and Pensions & Insurance Authority Regulations and Directives.
  • Sensitization of all staff members on the new regulatory requirements and developments pertaining to their units
  • Preparation of monthly internal sensitization memos to all members of staff on the various corporate policies
  • Collaborating with external auditors and HR as required on compliance issues affecting the operating subsidiaries
  • Carry out other tasks as may be assigned

Critical Skills:

  • Business awareness, leadership and management skills;
  • Organizational skills and the ability to understand detailed information;
  • Computer and numeracy skills, with strong skills required for MS Word/Excel/PowerPoint;
  • Strong interpersonal skills to form effective working relationships with people at all levels;
  • Must have high integrity and must be approachable;

Qualifications and Experience:

  • Bachelor’s Degree in a business related subject and/or ACCA/CIMA
  • An MBA will be an added advantage
  • Minimum of 5 years’ experience in a banking environment
  • Must have a clear understanding of current banking and insurance sector regulations
  • Significant senior level risk management experience in banking, preferably in a market or credit risk environment
  • Working experience of dealing with bank and insurance customers
  • Experience in dealing with Board and Senior/Executive Management
  • Experience of presenting to and communicating with senior management and the Board
  • Must be a member of a relevant professional body

Salary Scale

A gross annual rate of K96,000, air time is offered

How to Apply

Interested candidates meeting the above qualifications should submit their application letters, certificates and CV’s to email below:

Please indicate the job title in the subject of your e-mail.

Only shortlisted candidates will be contacted.

Application deadline
28 May 15:00
Email applications to

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