Job Summary

As a Head of Compliance Assurance & Shariah Review, your role is to oversee and manage the compliance assurance and Shariah review functions within the bank. You will be responsible for developing and implementing compliance assurance and Shariah review plan, strategies, policies, and processes to ensure adherence to regulatory requirements and mitigate compliance risks. Your focus will be on assessing the effectiveness of compliance controls, monitoring compliance with laws and regulations, and providing recommendations for improvement. In addition, you must also ensure adequate training for

Job Responsibilities

Compliance Assurance Strategy and Planning:

Develop and implement a compliance assurance strategy aligned with the organization's overall compliance objectives.
Establish compliance assurance frameworks, policies, and procedures to assess the effectiveness of compliance controls and identify potential gaps or weaknesses.
Collaborate with senior management and other stakeholders to define the scope and priorities of compliance assurance activities.
Stay updated on regulatory requirements, industry best practices, and emerging trends in compliance assurance.

Compliance Control Assessments:

Conduct comprehensive assessments of compliance controls and processes to evaluate their effectiveness in mitigating regulatory and compliance risks.
Identify control gaps, deficiencies, or weaknesses and recommend appropriate remediation measures.
Review policies, procedures, and internal controls to ensure alignment with applicable laws, regulations, and industry standards.
Monitor changes in regulations and assess their impact on compliance controls.

Compliance Monitoring and Testing:

Develop and execute compliance monitoring and testing programs to evaluate the effectiveness of compliance controls and the organization's adherence to regulatory requirements.
Perform regular reviews and testing of compliance processes, systems, and transactions.
Identify instances of non-compliance and work with relevant stakeholders to address and resolve issues.
Document and report findings, including control weaknesses and areas for improvement, to senior management and relevant committees.

Compliance Risk Assessment:

Conduct compliance risk assessments to identify and prioritize areas of higher compliance risk within the organization.
Evaluate the impact and likelihood of potential compliance risks and develop risk mitigation strategies.
Collaborate with other risk management functions to ensure integration of compliance risk assessment into the overall risk management framework.

Compliance Reporting and Communication:

Prepare and present compliance assurance reports to senior management, board of directors, and relevant committees.
Communicate findings, recommendations, and remediation plans to key stakeholders.
Provide guidance and support to business units and compliance teams on compliance-related matters.
Collaborate with internal audit, legal, and other assurance functions to coordinate and align compliance assurance activities.

Compliance Training and Awareness:

Develop and deliver compliance training programs to enhance employees understanding of compliance requirements, policies, and procedures.
Foster a culture of compliance awareness and ethical behavior within the organization.
Stay informed about changes in regulations and communicate updates to relevant stakeholders.

Stakeholder Management:

Collaborate with internal stakeholders, including senior management, legal, risk management, and business units, to ensure a coordinated approach to compliance assurance.
Interface with external stakeholders, such as regulators, auditors, and industry associations, to stay abreast of compliance requirements and best practices.

Team Management and Leadership:

Lead and manage a team of compliance assurance professionals, providing guidance, mentorship, and performance management.
Foster a culture of continuous learning, professional development, and knowledge sharing within the compliance assurance function.

Job Requirements

Bachelor's degree in business administration, finance, law, or a related field. A master's degree or relevant professional certifications are highly desirable.
Minimum of 8 - 10 years extensive experience in compliance assurance, internal audit, or compliance roles within the financial services industry.
Strong knowledge of regulatory requirements, laws, and industry best practices related to compliance assurance.
Familiarity with compliance related especially with Islamic products and services

Head, Compliance Assurance & Shariah Review