Risk & Compliance Manager – Mogadishu, Somalia

Position: Risk & Compliance Manager

Locations: Mogadishu, Somalia

Deadline: 10^th September

Link: https://forms.gle/AFZNgSSgiiSSzsWe7 

The key responsibilities of a Risk & Compliance Manager in banking involve identifying, assessing, and mitigating risks to ensure the stability and soundness of the financial institution.

Here are some of the primary responsibilities of a Risk & Compliance Manager in banking:

• Identify, evaluate, and quantify various risks faced by the bank, including credit risk, market risk, operational risk, liquidity risk, and regulatory compliance risk.
• Develop and implement risk monitoring systems and processes to track and analyze risk exposures. Regularly review risk metrics and indicators to identify emerging risks and trends.
• Develop and implement risk mitigation strategies and controls to reduce the bank’s exposure to identified risks. This may involve designing and implementing risk management policies, procedures, and frameworks.
• Conduct stress tests to evaluate the bank’s resilience to adverse scenarios and identify potential vulnerabilities. Develop stress testing models and scenarios to assess the impact of economic downturns, market shocks, or other stress events.
• Prepare regular risk reports and presentations for senior management, board of directors, and regulatory authorities. Communicate risk profiles, trends, and key findings effectively to stakeholders.
• Establish and maintain robust risk policies, procedures, and guidelines aligned with the bank’s risk appetite and regulatory requirements. Ensure that risk management practices are well-documented and accessible to relevant stakeholders.
• Provide regular updates to management, the Bank’s stakeholders to include auditors and any external parties concerned with audit, risk management and compliance matters.
• Ensure adequacy of the Anti-Money Laundering & Combating the Financing of Terrorism programme of the Bank and review for weaknesses or gaps and ensure that the relevant policies are up to date.
• Conduct yearly risk assessment of the ML/TF risks and report to Central Bank of Somalia.
• Submit various ML/FT compliance regulatory reports as required by Central Bank of Somalia as per stipulated guidelines.
• Compliance Manager for IRS – FATCA.
• Money Laundering Reporting Manager duties.

Qualifications and Skills:

• A master’s degree in finance, economics, accounting, or a related field is usually required.
• Holding professional Risk certifications that include the Chartered Financial Analyst (CFA), Financial Risk Manager (FRM), and Professional Risk Manager (PRM) designations or other similar designations is beneficial.
• Having at least 4 years’ experience in risk & Compliance management is necessary. A solid understanding of banking operations, financial markets, risk management principles, and regulatory frameworks is essential. Keeping up with industry trends and developments is also important.
• Strong analytical skills
• Knowledge of financial markets and products
• Risk assessment and modeling expertise.
• Regulatory knowledge
• Effective communication and teamwork

How to apply:

https://forms.gle/AFZNgSSgiiSSzsWe7

Apply Here

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