Internal Control and Anti Money Laundering Support Officer

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This position reports to

ARIC Demand Manager

Your role and responsibilities

In this role, you will have the opportunity to support and facilitate the assessment of financial reporting risks and the design, implementation, and maintenance of a high-quality system of Internal Control over Financial Reporting (ICoFR). Each day, you will coordinate activities to design, implement, and maintain a system of internal control, in line with the group standards. You will also showcase your expertise by supporting the management in timely and sustainable remediation of deficiencies, if any. Financial Crime Compliance (“FCC”) support within the Compliance function in ABB South Africa, will support the Head of FCC with the execution of the Financial Crime Compliance strategy. The officer will provide support and guidance to the business to ensure that all key milestones are met as the overall FCC strategy is implemented. In addition, the Manager will act as a subject matter expert as it relates to governance and controls. Internal Controls support within the Internal Controls function in ABB South Africa, will support the internal controls function in its responsibility monitor compliance to process design, relevant policies and procedures and quality review of internal controls. Support the business in the design and implementation of remediation actions in areas where control failures or areas for improvement have been identified. Lead the Helping hands team and ensure training / skills transfer to helping hands team members. Support the business with risk assessment and scoping of spot checks and testing of controls, compliance to policies and procedures as well as identify weaknesses or risks in the business processes that needs to be strengthened or improved. The work model for the role is: Hybrid This role is contributing to the Process Automation in Longmeadow You will be mainly accountable for: • Provide support and guidance to ensure that key deliverables are met/ • Provide the necessary support, oversight and guidance to ensure that Quality Assurance reviews are executed on. • Act as a central point of coordination for document requests, requests for information, deck preparation and communicate (both internally and externally) in a timely and consistent manner. • Provide support and guidance with teams for the tracking and analysis of identified financial crime issues and their action plans • Ensure timely and proper escalation of any issues and track responses • Review reports on financial crime compliance standards and be able to proactive assess the impact on the business identify actual or potential risks and advise Compliance Officer accordingly. • Provide input into financial crime risk assessments to identify risks • Provide input into the development of risk mitigating action plans • Supporting the implementation and ongoing effectiveness of AML/CFT and Sanctions policies and procedures • Develop, implement and monitor country suspicious activity reporting (“SAR”) and transaction monitoring processes and procedures to ensure compliance with the local regulation. • Monitor and analyze comprehensive financial crime developments and play an advisory role to the business on the impact of financial crime risks, trends and international best practice • Coordinate and generate relevant, timely management information (“MI”) and track all remedial actions • Manage escalations from the business as it relates to financial crime compliance • Ensure that the policies and procedures are continuously reviewed so that they remain current and meet current local statutory and regulatory requirements • Manage relationships with FCC operations vendors to ensure availability of specialist support when required. • Have oversight of compliance with local Sanctions regulation whilst effectively managing, identifying, mitigating and escalating Sanctions risk in a proactive and continuous manner • Identify and challenge any potential Sanctions risk inherent in FCC decisions as well as client activity together with Trade Compliance Officer • Ensure liaison with Compliance Officer to update relevant stakeholders within the country to provide expertise and support on all Sanctions and Transaction Monitoring related matters • Lead the implementation and oversight of policy and governance frameworks, procedures, practices and standards as it relates to Sanctions and Transaction Monitoring to ensure quality, effective risk management and regulatory compliance • Keep abreast of industry developments and initiatives as it relates to financial crime and Sanctions risk management and share this information across the division in the form of metrics, “MI” and reporting to inform decision making. • Act as an advisor to assess actual or potential risks in order to maintain the minimum standards in accordance with the agreed risk appetite • Monitor and report on Sanctions compliance standards, together with the Trade Compliance Officer • Monitor and analyze comprehensive financial crime developments on the impact of financial crime risks, trends and international best practice • Understand, interpret and apply legislative and/or regulatory requirements to risk domain documentation (e.g. the formulation of a new policy to address a new regulatory requirement) • Advise on methodology enhancements to existing processes • Interpret and apply financial crime considerations to the risk strategy of an organization (e.g. formulation of a risk appetite statement, risk-based approach etc.) and articulate the associated outcomes • Understand and analyze business processes, including business process documentation, e.g. process flows, narrative descriptions, guidelines / instructions, procedures and policies. • Understand financial reporting related risks and internal controls. • Engage with the business and control owners to conduct testing and monitoring of controls to determine operating effectiveness and ensure there is adequate evidence to support control execution in accordance with the control design and requirements. • Performing quality reviews on control evidence and documentation to ensure high quality control execution. • Document your work, your findings and recommendations in a clear and structured manner. • Provide feedback to control owners and performers on the areas that need improvement. • Discuss any identified issues with the process/control owners and obtain action plans for remediation. • Escalating and managing compliance issues where required.

Qualifications for the role

• Ideally you will have a relevant Degree in Internal Audit, Compliance, Finance or Accounting.
• Specialist postgraduate qualifications such as the Certified Global Sanctions Specialist or the Certified Anti-Money Laundering Specialist, Anti-Money Laundering Compliance Practitioner is advantageous
• Minimum of 5 years’ experience in internal audit, internal control or compliance related areas.
• Good experience with developing strategy or giving input into strategy development for risk management purposes
• Good experience leading teams and contributing to people development
• Good experience performing risk assessments and developing policy and procedures
• Service-oriented mindset; solid commitment to quality and continuous improvement – must have the “can do attitude”.
• Have strong ethics and moral values.
• Have a professional work ethic and go the extra mile to ensure quality outcomes.
• Attention to detail and can work independently and in a team.
• Strong analytical & problem-solving skills, is an enthusiastic learner, team player and displays leadership skills.
• Collaboration skills
• Innovative thinking, applies sound judgement and interpretation.
• Good communication and interpersonal skills.
• Ability to work under pressure
• Ability to handle multiple tasks and follow them through to resolution accurately and in a timely manner
• Deadline driven and excellent time management skills
• Computer skills, experience in MS office tools to document your work and report writing skills.
• References to support this will be an advantage.
• Preference will be given to previously disadvantaged candidates in line with the company's employment equity targets

More about us

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