Head of Risks and Compliance at Mayfair Insurance Company Rwanda Ltd

Job position: Head of Risks and Compliance

Introduction

Mayfair Insurance Company Rwanda Ltd is a general insurance company providing various general insurance products in Rwanda since May 2017. It is regulated by the National Bank of Rwanda and since inception the company has been on an upward trend, experiencing phenomenal steady growth both on the turnover and profitability. The Company is part of the network of Mayfair Insurance companies across the region (Kenya, Tanzania, Zambia, Rwanda and Uganda and DRC).

The Head-office of Mayfair Insurance Company Rwanda Ltd is located in Kigali Heights, Ground Floor.

Job Purpose Statement

The Head Risks and Compliance will be responsible and accountable for ensuring the effectiveness of comprehensive Risks and compliance functions within the company.

Key Responsibilities

1. Risks Management responsibilities

Head of Risks and compliance shall assess the company capacity to absorb insurable risks given their nature, probability and impact.

She/He shall identify potential areas of compliance vulnerability and risks; develops/implements corrective action plans for resolution of problematic issues.

She/He shall assess and report to the Board risks arising from the internal and external environments as well as risks arising from remuneration and incentive structures.

She/he shall ensure the implementation of an effective risk management system within the company that are adequate to the nature, scale and complexity of Mayfair Insurance Company Rwanda businesses.

She/He shall maintain policies and procedures for the general operation of the Compliance Program and its related activities to prevent illegal, unethical, or improper conduct

2. Compliance responsibilities

Head of Risks and Compliance shall contribute to the establishment and implementation appropriate mechanisms of compliance to:

1. Promote an ethical corporate culture, including managing the implementation of and compliance with Mayfair Insurance Company Rwanda’s code of conduct and code of ethics;
2. ensure Mayfair Insurance Company Rwanda policies and controls in respect of legal, regulatory and ethical obligations are in place and are effectively implemented;
3. organize regular training on key legal and regulatory obligations for employees;
4. facilitate confidential reporting by employees of concerns, potential or actual violations (whistle-blowing), ensuring the protection of such employees from retaliation;
5. address compliance shortcoming and violations, including proposing any disciplinary actions required to the Management or Board.
6. ensure full compliance with taxes laws, BNR regulations, RSSB laws, Special Guarantee Fund laws, CRB requirements, and other laws.
7. Follow up the implementation of shareholders and Board resolutions.

Reports to: Managing Director & Board.

Requirements for the Role

Educational Qualifications:

The Head of Risks and Compliance must have:

• Bachelor’s degree in risk management, actuarial science, finance, accounting, economics or related field and any of professional qualification certificate issued by Association of Chartered Certified Accountants (ACCA) or Certified Public Accountant (CPA) or a risk analyst certificate obtained from a professional body recognized by the supervisory authority.

Job-related experience:

• Five years working experience in risk management in insurance or reinsurance companies or any other financial institutions, recognized audit and quality assurance firms, of which three years have been passed in managerial position.

Technical skills:

• Strong working knowledge of laws and regulations, policies and procedures;
• Demonstrated skills in assessing business risks and ensuring implementation of laws and regulations;
• Excellent computer skills including word processing, Excel and PowerPoint;
• Excellent ability to prepare concise report in English and present it to the Board and management;
• Ability to work with a variety of personnel;
• Ability to remain independent from other functions within the organization;
• Good verbal and written communication skills in English and Kinyarwanda; basic French knowledge would be a plus;

• Ability to work independently with minimal close-support from a supervisor.

Required documents

• Application letter addressed to the Managing Director of Mayfair Insurance Company Rwanda Ltd;
• Updated signed CV;
• Academic documents;
• Professional certificates;
• Copy of national ID card/passport.

The application addressed to the Managing Director of Mayfair Insurance Company Rwanda Ltd shall be submitted at the head-office of Mayfair Insurance Company Rwanda Ltd located in the building Kigali Heights, Ground Floor., or email to info@mayfair.co.rw not later than 14^th May 2024 at 5h:00 PM (Local time).

NB: 

1. Only shortlisted candidates will be contacted.
2. The successful candidate will be required to bring more required documents for her/his approval by the National Bank of Rwanda.

Done at Kigali, on 3^rd May 2024.

IGOMA Jessica

Managing Director