Role Overview: Head of Compliance
The Head of Compliance holds a vital leadership position within the organization, tasked with ensuring that all operational activities strictly conform to applicable regulatory standards, internal guidelines, and industry-recognized best practices. This individual is responsible for designing, implementing, and overseeing the compliance framework, ensuring the company’s adherence to the Pension Reform Act (PRA) 2014, and all other pertinent laws governing the industry. In this role, the Head of Compliance acts as a strategic partner to executive leadership, providing insights on compliance risks, regulatory changes, and maintaining communication with oversight bodies.
Primary Duties and Responsibilities
1. Regulatory Compliance & Reporting
- Guarantee that the organization consistently aligns with the directives, circulars, and policies issued by the National Pension Commission (PenCom) and other regulatory institutions.
- Conduct regular assessments to ensure that internal policies are effectively implemented and that all transactions and operations remain compliant with applicable legal and organizational standards.
- Establish and carry out scheduled compliance audits and monitoring activities to evaluate the effectiveness of business processes and identify any deviations.
- Compile and deliver timely regulatory submissions, such as daily, weekly, monthly, and quarterly reports, in line with PenCom’s reporting requirements.
- Educate employees across all levels about new or updated regulatory obligations and ensure that staff are aware of their responsibilities in upholding compliance.
- Serve as the primary liaison with PenCom, Pension Operators Association of Nigeria (PenOp), and other regulatory stakeholders, fostering cooperative relationships and maintaining open lines of communication.
- Uphold strict confidentiality and ethical standards during the course of all compliance oversight and audit activities.
2. Risk Management & Compliance Governance
- Design and enforce a comprehensive compliance risk management framework tailored to the company’s operational structure.
- Continually evaluate the organization’s risk control mechanisms and recommend improvements to mitigate exposure to regulatory and operational risks.
- Actively identify emerging compliance risks, analyze their potential impact, and propose preventive or corrective solutions.
- Ensure full compliance with critical legislation including the PRA 2014, Companies and Allied Matters Act (CAMA), Investments and Securities Act (ISA), and other relevant statutory instruments.
- Offer expert advisory support to different departments on matters involving legal compliance, operational risks, and regulatory expectations.
3. Strategic Leadership & Executive Management
- Participate as a core member of the executive leadership team, providing insights on compliance risks during strategic planning and decision-making processes.
- Keep top management regularly updated on new or evolving laws, regulatory frameworks, and changes in industry standards that may impact the organization.
- Lead the development of risk response strategies and ensure the assignment of responsibilities for mitigating compliance-related risks across departments.
Educational Background & Professional Experience
- A minimum of a Bachelor’s degree or equivalent qualification in areas such as law, accounting, finance, actuarial science, statistics, mathematics, insurance, business administration, or other related disciplines.
- Possession of a recognized professional certification such as ICAN (Institute of Chartered Accountants of Nigeria), ACCA (Association of Chartered Certified Accountants), CPA (Certified Public Accountant), or ANAN (Association of National Accountants of Nigeria).
- A minimum of 10 years of relevant post-qualification experience, with at least 8 years spent within the financial services sector and 4 years occupying senior management roles.
- Previous experience working at a senior level within a Pension Fund Administrator (PFA) or Pension Fund Custodian (PFC) is highly advantageous.
- Demonstrated expertise in interpreting, implementing, and managing compliance in line with regulatory expectations and industry benchmarks.
Core Skills and Competencies
- Outstanding oral and written communication skills, with the ability to convey complex regulatory requirements in a clear and actionable manner.
- In-depth knowledge of regulatory compliance frameworks, both within the pension industry and broader financial services sector.
- Strong analytical skills for interpreting legal documents, policies, and regulatory texts and converting them into practical organizational guidelines.
- Proficiency in risk assessment, compliance audit procedures, and regulatory reporting techniques.
- Capacity to design and roll out robust compliance systems and ensure organization-wide adherence to established protocols.
