Bancassurance Risk & Compliance Manager

Role Overview

Provide independent second-line risk and compliance oversight for the Bank’s bancassurance activities, helping ensure they meet regulatory obligations, approved risk limits and customer protection standards. You will work closely with the commercial business and teams across Risk, Compliance, Governance and Operations to identify issues early, strengthen controls and support sound insurance distribution.

Key Responsibilities

• Maintain the bancassurance regulatory obligations register and reporting calendar; monitor relevant Kenyan insurance, banking, consumer protection, data protection and AML/CFT/CPF requirements, and coordinate responses to regulatory changes.
• Assess money laundering, terrorist financing and proliferation financing risks across customers, products, channels and transactions; oversee the application of appropriate KYC, customer due diligence and enhanced due diligence measures, and coordinate material fraud or suspicious-activity concerns with Compliance, the MLRO and Fraud Risk.
• Coordinate regulatory submissions, including required reports to the Insurance Regulatory Authority, and review them for accuracy and completeness. Prepare updates for management and risk committees, support regulatory requests and inspections, and coordinate the remediation of audit, regulatory and compliance findings.
• Maintain the bancassurance risk register and RCSA, ensuring relevant risks are reflected in the Bank’s enterprise risk framework. Set and monitor key risk indicators, risk thresholds, control owners and testing schedules; track incidents, control failures, exceptions and corrective actions.
• Conduct or coordinate control testing and seek quarterly management attestations on key controls. Escalate risk appetite breaches and identify emerging risks affecting the business.
• Provide independent risk and compliance input on new or amended insurance products, participating in product governance reviews as required and verifying that material risks are addressed before launch.
• Assess insurance partners at onboarding and through ongoing monitoring, reviewing regulatory standing, financial indicators, complaints, claims, service performance, business continuity and data protection arrangements; escalate significant concerns and monitor contractual commitments.
• Monitor complaints, resolution times and customer outcomes; analyse recurring issues and work with relevant teams to address underlying conduct or process weaknesses.
• Oversee confidentiality and protection of customer insurance information by reviewing data-sharing arrangements, contractual safeguards and processing practices with the Data Protection Office.
• Coordinate role-relevant risk and compliance training, covering product knowledge, disclosures, regulatory duties, AML/KYC, privacy and complaints, and monitor technical staff competency and certification requirements.

Requirements & Qualifications

• Bachelor’s degree in Risk Management, Insurance, Finance, Banking, Business, Law, Compliance or a related discipline.
• At least 4–7 years of relevant experience in banking, insurance, bancassurance, risk management or compliance.
• Working knowledge of Kenyan banking and insurance regulation, including applicable Central Bank of Kenya and Insurance Regulatory Authority requirements and the Insurance (Bancassurance) Regulations, 2020.
• Understanding of risk and control self-assessments, operational risk management and compliance monitoring.
• Experience with regulatory engagements, bancassurance product governance or customer conduct oversight is desirable.
• Professional insurance studies or qualifications, such as ACII or IIK, are an advantage; progress toward a relevant qualification is welcome.
• CAMS or an equivalent AML qualification, or another relevant risk or compliance qualification, is desirable.
• Sound judgement, integrity, professional scepticism and a strong customer focus, with the confidence to challenge decisions and escalate concerns.
• Strong analytical and investigative ability, clear communication, effective stakeholder management and a practical, accountable approach to problem-solving.
• Ability to work across business, Risk, Compliance, Legal, Operations and insurance partner teams.