Bancassurance Risk & Compliance Manager

Sidian Bank Limited is a Kenyan bank founded in 1984, headquartered in Nairobi, providing banking and financial services.

The Bancassurance Risk & Compliance Manager is responsible for providing independent oversight of Sidian Bank's bancassurance business. This involves ensuring all activities align with approved risk appetite, regulatory requirements, insurance intermediary obligations, customer protection standards, and the Bank's governance framework. The role acts as a crucial second-line control function, bridging the commercial bancassurance business with the Bank's broader Risk, Compliance, and Governance framework, and ensuring compliance with the Insurance (Bancassurance) Regulations, which govern registration, supervision, confidentiality, complaints, reporting, technical staff, and governance.

1. Maintain a comprehensive register of bancassurance regulatory obligations.
2. Monitor compliance with the Insurance Act, Bancassurance Regulations, IRA, CBK, consumer protection, Data Protection Act, and AML/CFT/CPF requirements.
3. Track and assess regulatory changes, coordinating implementation with stakeholders.
4. Ensure bancassurance ML/TF/PF risk assessments are conducted and integrated into the Bank’s overall assessment.
5. Assess AML/CFT/CPF risks related to customers, products, channels, and transactions, ensuring appropriate KYC/CDD/EDD.
6. Monitor fraud indicators and suspicious insurance activity, coordinating with relevant teams.
7. Coordinate bancassurance regulatory submissions and internal reporting, including IRA guidelines and annual risk assessments.
8. Maintain a regulatory reporting calendar and review submissions for accuracy.
9. Support responses to IRA and CBK requests and prepare periodic reports for management and board committees.
10. Prepare an annual report on bancassurance business performance for the IRA.
11. Coordinate the closure of audit, regulatory, and compliance findings, and support inspections.
12. Maintain the Bancassurance Risk Register, identifying and monitoring regulatory, operational, reputational, AML/CFT/CPF, and data protection risks.
13. Ensure bancassurance risks are integrated into the Bank’s enterprise risk taxonomy and RCSA, establishing and monitoring KRIs and risk appetite.
14. Maintain the Bancassurance RCSA, defining key risks, controls, owners, and testing frequency.
15. Conduct periodic control testing, track failures, and remediation, and require quarterly management attestation.
16. Monitor closure of KYC, documentation, customer disclosure, licensing, and operational exceptions.
17. Monitor and report bancassurance risk incidents, losses, and near misses, escalating breaches.
18. Identify and assess emerging risks affecting the bancassurance business.
19. Provide independent risk and compliance review for new and amended insurance products.
20. Participate in Product Approval Committee processes and ensure risk mitigation before launch.
21. Conduct risk-based due diligence and ongoing monitoring of insurance partners, reviewing their regulatory status, financial strength, complaints, claims, and data protection.
22. Monitor contractual obligations and service-level agreements, escalating material deterioration in insurer risk profile.
23. Monitor bancassurance complaints and resolution, performing root-cause analysis and identifying systemic issues.
24. Ensure confidentiality of customer insurance information and review data-sharing arrangements.
25. Coordinate with the Data Protection Office on privacy impact assessments.
26. Coordinate mandatory bancassurance risk and compliance training, ensuring staff understanding of products, regulations, customer disclosure, AML/CFT/CPF/KYC, data protection, and conduct requirements.
27. Monitor competency and certification requirements for technical staff.

1. Bachelor’s degree in Risk Management, Insurance, Finance, Banking, Business, Law, Compliance, or a related field.
2. Minimum of 4–7 years of experience in banking, insurance, bancassurance, risk, or compliance.
3. Strong knowledge of Kenyan banking and insurance regulatory frameworks.
4. Understanding of RCSA, operational risk, and compliance monitoring.
5. Desirable: ACII/IIK qualification or progress toward professional insurance qualification.
6. Desirable: CAMS or equivalent AML qualification.
7. Desirable: Risk/compliance qualification.
8. Desirable: Experience with IRA and CBK regulatory engagements.
9. Desirable: Experience in bancassurance product governance and customer conduct monitoring.
10. Technical skills: Knowledge of CBK, IRA, and Insurance/Bancassurance regulatory frameworks, and bancassurance risk and compliance management.
11. Behavioral competencies: Strong integrity, customer-centricity, independent judgment, professional skepticism, strong analytical and investigative capability, confident challenge and escalation, strong communication and stakeholder-management skills, proactive problem-solving, accountability, ownership, and ability to work effectively across various departments and with insurers.