Bancassurance Risk & Compliance Manager

Sidian Bank Limited is a Kenyan financial institution established in 1984, offering a range of 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 the bank's approved risk appetite, regulatory requirements, insurance intermediary obligations, customer protection standards, and the internal governance framework. The position serves as a critical second-line control, connecting the commercial bancassurance operations with the bank's broader risk, compliance, and governance structures. The role also ensures compliance with the Insurance (Bancassurance) Regulations, which govern registration, supervision, confidentiality, complaints, reporting, technical staff, and governance for bancassurance intermediaries.

1. Maintain a comprehensive register of bancassurance regulatory obligations.
2. Monitor compliance with various regulations including the Insurance Act, Insurance (Bancassurance) Regulations 2020, IRA and CBK requirements, consumer protection, Data Protection Act, and AML/CFT/CPF requirements, as well as internal bank policies.
3. Track and assess regulatory circulars, guidelines, and changes affecting bancassurance, coordinating their implementation with relevant stakeholders.
4. Ensure bancassurance ML/TF/PF risk assessments are conducted and integrated into the Bank’s overall ML/TF/PF risk assessment.
5. Evaluate AML/CFT/CPF risks related to customers, products, distribution channels, and transactions, ensuring appropriate KYC/CDD/EDD measures are applied.
6. Monitor for fraud indicators and suspicious activities in insurance transactions, coordinating with Compliance, MLRO, and Fraud Risk teams on significant cases.
7. Coordinate required bancassurance regulatory submissions and internal reports, including compliance reports to IRA and annual risk assessments.
8. Maintain a regulatory reporting calendar and review submissions for accuracy and completeness.
9. Support responses to IRA and CBK regulatory requests and prepare periodic reports for management and board committees.
10. Prepare an annual report on bancassurance business performance for the Insurance Regulatory Authority within three months of the reporting year-end.
11. Coordinate the closure of audit, regulatory, and compliance findings, and support regulatory 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 thresholds.
14. Maintain the Bancassurance RCSA, defining key risks, controls, owners, and testing frequency.
15. Conduct or coordinate periodic control testing, tracking failures and remediation actions.
16. Require quarterly management attestation on key controls and monitor the closure of KYC, documentation, customer disclosure, licensing, and operational exceptions.
17. Monitor and report bancassurance risk incidents, losses, and near misses, escalating breaches of approved risk appetite.
18. Identify and assess emerging risks impacting the bancassurance business.
19. Provide independent risk and compliance review for new and amended insurance products, participating in Product Approval Committee processes.
20. Ensure identified risks are mitigated before product launch.
21. Conduct risk-based due diligence and ongoing monitoring of insurance partners, reviewing their regulatory status, financial strength, complaints, claims performance, and data protection controls.
22. Monitor contractual obligations and service-level agreements with partners, escalating material deterioration in insurer risk profiles.
23. Monitor bancassurance complaints and resolution timelines, performing root-cause analysis to identify recurring weaknesses.
24. Ensure appropriate escalation of systemic issues.
25. Ensure confidentiality of customer insurance information and review data-sharing arrangements with partners, ensuring appropriate data protection clauses.
26. Coordinate with the Data Protection Office on privacy impact assessments.
27. Coordinate mandatory bancassurance risk and compliance training, ensuring staff understand insurance products, regulatory requirements, customer disclosure, AML/CFT/CPF/KYC, data protection, complaints, and conduct requirements.
28. Monitor competency and certification requirements for technical staff.

1. Hold a Bachelor’s degree in Risk Management, Insurance, Finance, Banking, Business, Law, Compliance, or a related field.
2. Possess a minimum of 4–7 years of experience in banking, insurance, bancassurance, risk, or compliance.
3. Demonstrate knowledge of Kenyan banking and insurance regulatory frameworks.
4. Understand RCSA, operational risk, and compliance monitoring principles.
5. Desirable: ACII/IIK qualification or progress towards a professional insurance qualification.
6. Desirable: CAMS or an equivalent AML qualification.
7. Desirable: A risk or compliance qualification.
8. Desirable: Experience with IRA and CBK regulatory engagements.
9. Desirable: Experience in bancassurance product governance and customer conduct monitoring.
10. Possess strong integrity and a customer-centric approach.
11. Exhibit independent judgment and professional skepticism.
12. Have strong analytical and investigative capabilities.
13. Be confident in challenging and escalating issues.
14. Demonstrate strong communication and stakeholder-management skills.
15. Be proactive in problem-solving.
16. Show accountability and ownership.
17. Ability to work effectively across various departments including Business, Risk, Compliance, Legal, Operations, and with insurers.