Scheme Regulatory Compliance Officer

Job Summary

JOB OBJECTIVE(S) To ensure that the company’s activities within the scheme(s) it operates in are fully compliant with relevant laws, regulations, and industry standards. This includes overseeing the adherence to regulatory frameworks, addressing compliance risks, and working with regulators to ensure the integrity of the scheme operations.

Job Details

DUTIES AND RESPONSIBILITIES 

Regulatory Compliance Management:

· Monitor and ensure compliance with regulatory requirements specific to the schemes the company operates under.

· Maintain up-to-date knowledge of all regulations and industry standards that affect the operation of the schemes.

· Develop, implement, and review compliance frameworks to ensure they align with regulatory requirements for scheme operations.

· Prepare and submit regulatory reports and ensure timely filings with the relevant authorities.

· Conduct gap analysis and assess the company’s compliance with scheme regulations, identifying any deficiencies and providing solutions for improvement.

· Liaise with regulators to stay informed on changes in regulatory policies and ensure the company’s compliance strategy is adjusted accordingly.

Risk Management and Control:

· Identify, assess, and manage compliance risks related to scheme operations and implement strategies to mitigate these risks.

· Develop and conduct risk assessments to identify potential areas of non-compliance and devise strategies to manage these risks.

· Collaborate with the Enterprise Risk Management team to ensure that compliance risks are incorporated into the overall company’s risk management framework. 

· Ensure that appropriate internal controls are implemented to reduce the risk of non-compliance with regulatory requirements.

Internal Audit and Reporting: 

· Work with the internal audit team to conduct regular compliance audits on scheme operations and report findings to senior management. 

· Maintain and monitor compliance documentation related to the schemes, ensuring records are accurate and up-to-date. 

· Provide detailed reports to senior management regarding compliance status and regulatory issues that may impact scheme operations. 

Training and Awareness: 

· Develop and deliver training programs to internal teams to raise awareness about scheme regulatory compliance and risk management. 

· Advise internal stakeholders on regulatory changes and their potential impact on scheme operations. 

· Provide ongoing guidance and support to internal teams to ensure compliance is consistently maintained. 

Stakeholder Engagement and Communication: 

· Serve as the primary point of contact for regulatory authorities, ensuring clear and timely communication regarding scheme compliance matters. 

· Collaborate with cross-functional teams (legal, compliance, operations, etc.) to ensure that scheme compliance requirements are fully integrated into business processes. 

· Communicate compliance findings and resolutions to internal stakeholders to promote transparency and understanding of compliance requirements.

Requirements

 Education 

Education University: University degree in Law, Finance, Risk Management, Business Administration, or a related field.

 General Experience 

· A minimum of 2-6 years of experience in regulatory compliance, risk management, or audit, preferably within the financial services, payments industry, or a related field. 

· Strong understanding of regulatory frameworks and industry standards for schemes and payments systems. 

· Experience in working with regulatory authorities and managing regulatory reporting requirements.

Professional Memberships (Mandatory): 

· Membership in relevant professional bodies such as Association of Certified Compliance Professionals (ACCP), International Compliance Association (ICA), or other relevant certifications.

REPORTING RELATIONSHIPS 

Functionally reports to: Head, Business Risk Department.

Benefits

Salary, HMO, Leave Allowance, 13th Month, Airtime Allowance

About Company

UNIFIED PAYMENT SERVICE LTD

https://www.up-ng.com/

UP® otherwise known as Unified Payments or Unified Payment Services Limited is a group of companies with services including Financial Technology, Banking, Payment Scheme, Digital Commerce, Value Added Service, Payment Solutions, Software Solutions, etc. The UP® Group comprises (i) UP® which is Nigeria's premier financial technology service provider (ii) Hope PSBank which is Nigeria's premier payment service bank (iii) Payattitude® which is a digital-first payment scheme (iv) UP Digital which is a telecom value added service provider; and (v) TM30 which is software solutions provider. At UP®, we PRIDE ourselves in our mission statement of Professionalism, Respect, Innovation, Dependability, and Execution. In demonstration of our cross-enterprise alliances and capabilities, companies in the UP® group provide diverse services to different businesses that offer similar or the same services as our company and her subsidiaries or associates. Major Services & Solutions The major services and solutions offered by UP® which is the parent company of the UP® Group are in two categories: B2B (Business-to-Business) and B2C (Business-to- Consumer). Under B2B, our services include (i) Processing (ii) Switching (iii) Payment Terminal Services (iv) Settlement services (v) Instant Payments/Transfers (vi) Merchant Services; and (vii) Payment Solutions/Revenue Optimisation. For B2C, the services and solutions include (i) Value Added Services (ii) Verification Services (iii) Virtual Mall; and (iv) Agency Banking.