The Governance, Risk & Compliance (GRC) Officer, is primarily responsible for managing internal and external risks of the NAGICO Companies vested in Sint Maarten, Saba and St. Eustatius, including the local compliance, regulatory, risk and governance function of the Companies. He/She will also be appointed as the Money Laundering Reporting Officer (MLRO) for these territories, insofar as possible under the laws. This position is based in St. Maarten.

KEY DUTIES AND RESPONSIBILITIES

·         Advocates for a culture of ethics and promotion of adequate risk management with respective territories;

·         Takes action to drive and achieve a high level of compliance within the Company;

·         (Timely) identifies and updates legislative insurance requirements within respective territory, assesses its impact on the organization and advises the       business;

·       Verifies adherence to the local laws and regulations governing the detection and deterrence of money laundering and terrorist financing (AML & CTF) and all the insurance regulations;

·         Reviews compliance with the insurance company’s policies and procedures of regulators;

·         Analyzes transactions and verifies whether any are subject to reporting according to the indicators;

·         Keeps records of internally and externally reported unusual transactions;

·         Consolidates complaints and financial reporting requirements;

·         Coordinates all supervisory visits by regulators, specifically manages those in relation to AML & CTF and maintains relevant registers/logs;

·         Carries out or assists in internal investigations and confidential reporting for the purposes of suspicious activities reports;

·         Ensures that a risk assessment is conducted on each customer. Ensures the sign off of high-risk customers and provides enhanced due diligence advice;

·         Monitors & ensures that all reporting to the authorities is done in a timely manner and in accordance with the law;

·         Ensures ongoing monitoring of our customers from a money laundering and terrorist financing perspective;

·         Ensures that customer files are reviewed, and that due diligence information is complete and up to date;

·         Assists and advises management in the identification of risks and conducting of research on legal requirements;

·         Follows up on the remedial action taken by the Company regarding areas of weakness identified;

·         Assists with the preparation of (board) reports;

·         Assists with the review of the Company’s policies, manuals, procedures and forms;

·         Attends meetings and/or informational sessions by the Regulatory/Reporting Authorities or Industry Associations;

·         Assists with the preparation, development and delivery of training programs for the staff;

·         Keeps abreast of current trends and practices within the governance, risk and compliance fields.

 

KNOWLEDGE, EXPERIENCE & SKILLS

·         A minimum of three (3) years of experience in the compliance and/or risk management field within the financial services industry;

·         Maintenance of a compliance or risk management professional designation/qualification

·         Is a professional, partner in business, proactive and leads by example (in line with the GRC departmental values)

·         Has and knowledgeable of and experienced with the compliance/AML/CTF regulations;

·         Fluency in English and Dutch is a must

·         Should be of high integrity, critical, persistent, analytical and deadline oriented;

·         Knowledge of the life and non-life insurance industry; and

·         Must be able to work independently. 

 

Application closes on May 31st, 2023