TERMS OF REFERENCE (TOR)

RISK, COMPLIANCE & INTERNAL CONTROL

1. Background

Effective risk management, compliance, and internal control systems are essential to maintaining sound governance, protecting organizational resources, ensuring accountability, and supporting informed decision-making.

The Risk, Compliance & Internal Control function supports the organization in identifying and managing risks, strengthening internal controls, monitoring compliance, and ensuring that potential weaknesses or gaps are identified and addressed appropriately.

The position will contribute to maintaining an effective control environment by conducting risk assessments, monitoring compliance, reviewing internal controls, supporting AML/CFT requirements, and providing clear reports and recommendations to management.

2. Purpose and Objectives

The purpose of this position is to support the organization in effectively managing risks, maintaining strong internal controls, and ensuring compliance with applicable policies, procedures, and requirements.

The key objectives are to:

• Identify, assess, and monitor organizational risks.
• Strengthen internal control systems and procedures.
• Monitor compliance with applicable policies, procedures, and requirements.
• Identify control weaknesses, compliance gaps, and emerging risks.
• Recommend appropriate risk mitigation and corrective actions.
• Support effective AML/CFT compliance.
• Provide accurate and timely risk, compliance, and internal control reports.
• Promote integrity, accountability, confidentiality, and sound control practices.

3. Scope of Work

The role will cover the following key areas:

3.1 Risk Management

• Identify and assess financial, operational, compliance, and other relevant organizational risks.
• Conduct risk assessments and support the maintenance of risk registers.
• Evaluate the likelihood and potential impact of identified risks.
• Monitor risk mitigation measures and follow up on outstanding actions.
• Identify emerging risks and communicate significant risks to relevant management.
• Support the development and implementation of appropriate risk mitigation measures.

3.2 Compliance Monitoring

• Monitor compliance with organizational policies, procedures, and applicable requirements.
• Identify compliance gaps and areas requiring corrective action.
• Conduct compliance reviews and document findings.
• Follow up on identified compliance issues and corrective actions.
• Support the implementation of effective compliance procedures and controls.

3.3 Internal Control

• Review internal control systems and procedures to assess their effectiveness.
• Identify weaknesses, gaps, and potential areas of control improvement.
• Recommend practical measures to strengthen internal controls.
• Monitor the implementation of agreed control improvement actions.
• Support periodic reviews of processes, procedures, and control mechanisms.

3.4 AML/CFT Compliance

• Support the implementation and monitoring of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) requirements.
• Review relevant processes and controls to identify potential compliance weaknesses.
• Support the identification and escalation of potential AML/CFT concerns through appropriate channels.
• Maintain appropriate documentation related to AML/CFT compliance activities.

3.5 Reporting and Documentation

• Prepare clear, accurate, and timely risk and compliance reports.
• Document risk findings, control weaknesses, compliance issues, and recommended actions.
• Maintain appropriate records and supporting documentation.
• Provide management with relevant information on significant risks, compliance matters, and control weaknesses.

4. Key Responsibilities

The successful candidate will be responsible for:

1. Conducting risk identification and assessment activities.
2. Maintaining and regularly reviewing risk registers and related documentation.
3. Monitoring identified risks and the implementation of mitigation measures.
4. Reviewing internal controls and identifying weaknesses or gaps.
5. Monitoring compliance with relevant policies, procedures, and requirements.
6. Supporting AML/CFT compliance monitoring and related control activities.
7. Identifying and reporting compliance issues and control deficiencies.
8. Conducting or supporting internal reviews, investigations, and control assessments as required.
9. Developing practical recommendations to address identified risks and control weaknesses.
10. Following up on corrective actions and monitoring their implementation.
11. Preparing accurate and well-structured risk, compliance, and internal control reports.
12. Maintaining the confidentiality of sensitive organizational, financial, and compliance information.
13. Performing responsibilities objectively, independently, and with a high level of professional integrity.
14. Supporting the continuous improvement of risk management, compliance, and internal control practices.

5. Required Qualifications

Mandatory Requirements

Candidates must meet one of the following requirements:

• Bachelor’s degree in Risk Management, Finance, Accounting, Business Administration, Law, or a related field, with at least 5 years of relevant professional experience; OR
• Master’s degree in a relevant field, with at least 3 years of relevant professional experience.

Candidates must also have relevant knowledge or experience in one or more of the following areas:

• Risk management;
• Compliance;
• Internal audit;
• Internal controls; or
• Financial services.

Preferred Requirements

The following will be considered an advantage:

• Professional certification in risk management.
• Professional certification in compliance.
• Professional certification in internal audit.
• Professional accounting certification.
• Other relevant professional certification related to risk, compliance, audit, finance, or governance.

6. Required Experience

Mandatory Experience

The candidate must have relevant professional experience in areas such as:

• Risk management;
• Compliance;
• Internal audit;
• Internal control;
• Financial services; or
• Related professional functions.

The minimum experience requirement is:

Academic Qualification

Minimum Relevant Experience

Bachelor’s degree in a relevant field

5 years

Master’s degree in a relevant field

3 years

Candidates should demonstrate practical experience in risk assessment, internal control, compliance monitoring, or related areas.

Preferred Experience

Preference may be given to candidates with experience in:

• AML/CFT compliance;
• Risk assessment and mitigation;
• Compliance monitoring;
• Internal control evaluation;
• Investigative or review activities;
• Financial services risk and compliance; and
• Preparation of risk, compliance, or internal audit reports.

7. Required Skills and Competencies

The successful candidate should demonstrate the following:

Risk Management

• Strong risk identification and assessment skills.
• Ability to analyze risks and assess their potential impact.
• Ability to recommend appropriate risk mitigation measures.

Internal Control and Compliance

• Good knowledge of internal control systems and compliance procedures.
• Ability to identify control weaknesses and compliance gaps.
• Knowledge of AML/CFT requirements.
• Ability to monitor and follow up on corrective actions.

Analytical and Investigative Skills

• Strong analytical skills.
• Strong investigative and problem-solving abilities.
• Ability to review information objectively and identify significant issues.
• Ability to develop practical and evidence-based recommendations.

Professional Competencies

• Excellent attention to detail.
• High level of integrity and professionalism.
• Ability to work independently and maintain objectivity.
• Strong confidentiality and discretion when handling sensitive information.
• Strong report-writing skills.
• Excellent written and verbal communication skills.

8. Deliverables / Expected Outputs

The successful candidate will be expected to produce or contribute to the following outputs:

1. Risk assessments completed and properly documented.
2. Risk registers maintained and regularly updated.
3. Risk mitigation actions monitored and followed up.
4. Compliance monitoring activities completed and documented.
5. Internal control reviews conducted and control weaknesses identified.
6. Corrective action recommendations developed and documented.
7. AML/CFT compliance activities monitored and appropriately documented.
8. Risk and compliance reports prepared accurately and within required timelines.
9. Control weaknesses and compliance findings clearly documented and communicated.
10. Corrective actions followed up and implementation status reported.
11. Relevant risk, compliance, and internal control records properly maintained.
12. Practical recommendations provided to strengthen risk management, compliance, and internal controls.

9. Application / Submission Requirements

Interested candidates should submit:

1. An updated Curriculum Vitae (CV) clearly demonstrating relevant qualifications and professional experience.
2. A Cover Letter outlining the candidate’s suitability for the Risk, Compliance & Internal Control position.
3. Copies of relevant academic qualifications.
4. Copies of relevant professional certifications, where applicable.
5. Relevant professional references, where required.

10. Mandatory and Preferred Requirements Summary

Requirement Area

Mandatory

Preferred

Bachelor’s Degree

Relevant degree + 5 years’ experience

—

Master’s Degree

Relevant degree + 3 years’ experience

—

Risk Management

Relevant knowledge/experience

Professional risk certification

Compliance

Relevant knowledge/experience

Professional compliance certification

Internal Audit/Control

Relevant knowledge/experience

Internal audit certification

Financial Services

Relevant experience/knowledge

Strong financial-sector experience

AML/CFT

Knowledge of AML/CFT requirements

Practical AML/CFT experience

Risk Assessment

Strong skills required

Advanced risk management experience

Internal Controls

Good knowledge required

Advanced control assessment experience

Analytical Skills

Strong

Advanced investigative skills

Report Writing

Strong

Advanced risk/compliance reporting

Integrity & Confidentiality

Required

Demonstrated professional experience

Minimum Candidate Profile

The ideal candidate will be a qualified risk, compliance, internal audit, finance, accounting, business administration, or law professional with the required academic qualification and relevant professional experience. The candidate should possess strong risk assessment, internal control, compliance monitoring, analytical, investigative, reporting, and communication skills, together with a high level of integrity, independence, confidentiality, and professional judgment.