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National Farmers and General Workers Co-operative Credit Union Limited - Internal Audit and Compliance Officer
National Farmers and General Workers Co-operative Credit Union Limited continues to grow as the Credit Union of choice, it seeks to recruit an Internal Audit and Compliance Officer (IACO)
The Internal Auditor will be accountable to the Board of Directors and the Supervisory Committee. The role will include internal auditing, developing and updating procedures to prevent breaches in the security of the current systems of the Credit Union.
JOB TITLE: Internal Audit and Compliance Officer (IACO)
REPORTS TO: Reports to the Board of Directors through the Supervisory Committee, while reporting operationally to the General Manager.
COLLABORATES WITH: Board of Directors, Supervisory Committee, Management
Summary of Responsibilities:
The IACO contributes to NFGWCCU’s success by ensuring that NFGWCCU complies with all pertinent laws, regulations and internal policies. The IACO works with the Supervisory Committee in implementing the annual work-program of the Committee. The IACO makes recommendations for policy changes that will facilitate the credit union’s compliance program, reduce risk and reflect changes in pertinent laws and regulations.
RESPONSIBILITIES AND RELATIONSHIPS
Typical duties may include, but are not limited to the following:
- Be fully conversant with and up to date on all regulation and legislation that applies to the credit union including but not restricted to: Co-operatives Societies Act and Regulation; NFGWCCU By-Laws and Policies; Money Laundering Prevention Act; Proceeds of Crime Act; Financial Services Regulatory Authority Act and Guidelines.
- Monitors compliance with laws, regulations and internal policies and ensures findings are recorded and followed up with management so that issues can be rectified.
- Recommends risk-based changes to credit union policies, processes and procedures for compliance with applicable regulatory laws, rules and regulations and to strengthen systems of internal control thereby ensuring the safety and soundness of NFGWCCU.
- Investigates irregularities and non-compliance issues and report findings to the Supervisory Committee and the General Manager.
- Assists in the gathering of internal information in response to regulatory requests.
- Collaborates with other units\departments of NFGWCCU to create a culture of compliance.
- Collaborates with the Supervisory Committee in the implementation of its annual work program.
- Attends meetings of the Supervisory Committee.
- Provide written responses to inquiries of a regulatory nature, supporting analysis, conclusions and recommendations upon well investigated and documented research of regulatory requirements.
- Implements procedures, processes and controls for the purpose of preventing or detecting money laundering and other internal weaknesses.
- Organizes training sessions for staff and Officers on various compliance related issues and for instructing employees as to their responsibilities in respect of the provisions of the Money Laundering Prevention Act and the Proceeds of Crime Act.
- Co-ordinates the annual independent audits in order to ensure that NFGWCCU is in compliance with the Money Laundering Prevention Act.
- Annually and before the AGM to coordinate an External AML Audit of the NFGWCCU
- Analyzes transactions and verify whether any of them are subject to reporting, in accordance with the relevant laws;
- Reviews all internally reported unusual transaction reports for completeness and accuracy with other sources;
- Reviews Sources of Funds for accuracy and completeness.
- Prepares and compiles the external reports of unusual or suspicious transactions for transmission to the Financial Intelligence Authority ( FIA);
- Prepares quarterly reports to the Supervisory Committee, for transmission to the Board of Directors and the General Manager on findings of internal audits and other pertinent matters and follows up with the assistance of the Supervisory Committee to ensure that .
Carries out internal audits which includes, at a minimum the following documentation of information:
- date the work was performed;
- the rationale or method of selecting the sample;
- adequate narrative on the sample selected,
- deficiencies noted;
- corrective action recommended or taken.
- Request for exit interview and suggested date
- Performs such other duties as required in the interest of members and staff, in fulfilling the vision of the Credit Union and in meeting regulatory and or international standards
OTHER DUTIES AND TASKS
- Perform operational, financial and special audits to determine inter alia the extent to which financial, human and physical resources are managed having regard to criteria for effective, efficient and economic operation and evaluation of actual performance of the resource in terms of these criteria
- Advise management and the supervisory committee on the compliance with and adherence to policies, plans, procedures, laws and regulations, standards and bye laws;
- Verify the assets and determine adequacy of protection accorded these assets.
- Liaise with external auditor to prepare and assist management and to facilitate and minimize cost of external audit and for the identifying areas for internal audit priority;
- Review of scope of internal audit areas and selection of those for incorporation in immediate plans/programmes in consultation with General Manager and Supervisory committee;
- Employ follow-up to determine whether agreed action was taken;
- Keep internal audit manual updated and current, and recommend amendments where appropriate;
- To undertake any other IACO related duties as assigned by the Board or Supervisory Committee
- To have unrestricted access to the credit union’s records, assets and activities for the performance of duties.
- To carry out pertinent investigations and examinations.
- To report findings and reports, to the Board and Supervisory Committee.
- Objectivity and independence in performance of duties.
- Timely, adequate and accurate reporting on investigations.
- Ensure adequacy of controls for safeguarding assets, custody of audit plans and working paper, and internal audit reports.
- Maintenance of database system/ process for reliable and easily accessible data.
- Safeguarding the confidentiality of internal audit information and apply access restrictions to such information/ documents.
- Promote the National Farmers and General Workers Co-operative Credit Limited (NFGWCCU) to clients as a financial institution of choice.
- Passwords provided are kept confidential and to report any suspected breach
- Records are kept accurately at all times, guard against discrepancies and exercise prudence during customer service.
- All written reports must be copied to the supervisory committee.
- The Internal Auditor’s Reports and make recommendations to General Manager and supervisors must be in writing.
- Standards to make available, objective, complete and adequate, accurate, timely, reliable, relevant reports on the basis of audits performed and to make recommendations where necessary.
- Reports may include summaries of works completed to date, status of and unreported significant findings on work in progress and completed reports. Drafts reports must be discussed with supervisor or department head to obtain concurrence or comment if necessary.
Day to day - oral or written
Weekly - oral or written
Monthly - written report on planned assignments
Quarterly - written summary of monthly report
Yearly - written summary of Quarterly Reports.
- Perform task in accordance with the Policies and Procedures Manual of (NF&GWCCU).
- Maintain confidentiality of NF&GWCCU business
- Maintain high quality and standards in execution of duties.
- Exercise good work ethics and integrity when conducting NF&GWCCU business
- Adhere to the labour union agreement between the National Workers’ Union and the National Farmers’ and General Workers Co-operative Credit Union Limited.
Experience and Training
The following combination of experience and training are the minimum required for this position:
Experience: At least two years relevant work experience.
Education: At least a Bachelors degree in Accounting or a relevant subject area OR completing level III towards a professional designation in Accounting.
The IACO must demonstrate the following skills:
- Broad knowledge of, and practical experience with credit union or other financial institution operating areas, functions, products and services.
- Excellent analytical skills, and the ability to conduct thorough research and to interpret and understand laws and regulations. Provide workable recommendations and solutions to problems.
- Attentive to details.
- Sound judgment and decision making skills
- Ability to work with all levels of management and credit union staff, as well as members.
- Effective verbal and listening communications skills
- Fluent in Creole.
- Computer skills including the ability to use spreadsheet and word processing programs at a highly proficient level.
- Stress management skills.
- Self-starter with the ability to work without supervision.
- Logical, independent thinker with the ability to influence others through tactful and sound persuasion.
- Good planning skills.
- A team player willing to contribute towards the overall success of NFGWCCU.
- Knowledge of use of standard office equipment namely computer, facsimile machine, scanner, copier, etc.
- Knowledge of NF&GWCCU Policies & Procedures
- Possess great interpersonal skills
- Possess marketing skills
- Able to provide quality Customer Service
KNOWLEDGE, SKILLS AND ABILITIES
The IACO must demonstrate the following personal attributes:
- be honest and trustworthy
- be respectful
- be flexible
- be motivational
- demonstrate sound work ethics
The office may be a busy facility. The IACO may have to attend to a number of issues within a short time span and may be interrupted frequently with requests from other stakeholders. The IACO may find the environment to be noisy and will need excellent organizational, time and stress management skills to complete the required tasks.
The IACO will have to spend long hours sitting and using office equipment and computers, which can cause muscle strain.
Sensory demands include use of the computer, which may cause eye strain and occasional headaches. The office may be noisy and busy making it difficult for the IACO to concentrate.
The IACO will have to manage a number of requests and situations at one time. Stress may be caused by the need to complete tasks and targets within tight deadlines.
Bi-annual performance appraisal shall be undertaken every six (6) months. This appraisal is an evaluation of employee’s performance to assess and provide feedback to employee and shall not the basis for increase in salary. However, management may decide to reward outstanding employees with an increase at that time for outstanding performance.
- Updated procedures Manual.
- Clearly developed internal audit program of work by month and quarter
- Timely, objective, adequate and accurate reporting on progress of planned programs and other audit activity.
Achievement of program targets/ objectives
- Scope of program
- Clear definition of problems
- Intelligent analysis and effectiveness of recommendation
- Follow-up action on implementation of recommendation
- Quality of information/data stored
- Satisfactory adherence to approved procedures.
- Adherence to procedural standards agreed for the conduct of audits including confidentiality and security of documents.
- Accurate completion of tasks
- Timely completion of reports and other assigned tasks
- Dependability and Responsibility
- Ability to work constructively with others
- Punctuality and attendance at work
- Management and utilization of resources
Salary shall be commensurate with the successful applicant’s qualification and experience.
Interested applicants should apply to:
The General Manager
National Farmers and General Workers Co-operative Credit Union Ltd.
Louisville Avenue, Off Clarke Street
Saint Lucia, W.I.
National Farmers and General Workers Co-operative Credit Union Ltd.
Louisville Avenue, Off Clarke Street
Saint Lucia, W.I.
to reach no later than Tuesday 30 October 2019.
Only suitable applications will be acknowledged.