Financial Crime World

COMPLIANCE OFFICER ROLES AND RESPONSIBILITIES IN MALAWI: A LOOK AT THE CRUCIAL ROLE OF RISK AND COMPLIANCE OFFICERS

In Malawi, compliance officers play a vital role in ensuring that organizations operate within the bounds of the law and adhere to regulatory requirements. As the country’s economy continues to grow, the demand for skilled compliance professionals has increased, with many organizations seeking to appoint dedicated risk and compliance officers.

Job Summary

A risk and compliance officer is responsible for conducting risk-related activities for an organization, including sub-recipient compliance, adhering to policies, local laws, and donor regulations. The role involves identifying risk issues and challenges, implementing solutions, and advising on financial management policies. Compliance officers must also plan and perform internal audits, control reviews, and compliance assessments, analyzing results and providing recommendations.

Key Responsibilities

Some of the key responsibilities of a risk and compliance officer in Malawi include:

  • Collaborating with leadership: Strengthening internal control systems and processes to ensure effective delivery of high-quality programming.
  • Risk issue identification and resolution: Identifying risk issues and challenges, developing solutions, and implementing them to address these risks.
  • Sub-recipient financial management policy (SRFMP) implementation: Advising on SRFMP and ensuring its effective implementation to manage sub-recipient risks.
  • Internal audits and compliance assessments: Planning and performing internal audits, control reviews, and compliance assessments to analyze results and provide recommendations for improvement.
  • Training and capacity strengthening: Designing and facilitating trainings and institutional capacity strengthening plans for CRS and partners.

Required Skills and Qualifications

To be effective in this role, a risk and compliance officer should possess the following skills and qualifications:

  • Relationship management: Building strong relationships with internal stakeholders, including leadership, finance teams, and external partners.
  • Analytical, organizational, and systems thinking: Analyzing data, identifying patterns, and developing solutions to address complex problems.
  • Sound judgment: Making informed decisions based on available information and best practices.
  • Ethical conduct: Conducting oneself with integrity, honesty, and transparency in accordance with recognized professional and organizational codes of ethics.

Preferred Qualifications

While not essential, familiarity with accounting systems, proficiency in MS Office package (Excel, Word, PowerPoint, Visio), and information management systems are preferred qualifications for this role.

Supervisory Responsibilities and Key Working Relationships

The risk and compliance officer will work closely with internal stakeholders, including the CR, Head of Operations, Head of Programs, Finance Manager, Officers, and Accountants. External partners, external auditors, and other relevant departments in CRS/Malawi may also require collaboration.

Conclusion

In conclusion, the role of a risk and compliance officer is crucial in Malawi, where organizations must navigate complex regulatory requirements to ensure effective delivery of high-quality programming to vulnerable populations. With the right skills and qualifications, a risk and compliance officer can make a significant impact in this role, helping to reduce risk, strengthen internal controls, and promote transparency and accountability.