Credit & Loans

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Job Description

Job Title: Credit & Loans

Available Positions: 1

Approximate Salary: $TBD (JMD)

Address: na

City: Kingston

Parish: Kingston

Country: Jamaica

Education Level: Bachelors

Experience Level:

Skills Required: Good oral & written communication skills , Time management , Attention to detail , Microsoft Office , Strong numerical and analytical skills. , Alertness

Job Posted Date: 2021-08-18

Job expiry Date: 2021-09-17

Full Time

Job Details

Job Title:                   Risk and Compliance Officer

Department:           Risk and Compliance



JOB SPECIFICATION

 

  1. JOB ACCOUNTABILITY

The incumbent is accountable for supporting the Risk and Compliance Manager in the achievement of the Risk Management, Loan Administration and Recovery objectives of the Credit Union; and to ensure compliance with all Laws, Regulations, Policies and Procedures governing the Credit Union in order that the company achieves its Mission, Vision and Major Targets.


  1. QUALIFICATION AND EXPERIENCE

  • Undergraduate Degree in Risk Management, Business Administration, Accounting, Auditing or equivalent, from an accredited training institution.
  • Specialized training in Enterprise/Business Risk Management and Compliance.
  • Three (3) years’ experience in a similar position, preferably in a credit union, commercial or investment banking environment.

 

  1. KNOWLEDGE, SKILLS AND COMPETENCIES

  • Sound knowledge of the Credit Union’s policies, procedures and standards specifically those relating to risk and compliance.
  • Sound knowledge of the Acts and Regulations governing the Credit Union (e.g. Co-operative and Friendly Societies Act, Proceeds of Crime Act (POCA), BOJ Act, Bank of Jamaica Guidance Notes, POCA, TPA, KYC etc.).
  • Working Knowledge of accounting practices, principles and procedures especially as it relates to the Credit Union environment.
  • Basic knowledge of operations audit, human resource management and internal business process workflow.
  • Proficiency in the use of Microsoft Office Suite and other relevant management information systems.
  • Ability to communicate effectively, both orally and in writing.
  • Ability to pay keen attention to details.
  • Ability to work independently and as part of a team.
  • Excellent interpersonal and human relations skills.
  • Excellent analytical, Research, time management and problem solving skills.
  • Good telephone techniques/etiquette skills.
  • High level of professionalism, integrity and confidentiality.

 

  1. SPECIAL CONDITIONS ASSOCIATED WITH THE JOB

  • Some mental pressure due to nature of job and demand by Management, Members and Staff.
  • Normal working environment.
  • May be required to work extended hours and on weekends.
  • Travel as is necessary to perform official duties.



REPORTING RELATIONSHIP


Reports Directly To:    Risk and Compliance Manager

           Indirectly             General Manager


  1. CONTACTS

 Liaises With:


Internally:    All Departments

Risk & Compliance 
Management Committee


Externally:    Private and Public Sector organizations

                                 Regulatory Organizations (BOJ, MOF etc.)                                                   

 

 

JOB DESCRIPTION

  1. RESPONSIBILITIES

Under the general supervision of the Risk and Compliance Manager the incumbent is responsible for:

1.      Checking to ensure staff compliance with all Policies, Procedures, Rules, Regulations and Reporting Requirements governing the Credit Union.

2.      Investigating breaches of compliance and bring findings to the attention of the Risk & Compliance Manager and/or the General Manager.

3.      Remaining current on all Policies, Procedures, Rules, Regulations and reporting requirements governing the Credit Union.

4.      Maintaining up-to-date Records/Registers on relevant Operations and Risk based activities.

5.      Assist with reviewing internal controls and risk management practices to ensure that the integrity of the Credit Union is protected.

6.      Assist with the testing and evaluation of loan products and the verification of members against the Office of Foreign Asset Control (OFAC) listing.

7.      Assist with ensuring that proper functioning and effective Security Systems are in place.

8.      Assist with ensuring that Employees and Volunteers receive the required training in Proceeds of Crime Act (POCA)/ Anti-Money Laundering (AML) Act, Terrorist Protection Act (TPA) and any other relevant regulations.

9.      Maintain and Monitor the Credit Union AML Software to ascertain members risk ratings, track threshold transactions and ensure members information are updated as per policy.

10.  Audit the Credit Union’s  ‘Loan Pro’ software to ensure the ECL calculations are correct and that accurate monthly provisioning  is made. 

11.  Prepare reports as required.

 

  1. DUTIES

1.      Review all loan proposals and waivers to ensure adequate authorization based on the Authorities Schedule and Loan Policy.

2.      Review the adequacy of cash secured collaterals based on the required security amount and the accuracy to collaterals tied to cash secured loans.

3.      Review the collaterals tied to the loan contracts based on the approval of the relevant committees (In-house, Credit and Board of Directors).

4.      Review waivers to ensure adequate authorization by the Board of Directors.

5.      Check back Salary Distribution upon disbursement of loans.

6.      Conduct periodic checks of the Delinquency Loan Portfolio to ensure compliance with policies and procedures.

7.      Conduct checks of the Securities Register to ensure the Credit Union Interest on collateral used to access loans is protected.

8.      Maintain Files with all regulatory and risks documentation/working papers for reference by the Internal Auditor/Supervisory Committee and external parties such as BOJ and JCCUL

9.      Assist with arranging training of employees and volunteers in POCA/AML/TPA Regulations and providing advice and guidance regarding the Credit Union’s Policies and Procedures.

10.  Keep abreast of changes in credit risk and fraud Regulations, Policies and Procedures.

11.  Generate exception reports for transactions processed for all locations.

12.  Maintain file for all Source of Funds Forms for transactions falling outside of regular transactions and excess of the established threshold amounts for the credit union.

13.  Assistance in maintaining a collated Risk based Register for the Credit Union.

14.  Monitor the security systems and procedures of the credit union to ensure proper functioning and effectiveness.

15.  Monitor the accounts of all Politically Exposed Persons (PEPS), Associates and Family Members to ensure that accounts are flagged/readily identifiable.

16.  Monitor the accounts of all Staff, Volunteers and Family Members and ensure accounts are flagged/readily identifiable.

17.  Audit attendance and punctuality records to ensure staff adhere to the HR Policy.  Report findings and follow-up on actions taken by the HR department to ensure compliance.

18.  Verify and validate documentations for new membership prior to establishment of membership.

19.  Conduct periodic and surprise checks of the cash held at all locations e.g. Treasury, Petty Cash, ATM and by the Tellers.

20.  Assist with the testing and evaluation of loan products and the verification of members against the Office of Foreign Asset Control (OFAC) listing for all locations and bring all exceptions to the attention of the Risk & Compliance Manager and/or the Operations Manager.

21.  Investigate breaches of compliance and bring findings to the attention of the Risk & Compliance Manager and/or the General Manager.

22.  Review all change of information generated on computer generated reports from the banking platform for all Member Care Representatives.

23.  Assist with the design and implementation of risk rating for membership.

24.  Review General Ledger Accounts such as New Member Fees, Permanent Shares, Nominee and Share Transfer Accounts to ensure transaction are properly recorded and posted.

25.  Generate monthly Dormant Account Listing and monitor for unusual transactions.

26.  Check to ensure the verification of references for borrowers and guarantors is done.

27.  Assist with the screening and monitoring of employees i.e. investigation of background, honesty and competence.

28.  Review calculations of Interest posted to members’ savings products to ensure accuracy

29.  Assist in the preparation of monthly meetings within the department; eg Risk and Compliance Management Committee.

30.  Prepare all reports as required and in keeping with the stipulated guidelines.

31.  Performs other related duties assigned from time to time.

 

  1. Authority To:

1.      Exercise all authority as provided in the Authorities Schedule.

2.      Access Attendance Register for all locations.

3.      Request and conduct cash count for all locations.

4.      Access confidential records and report on any discrepancies/ breach of standards and policies.

5.      Recommend changes/modifications to the Credit Union’s Policies and Procedures.

6.      Investigate any inconsistencies and recommend appropriate action.

7.      Liaise with staff regarding non-adherence to the Credit Union’s Policies and Procedures.

8.      Monitor the accounts of all Staff and Volunteers and Family Members and ensure accounts are flagged/readily identifiable.

9.      Verify and validate documentations for new membership prior to establishment of membership.

10.  Preparation of all relevant reports required.

11.  Access members’ files and staff files.

12.  Access to Authorities/Limits Schedule and to report any deviation thereof.

13.  Access Members’ file for all branches.

14.  Request updated information from membership.


  1. Performance Criteria

 

This job is satisfactorily performed, when:

a)      The Credit Union’s business is conducted in a manner that promotes the achievement of its Mission, Vision and Major Targets.

b)      There is no breach of Regulations, Policies, Procedures and Reporting Requirements governing the Credit Union.

c)      Agreed objectives and deadlines are consistently achieved or exceeded.

d)      Work is consistently accurate and timely.

e)      Timely and adequate review of the internal controls and risk management practices are carried out.

f)       The integrity of the Credit Union’s records, systems and information is consistently maintained.

g)      Areas of non-compliance are swiftly detected and exceptions generated in a timely manner to ensure that any risk to the credit union is minimized.

h)      Recommendations are consistently sound and reliable and are in keeping with the current Acts, Regulations, Policies and Procedures governing the Credit Union and Financial Institutions.

i)        The Loan Risk Based and Operations Register is properly maintained and kept

up-to-date.

j)        Reports are accurately prepared and submitted in keeping with stipulated deadlines.

k)      Sound advice and recommendations on Risk and Compliance matters are provided at all times.

l)        All Employees and Volunteers are adequately trained in POCA/AML, TPA and all other relevant Regulations.

m)   Superior customer service is consistently demonstrated and maintained.

n)      High level of Integrity, professionalism, honesty, trust and confidentiality is evident.

o)      Open communication and positive interactions are consistently maintained.

p)      Regular attendance and punctuality is maintained. 


We thank you for your expressions of interest, however, only shortlisted candidates will be contacted.