About the Role
Jobholders at this level carry out specific tasks independently but are subject to close supervision. They research, collect and analyze information, draft reports and documents, contribute to specific meetings, and develop their professional expertise. Responsibilities include simple operational activities such as gathering business needs and requirements to perform relevant research and studies, assisting in the development of compliance risk management frameworks, setting compliance risk KPIs, and maintaining a risk register by collecting and consolidating records and data.
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Job Responsibilities
Compliance Risks Assessment
- Conduct research and benchmark studies to stay abreast of the latest trends and international best practices in tax and customs risk treatments, highlighting improvement areas to enhance risk treatments performance.
- Maintain communication with the Legal function to receive updates on regulatory compliance requirements, laws, and regulations, assessing implications for internal policies, procedures, and operations, and updating compliance frameworks accordingly.
- Liaise with internal stakeholders and governmental entities to collect data and information needed for risk hypothesis testing and update the relevant database accordingly.
- Collaborate with the Enterprise Risk Management function and establish information-sharing touchpoints to ensure consistency and standardization between developed frameworks.
Compliance Risks Strategy Development
- Review and assess compliance flagged threats, potential causes, consequences, and existing controls, and perform risk scoring to identify likelihood/impact, updating the risk register.
- Consolidate data related to previous non-compliance behaviors, develop root cause analysis, and hypothesis testing scenarios, ensuring mitigation controls are in place to minimize recurrence.
- Review compliance issues to identify untapped risks and develop a risk model to assess implications and treatment methodologies.
- Evaluate business processes and conduct operational risk analyses to identify compliance risks related to these processes.
- Prepare a preliminary compliance risk profile by combining and analyzing data from various sources to communicate top risks and their potential severity and ranking.
- Develop and update risk treatments (frameworks, methodology, measurement guidelines, etc.) based on compliance risk implication assessments and manage effective communication with relevant stakeholders.
- Maintain the risk register and ensure proper updates by risk owners regarding probability, frequency, severity, description, potential causes, current controls, and their effectiveness.
Compliance Risk Strategy Implementation Follow-up
- Assist in the development of the compliance risk strategy to ensure proper implementation and effective follow-up.
- Analyze the operational plan to ensure the incorporation of the compliance risk strategy and smooth implementation of risk treatment initiatives, providing necessary technical support.
- Follow up on compliance risk strategy implementation, highlighting misalignment cases to establish key controls and install mitigation action plans.
- Follow up on non-compliance risk mitigation plans and preventive actions to ensure proper implementation of control mechanisms and risk treatment.
- Develop and update the risk register including risk categorization and risk prioritization for future reference or use.
- Prepare periodic reports consolidating compliance risk status, effectiveness of mitigation actions, and areas for improvement to draw conclusions related to impact, likelihood, and velocity of risks.
Organization and Operations
- Follow all relevant policies, processes, and standard operating procedures to ensure work is carried out in a controlled and consistent manner.
- Assist in solving escalated problems and provide necessary support for the junior team to ensure efficient work execution.
Education
- Bachelor’s degree in Risk Management or equivalent is required.
Experience
- A minimum of 2 years of relevant experience.
Competencies
- Fact-Based Recommendations - Developing
- Corporate Governance and Compliance - Developing
- Taxpayer Risk Management - Developing
- Taxpayer Risk Assessment - Developing
- Taxpayer Risk Identification and Categorization - Developing
- Taxpayer Compliance Tactical Intelligence - Developing
- Professionalism - Developing
- Collaboration and Communication - Developing
- Results Oriented - Developing
- Customer Focus - Developing
- Enablement of Change and Innovation - Developing
