About the Organization:

 VisionFund Micro Finance Institution (S.C) is an Institution established according to proclamation No. 40/96 to provide financial services to the productive poor in the rural and urban areas of Ethiopia. VisionFund is currently operating in five of the Regional States of the country. VisionFund MFI is currently looking candidates to fill the vacant position of Senior Risk & Complience Officer for South Regional Operation Office based at Hawasa, Sidama Region. The successful candidates will have skills and experience that meet the following requirements:

 1.    Purpose and Job Summary

To manage potential risks arising from the day-to-day operations of Vision Fund Microfinance Institution that includes credit risk, operational risks, Liquidity risks arising from asset-liability management, foreign exchange and interest rates risks by identifying, analyzing, quantifying and provide possible recommendations.

To safeguard the MFI’s from non-compliance risks by independently checking whether VFMFI is in full compliance with applicable regulations, the requirements of the National Bank of Ethiopia (NBE), Financial Intelligence Centre (FIC) and other entities VFMFI has relationship with.

 2.    Specific Duties and Responsibilities

•  Facilitate, develop and update risk management policies and guidelines, including procedures and processes for their implementation

•  Prepares risk management plan with the objective to identify, measure, control and monitor risks

•  Review and determine the quantity, quality, and direction of inherent risks related to VFMFI in terms of credit, operation, liquidity, and interest rate, strategic and other external risks.

•  Check the accuracy of the method and the adequacy of provision for probable losses.

• Review the compliance of MFI’s lending process with the standard and requirements of Internal and external regulatory bodies.

•  Review the collateral valuation system of the MFI in collaboration with the operation department and professional service providers in particular

•  Semiannual review of risk register in collaboration with each functional unit in different groups “high likelihood and low impact”, and “low likelihood and high impact”, and monitor their status

• Semiannual review of risk matrix and the quality of risk management system of the MFI and evaluate the adequacy of internal operational policies and procedures and compliance with legal and regulatory requirements

• Develop risk appetite and tolerance limit with collaboration of functional units,

•  Defines the asset and liability composition of VFMFI and the extent of off-balance sheet activities/exposure

•  Monitor operational risks in the MFI’s employment practices and work place safety and technology application.

•  Monitor all associated operational risks realized in conjunction with other risks, such as foreign currency risk, interest rate risk, legal risk, strategic risk and reputation Risk

•  Monitor Asset Liability Management activities and help the management of VFMFI to improve the Asset Liability Management function.

• Follow up the Implementation of a set of risk matrices and reports including loss and incidents, key risk exposures and early warning indicators related to market risks.

•  Propose alternative ways of risk identification methods by making critical assessments of existing risk analysis tools and provide their authentication

•  Develop risk assessment techniques to identify all forms of financial exposures, focusing in relevance to the existing financial management environments.

•  Review periodic report prepared by Regional Risk/Compliance Officers and Senior Risk Management Officers

•  Visits Branches, frequently, in line with the approved work plan by the Director, Risk & Compliance; identifies gaps and assists Region and Branches in enhancing their capacity in terms of understanding rules and regulations;

• Verify performance deviation from established policies, procedures, systems, process, roles and responsibilities; 

•  Follow up risk mitigations and other findings, observations and recommendations are discussed with respective risk owners /managers/directors and agree on plan of action for improvement;

•  Follow up the implementation of risk management processes, tools and systems, thereby identify, assess, measure, manage and report risks;

•  Support the implementation of internal controls and identify the major risks related to internal control system;

• Forwards recommendation with an appropriate action plan on how to control or mitigate the observed risk;

•  Providing support and training to staff on inherent risks and controls to build risk awareness within the company.

•  Follows up efficient identification and monitoring of suspicious activities and transactions;

•  Participates in identifying systemic procedural weaknesses and additional training requirements for the company;

•  Prepares and presents risk based reports and liquidity report to ensure its ability to meet obligations or its cash flow needs;

•  Presents reports on “interest rate risk” to ensure that interest paid to depositors and interest rate on loans are adequately managed to cover financial costs and other expenses to continue the business on a sustainable manner;

•  Develop policies and procedures for the Division and follow-up its implementation

•  Provide training for the MFI’s staff on compliance related topics, policies, or procedures particularly, on due diligence, Anti-money Laundering (AML) and Know Your Customer (KYC) so as to create awareness and build a better compliance culture throughout VFMFI operation.

•  Check the various operations of the MFI against prevailing standards and forward recommendation for improvement

•  Collect and capture tracks of potential compliance risks related to AML and KYC.

•  Check that AML software embedded and CBS does the requirements regarding AML and KYC activities.

•  Assess Industry changes, trends, and best practices and assess the potential impact of these changes on the MFI’s overall operations and forward recommendations to the management.

•  Appraise compliance system proactively in relation to the operation including development of new products and services.

•  Conduct correspondence and communications with external organs related to due diligence and ethical standards.

•  Maintain risk register and review potential losses created by non-Compliance (to identify severity and frequency).

•  Examine operational activities that expose the VFMFI to compliance risk and forward recommendation.

•  Identify and appraise any compliance risk arising from new business development and existing business operation.

•  Review the compliance of MFI’s lending process with the standard and requirements of Internal and external regulatory bodies.

•  Review the collateral valuation system of the MFI in collaboration with the operation department and professional service providers in particular

•  Develop risk appetite and tolerance limit with collaboration of functional units

•  Prepare/Review periodic report prepared by Regional Risk & Compliance Officers.

•  Visits Branches, frequently, in line with the approved work plan by the immediate supervisor; identifies gaps and assists Region and Branches in enhancing their capacity in terms of understanding rules and regulations;

•  Support the implementation of internal controls and identify the major risks related to internal control system;

•  Forwards recommendation with an appropriate action plan on how to control or mitigate the observed risk;

•  Follows up efficient identification and monitoring of suspicious activities and transactions;

•  Conducts daily assessment of Anti Money Laundering (AML) and local money transfer reports for potential suspicious activity;

•  Ensures and keeps the internal control procedures are abreast with applicable laws and regulations, and disseminate information / requirements to relevant stakeholders as appropriate;

•  Prepares weekly, bi-weekly, monthly and quarterly reports to the supervisor and make ready to report to National Bank of Ethiopia and VFMFI management.

•  Performs other duties as assigned by his/her Supervisor

Job Requirements

    A) Education/Training

• Minimum BA Degree in Accounting, Finance, Banking, Economics, Business Administration or related field.

    B) Experience

•  A minimum of 5 years of relevant work experience in Banks, MFIs or any other financial service providing companies.

    C) Technical and Other Skills

•  Knowledge of risk management methodologies

• Knowledge of research methodology

•  Analytical and evaluation skill

•  Be proficient in Microsoft office applications

•  High level of customer service and strong willingness to work in the field;

•  Excellent written and oral communication skills

•  Microsoft Office knowledge and practical & analytical skill using MS offices

 Terms of Employment: Permanent

Salary: VFMFI has an attractive salary and benefits package

Closing Date: March 15, 2024

How to Apply

Candidates who fulfill the requirements can send their application, curriculum vitae, names and addresses of up to three references and non-returnable copies of credentials through: VFE_Vacancy@wvi.org or in person to South Regional Operation Office (Hawasa)

Note: -   Only short listed candidates will be contacted for subsequent assessment