From the employer's careers page · Verified employer
Bancassurance Risk & Compliance Manager
Sidian Bank
Job at a glance
- Employer
- Sidian Bank
- Position
- Bancassurance Risk & Compliance Manager
- Location
- Kenya
- Experience
- 4–7 years in banking, insurance, risk or compliance
- Education
- Bachelor’s degree in related field
- Salary
- Not stated in the advert
- Application deadline
- Open until filled (listed until 30 October 2026)
- Posted on VacancyKE
- 12 October 2026
VacancyKE summary
Sidian Bank is hiring a Bancassurance Risk & Compliance Manager to provide independent oversight of its bancassurance business. You will ensure activities comply with regulatory requirements, manage risk registers, and coordinate reporting to authorities like IRA and CBK.
What stands out about this opportunity
- Second-line control function role
- Direct reporting responsibilities to IRA and CBK
- Focus on bancassurance-specific regulatory compliance
Key responsibilities
- Maintain the Bancassurance Regulatory Obligations Register and track regulatory changes.
- Monitor compliance with Insurance Act, IRA regulations, CBK requirements, and Data Protection Act.
- Assess AML/CFT/CPF risks and ensure KYC/CDD/EDD protocols are applied.
- Coordinate regulatory submissions and prepare annual reports for IRA within three months of year-end.
- Maintain the Bancassurance Risk Register and define KRIs and risk appetite thresholds.
- Conduct RCSA, control testing, and monitor remediation of control failures.
- Review new insurance products for risk mitigation before launch via Product Approval Committee.
- Perform due diligence on insurance partners and monitor their financial strength and complaints.
Who should apply?
This role suits a mid-to-senior level risk or compliance professional with specific expertise in bancassurance and Kenyan insurance regulations (IRA) and banking laws (CBK).
Key requirements
- 4–7 years relevant experience
- Bachelor’s degree in related field
- Knowledge of Kenyan insurance/banking regs
- Understanding of RCSA and operational risk
Nice to have
- ACII/IIK qualification or progress toward professional insurance qualification.
- CAMS or equivalent AML qualification.
- Experience with IRA and CBK regulatory engagements.
- Experience in bancassurance product governance and customer conduct monitoring.
What you should know
- Role serves as a second-line control function between commercial business and governance framework.
- Requires coordination with Compliance, MLRO, Fraud Risk, and Data Protection teams.
- Applications must be submitted through Sidian Bank's official recruitment channel.
How to apply
Official source: From the employer's careers page · sidianbank.co.ke. VacancyKE never charges job seekers.
Original employer advertisement
Published by Sidian Bank on sidianbank.co.ke. Shown for reference; the employer’s version is the official one.
The employer’s advert
Bancassurance Risk & Compliance Manager
JOB PURPOSE
The job holder will provide independent risk and compliance oversight of the Bank’s bancassurance business, ensuring that bancassurance activities are conducted within the approved risk appetite, regulatory requirements, insurance intermediary obligations, customer protection standards and the Bank’s governance framework.
The role will also serve as a key second-line control function between the commercial Bancassurance business and the Bank’s broader Risk, Compliance and Governance framework.
The Insurance (Bancassurance) Regulations apply to bancassurance intermediaries and provide for their registration and supervision. They also address confidentiality, complaints, reporting, technical staff and governance requirements.
KEY RESPONSIBILITIES AND ACTIVITIES
Bancassurance Regulatory Compliance
• Maintain a comprehensive Bancassurance Regulatory Obligations Register.
• Monitor compliance with among others:
• Insurance Act
• Insurance (Bancassurance) Regulations, 2020
• IRA regulatory requirements
• CBK requirements applicable to banks
• Consumer protection requirements
• Data Protection Act
• AML/CFT/CPF requirements
• Applicable Bank policies and procedures.
• Track regulatory circulars, guidelines and changes affecting bancassurance.
• Assess regulatory changes and coordinate implementation with relevant stakeholders.
AML/CFT/CPF & Fraud Risk
• Ensure bancassurance ML/TF/PF risk assessment is conducted and submitted as required and that any activities bancassurance are incorporated into the Bank’s ML/TF/PF risk assessment where relevant.
• Assess AML/CFT/CPF risks associated with customers, products, distribution channels and transactions.
• Ensure appropriate KYC/CDD/EDD requirements are applied.
• Monitor fraud indicators and suspicious activity associated with insurance transactions.
• Coordinate with Compliance, MLRO and Fraud Risk teams on material cases.
Regulatory Reporting & Governance
• Coordinate required bancassurance regulatory submissions and internal reporting to include among others Report on compliance with all the IRA guidelines, the annual risk assessment to IRA.
• Maintain a regulatory reporting calendar.
• Review submissions for completeness and accuracy.
• Support responses to IRA and CBK regulatory requests.
• Prepare periodic reports for:
• Management
• Management Risk Committee
• Board Risk Committee
• Other relevant governance forums.
• Prepare an annual report on the performance of bancassurance business to the Insurance Regulatory Authority within three months after the end of the reporting year.
• Coordinate closure of audit, regulatory and compliance findings
• Support regulatory inspections and audit engagements
Bancassurance Risk Management
• Maintain the Bancassurance Risk Register.
• Identify, assess and monitor among others :
• Regulatory risk
• Operational risk
• Reputational risk
• AML/CFT/CPF risk
• Data protection risk
• Ensure bancassurance risks are incorporated into the Bank’s enterprise risk taxonomy and RCSA.
• Establish and monitor appropriate KRIs and risk appetite thresholds.
RCSA & Control Testing
• Maintain the Bancassurance RCSA.
• Define key risks, controls, control owners and testing frequency.
• Conduct/coordinate periodic control testing.
• Track control failures and remediation actions.
• Require quarterly management attestation on key controls.
• Monitor closure of KYC, documentation, customer disclosure, licensing and operational exceptions.
• Monitor and report bancassurance risk incidents, losses and near misses.
• Escalate breaches of approved risk appetite thresholds.
• Identify and assess emerging risks affecting the bancassurance business.
Product Governance & Approval
• Provide independent risk and compliance review of new and amended insurance products.
• Participate in Product Approval Committee processes where applicable.
• Ensure identified risks are appropriately mitigated before product launch.
Insurance Partner / Third-Party Risk
• Conduct risk-based due diligence and ongoing monitoring of insurance partners.
• Review insurers’:
• Regulatory status
• Financial strength indicators
• Complaints profile
• Claims performance
• Regulatory issues
• Service levels
• Business continuity arrangements
• Data protection controls.
• Monitor contractual obligations and service-level agreements.
• Escalate material deterioration in insurer risk profile.
Complaints & Customer Outcomes
• Monitor bancassurance complaints and resolution timelines.
• Perform root-cause analysis of complaints.
• Identify recurring conduct or process weaknesses.
• Ensure appropriate escalation of systemic issues.
Data Protection & Confidentiality
• Ensure confidentiality of customer insurance information.
• Review data-sharing arrangements between the Bank and insurance partners.
• Ensure appropriate data protection clauses and processing arrangements.
• Coordinate with the Data Protection Office on privacy impact assessments and data-sharing risks.
Training & Awareness
• Coordinate mandatory bancassurance risk and compliance training.
• Ensure relevant staff understand:
• Insurance products
• Regulatory requirements
• Customer disclosure
• AML/CFT/CPF/ KYC
• Data protection
• Complaints
• Conduct requirements.
• Monitor competency and certification requirements for technical staff.
KNOWLEDGE, SKILLS & EXPERIENCE
Minimum
• Bachelor’s degree in Risk Management, Insurance, Finance, Banking, Business, Law, Compliance or related field.
• A minimum of 4–7 years’ experience in banking, insurance, bancassurance, risk or compliance.
• Knowledge of Kenyan banking and insurance regulatory frameworks.
• Understanding of RCSA, operational risk and compliance monitoring.
Desirable
• ACII/IIK qualification or progress toward professional insurance qualification.
• CAMS or equivalent AML qualification.
• Risk/compliance qualification.
• Experience with IRA and CBK regulatory engagements.
• Experience in bancassurance product governance and customer conduct monitoring
Technical / Functional Skillset
• Knowledge of CBK, IRA and Insurance/Bancassurance regulatory frameworks
• Bancassurance risk and compliance management
Behavioral Competencies
• Strong integrity and customer-centricity
• Independent judgement and professional scepticism
• Strong analytical and investigative capability
• Confident challenge and escalation
• Strong communication and stakeholder-management skills
• Proactive problem-solving
• Accountability and ownership
• Ability to work effectively across Business, Risk, Compliance, Legal, Operations and insurers
Application Form
Position Applying For: Bancassurance Risk & Compliance Manager
Full job description (PDF): https://sidianbank.co.ke/wp-content/uploads/2023/06/Sidian-Bank-Recruitment-Privacy-Notice-June-2023.pdf?pid=explorer&efh=false&a=v&chrome=false&embedded=true
JOB PURPOSE
The job holder will provide independent risk and compliance oversight of the Bank’s bancassurance business, ensuring that bancassurance activities are conducted within the approved risk appetite, regulatory requirements, insurance intermediary obligations, customer protection standards and the Bank’s governance framework.
The role will also serve as a key second-line control function between the commercial Bancassurance business and the Bank’s broader Risk, Compliance and Governance framework.
The Insurance (Bancassurance) Regulations apply to bancassurance intermediaries and provide for their registration and supervision. They also address confidentiality, complaints, reporting, technical staff and governance requirements.
KEY RESPONSIBILITIES AND ACTIVITIES
Bancassurance Regulatory Compliance
• Maintain a comprehensive Bancassurance Regulatory Obligations Register.
• Monitor compliance with among others:
• Insurance Act
• Insurance (Bancassurance) Regulations, 2020
• IRA regulatory requirements
• CBK requirements applicable to banks
• Consumer protection requirements
• Data Protection Act
• AML/CFT/CPF requirements
• Applicable Bank policies and procedures.
• Track regulatory circulars, guidelines and changes affecting bancassurance.
• Assess regulatory changes and coordinate implementation with relevant stakeholders.
AML/CFT/CPF & Fraud Risk
• Ensure bancassurance ML/TF/PF risk assessment is conducted and submitted as required and that any activities bancassurance are incorporated into the Bank’s ML/TF/PF risk assessment where relevant.
• Assess AML/CFT/CPF risks associated with customers, products, distribution channels and transactions.
• Ensure appropriate KYC/CDD/EDD requirements are applied.
• Monitor fraud indicators and suspicious activity associated with insurance transactions.
• Coordinate with Compliance, MLRO and Fraud Risk teams on material cases.
Regulatory Reporting & Governance
• Coordinate required bancassurance regulatory submissions and internal reporting to include among others Report on compliance with all the IRA guidelines, the annual risk assessment to IRA.
• Maintain a regulatory reporting calendar.
• Review submissions for completeness and accuracy.
• Support responses to IRA and CBK regulatory requests.
• Prepare periodic reports for:
• Management
• Management Risk Committee
• Board Risk Committee
• Other relevant governance forums.
• Prepare an annual report on the performance of bancassurance business to the Insurance Regulatory Authority within three months after the end of the reporting year.
• Coordinate closure of audit, regulatory and compliance findings
• Support regulatory inspections and audit engagements
Bancassurance Risk Management
• Maintain the Bancassurance Risk Register.
• Identify, assess and monitor among others :
• Regulatory risk
• Operational risk
• Reputational risk
• AML/CFT/CPF risk
• Data protection risk
• Ensure bancassurance risks are incorporated into the Bank’s enterprise risk taxonomy and RCSA.
• Establish and monitor appropriate KRIs and risk appetite thresholds.
RCSA & Control Testing
• Maintain the Bancassurance RCSA.
• Define key risks, controls, control owners and testing frequency.
• Conduct/coordinate periodic control testing.
• Track control failures and remediation actions.
• Require quarterly management attestation on key controls.
• Monitor closure of KYC, documentation, customer disclosure, licensing and operational exceptions.
• Monitor and report bancassurance risk incidents, losses and near misses.
• Escalate breaches of approved risk appetite thresholds.
• Identify and assess emerging risks affecting the bancassurance business.
Product Governance & Approval
• Provide independent risk and compliance review of new and amended insurance products.
• Participate in Product Approval Committee processes where applicable.
• Ensure identified risks are appropriately mitigated before product launch.
Insurance Partner / Third-Party Risk
• Conduct risk-based due diligence and ongoing monitoring of insurance partners.
• Review insurers’:
• Regulatory status
• Financial strength indicators
• Complaints profile
• Claims performance
• Regulatory issues
• Service levels
• Business continuity arrangements
• Data protection controls.
• Monitor contractual obligations and service-level agreements.
• Escalate material deterioration in insurer risk profile.
Complaints & Customer Outcomes
• Monitor bancassurance complaints and resolution timelines.
• Perform root-cause analysis of complaints.
• Identify recurring conduct or process weaknesses.
• Ensure appropriate escalation of systemic issues.
Data Protection & Confidentiality
• Ensure confidentiality of customer insurance information.
• Review data-sharing arrangements between the Bank and insurance partners.
• Ensure appropriate data protection clauses and processing arrangements.
• Coordinate with the Data Protection Office on privacy impact assessments and data-sharing risks.
Training & Awareness
• Coordinate mandatory bancassurance risk and compliance training.
• Ensure relevant staff understand:
• Insurance products
• Regulatory requirements
• Customer disclosure
• AML/CFT/CPF/ KYC
• Data protection
• Complaints
• Conduct requirements.
• Monitor competency and certification requirements for technical staff.
KNOWLEDGE, SKILLS & EXPERIENCE
Minimum
• Bachelor’s degree in Risk Management, Insurance, Finance, Banking, Business, Law, Compliance or related field.
• A minimum of 4–7 years’ experience in banking, insurance, bancassurance, risk or compliance.
• Knowledge of Kenyan banking and insurance regulatory frameworks.
• Understanding of RCSA, operational risk and compliance monitoring.
Desirable
• ACII/IIK qualification or progress toward professional insurance qualification.
• CAMS or equivalent AML qualification.
• Risk/compliance qualification.
• Experience with IRA and CBK regulatory engagements.
• Experience in bancassurance product governance and customer conduct monitoring
Technical / Functional Skillset
• Knowledge of CBK, IRA and Insurance/Bancassurance regulatory frameworks
• Bancassurance risk and compliance management
Behavioral Competencies
• Strong integrity and customer-centricity
• Independent judgement and professional scepticism
• Strong analytical and investigative capability
• Confident challenge and escalation
• Strong communication and stakeholder-management skills
• Proactive problem-solving
• Accountability and ownership
• Ability to work effectively across Business, Risk, Compliance, Legal, Operations and insurers
Application Form
Position Applying For: Bancassurance Risk & Compliance Manager
Full job description (PDF): https://sidianbank.co.ke/wp-content/uploads/2023/06/Sidian-Bank-Recruitment-Privacy-Notice-June-2023.pdf?pid=explorer&efh=false&a=v&chrome=false&embedded=true