ACE Microfinance Audit and Compliance Officer – Job Description

About African Clean Energy

African Clean Energy (ACE) is a Dutch-South African social enterprise best known for distributing in developing countries its proprietary product, the ACE 1: a solar-biomass hybrid that significantly reduces the need for cooking fuel, burns without smoke, and offers electricity for mobile charging and lighting. ACE is headquartered in Amsterdam, the Netherlands, and has B2C operations active in Lesotho, Cambodia and Uganda with our flagship factory in Thetsane, Lesotho.

General Description

The ‘Microfinance Audit and Compliance Officer’ is primarily responsible for auditing the company’s microfinance sector and to overseeing and managing compliance within a company as part of a team, ensuring that the company and its employees are complying with regulatory requirements, and with internal policies and procedures. The ‘Microfinance Audit and Compliance Officer’, as part of a team, is the architect and steward of an enterprise compliance strategy, structure and processes. The officer is responsible for establishing standards and implementing procedures & policies to ensure that the compliance programs throughout the company are effective and efficient in identifying, preventing, detecting and correcting noncompliance with applicable rules and regulations. The ‘Microfinance Audit and Compliance Officer’ has to provide reasonable assurance to management and the directors that there are effective and efficient policies and procedures in place, well understood and respected by all employees, and that the company is complying with all regulatory requirements. She or he must also inform the management about important issues and operational violations. This position reports to the country director and our extended management at headquarters.

Duties/Responsibilities

  • Maintaining current knowledge of laws and regulations, keeping abreast of recent changes. Developing the annual compliance work plan that reflects the institution’s highest risks that will be monitored by the compliance function as determined by conducting a mandatory annual risk assessment using an enterprise-wide approach.
  • Providing guidance to the directors, management, staff, and employees on compliance
  • Overseeing and monitoring the implementation of the compliance program
  • Developing policies and programs that encourage managers and employees to report suspected fraud and other improprieties without fear of retaliation.
  • Reporting on a regular basis on the progress of implementation, and assisting these components in establishing methods to improve efficiency and quality of services, and to reduce the vulnerability to fraud, abuse, and waste.
  • Periodically revising the program in light of changes in the needs of the company, and in
  • the law and policies and procedures of government.
  • Coordinating internal compliance review and monitoring activities, including periodic reviews of departments
  • Coordinating and conducting internal audits of the company’s microfinance sector.
  • Responding to government investigations and queries as the principal point of contact
  • Independently investigating and acting on matters related to compliance, including the flexibility to design and coordinate internal investigations e.g. responding to reports of problems in the call centre, or other suspected violations and any resulting corrective actions with all departments, sales agents and, if appropriate, finance office.
  • Coordinate internal auditing activities and plans with other internal and external providers(contact persons)
  • Ensure that internal audit resources are appropriate, sufficient and effectively deployed to achieve the internal audit plan approved by the company.
  • Ensure the timely completion of internal auditing engagements.
  • Ensure that reports on internal auditing engagements are provided to the audit committee with a minimum of delay.
  • Provide an annual holistic opinion on the effectiveness and adequacy of risk management, control, and governance processes
  • Ensure that the risk assessment is done at least annually; Establish risk-based audit plans to set out the priorities of the internal audit function, consistent with the organizational objectives.

Minimum Qualification and Experience

  • Bachelor’s degree in Accounting, Economics, or Finance or any equivalent qualification
  • Effective written and oral communication skills.
  • Ability to display initiative.
  • Ability to work within a team with colleagues from a wide range of professional backgrounds and contribute to the development of team culture and the achievement of common objectives.
  • Ability to work without supervision and organize own workload and manage time effectively.
  • Ability to communicate control issues to service managers.
  • Ability to use and maintain competence in computer literacy, including word processing, spreadsheets and internet/intranet.
  • Ability to take direct management responsibility for the full range of management duties including leading and motivating staff.
  • Ability to work under pressure, within agreed targets and timescales and deliver quality outcomes.
  • Ability to promote positively and present Internal Audit about new and existing customers.
  • Ability to give clear advice, at an operational and strategic level, to members and senior officers and other relevant external parties, funders/organizations e.g. external audit.

Further Skills and Attributes

  • Analytical and Critical Thinking Skills
  • Hard work and Quality Focus
  • Honesty and Reliability
  • Collaboration and Resilience
  • Objectivity and Independence
  • Passion and Commitment
  • Innovation and Attention to Detail
  • Assertiveness
  • Information Technology (IT) General Knowledge
  • Result-orientation and Accountability

Key Performance Indicators (KPI):

  • Adequacy of internal audit plan.
  • Level of execution/achievement against internal audit plan.
  • Accuracy, timeliness, and completeness of reports.
  • Number and significance of issues/ inconsistencies and process improvement opportunities identified in business processes.
  • Frequency of incidences of control failure.
  • Adequacy and timeliness of follow-up on regulatory and statutory filings.
  • The magnitude of calculated losses due to fraud and other control failures.
  • Number or frequency of queries.
  • The number of unresolved cases to identified issues.
  • Adequacy of document management.

All applicants are required to submit a CV/resume in connection with a cover letter to careers@ace.co.ls to apply to this position. Applications are being reviewed starting immediately and until the position is filled.

This document is not an exhaustive list of any and all day to day activities and the ‘Microfinance Audit and Compliance Officer’ recognizes that he/she may be asked to assist on tasks that fall slightly out of the scope of work from time to time in order to work towards the tasks outlined.