INTERNAL CONTROL & COMPLIANCE OFFICER
Industry: Banking / Microfinance
Location: Obanikoro, Lagos, Nigeria
Employment Type: Full-Time
Reports To: Head of Risk / Managing Director
Monthly Salary: ₦250,000 – ₦300,000 Gross
Experience: 3–5 Years
JOB SUMMARY
Our client, a reputable Microfinance Bank located in Obanikoro, Lagos, is seeking to engage a highly competent, detail-oriented, and experienced Internal Control & Compliance Officer to strengthen its internal control environment, regulatory compliance framework, risk management practices, and overall operational governance.
The successful candidate will be responsible for conducting internal control reviews, monitoring compliance with applicable regulations and internal policies, identifying operational and financial risks, investigating irregularities, and recommending corrective actions to mitigate risks and prevent losses.
The ideal candidate must have a strong understanding of the Nigerian banking and microfinance environment, internal control principles, regulatory compliance, risk management, fraud prevention, AML/CFT, KYC requirements, and financial operations.
KEY RESPONSIBILITIES
Internal Control & Operational Review
- Develop, implement, and continuously review effective internal control procedures across all departments and operational units.
- Conduct periodic and surprise reviews of operational, financial, administrative, and branch activities.
- Monitor compliance with approved policies, procedures, operational guidelines, and delegated authority limits.
- Review daily and periodic transactions to ensure accuracy, completeness, authorization, and compliance with established controls.
- Conduct internal control checks on cash management, teller operations, vault activities, customer transactions, and other banking operations.
- Perform surprise cash counts and verify physical cash balances against system and accounting records.
- Monitor compliance with segregation of duties and appropriate approval limits across key operational processes.
- Identify control weaknesses, process gaps, operational irregularities, and areas of potential financial exposure.
- Conduct periodic branch and departmental control reviews.
- Ensure corrective actions are implemented to address identified control deficiencies.
- Follow up on previous audit findings and monitor the closure of agreed action points.
Regulatory Compliance
- Monitor compliance with applicable regulatory requirements, guidelines, circulars, and directives relevant to Microfinance Banking operations in Nigeria.
- Ensure adherence to internal policies, statutory requirements, and regulatory obligations.
- Monitor changes in applicable regulations and communicate relevant updates to management and affected departments.
- Conduct periodic compliance reviews and assessments to identify potential regulatory breaches.
- Maintain appropriate compliance records, registers, and supporting documentation.
- Support the preparation and submission of compliance-related reports as required.
- Assist with regulatory examinations, inspections, internal reviews, and external audits.
- Monitor the implementation of corrective actions arising from regulatory reviews and inspections.
- Ensure identified compliance gaps are promptly escalated and addressed.
Risk Management & Fraud Prevention
- Identify, assess, monitor, and report operational, financial, compliance, and fraud-related risks.
- Review high-risk and unusual transactions to identify potential irregularities.
- Monitor transaction exceptions and patterns that may indicate fraud, operational weaknesses, or control failures.
- Participate in investigations involving suspected fraud, misconduct, financial irregularities, or policy breaches.
- Conduct root cause analysis and recommend corrective and preventive actions.
- Maintain appropriate records of incidents, losses, fraud cases, and control breaches.
- Monitor the implementation of approved risk mitigation measures.
- Escalate significant risks and control breaches to the appropriate management level.
- Support initiatives aimed at strengthening fraud prevention and risk awareness across the Bank.
Microfinance Banking Operations & Controls
- Review and monitor controls across key banking and microfinance operations, including:
- Customer account opening and onboarding.
- Know Your Customer (KYC) documentation.
- Customer identification and record management.
- Cash and teller operations.
- Savings and deposit operations.
- Loan processing and approval.
- Credit documentation and disbursement.
- Loan monitoring and recovery activities.
- Branch operations and reconciliations.
- Financial transactions and exception accounts.
- Ensure transactions are processed in accordance with approved policies, procedures, and authorization limits.
- Review customer documentation to ensure completeness and regulatory compliance.
- Monitor loan files to ensure appropriate documentation is completed before loan approval and disbursement.
- Review compliance with credit approval processes and delegated authority limits.
- Monitor dormant accounts, suspense accounts, reconciliations, and other exception accounts.
- Identify operational bottlenecks and recommend improvements to enhance efficiency and strengthen controls.
AML/CFT & KYC Compliance
- Support compliance with Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Know Your Customer (KYC) requirements.
- Monitor customer onboarding and account-opening documentation for compliance with approved procedures.
- Review transactions and activities for unusual or suspicious patterns.
- Escalate suspicious activities in line with established internal procedures and regulatory requirements.
- Conduct periodic reviews of customer records and KYC documentation.
- Support the maintenance of AML/CFT compliance records and documentation.
- Participate in staff awareness programmes on AML/CFT, KYC, fraud prevention, and regulatory compliance.
- Identify deficiencies and ensure appropriate corrective actions are implemented.
Audit, Investigation & Monitoring
- Conduct scheduled and ad-hoc internal control reviews and compliance monitoring activities.
- Perform transaction testing and review supporting documentation.
- Investigate reported incidents, policy breaches, financial irregularities, and operational losses.
- Document findings clearly and objectively and prepare detailed reports for management.
- Develop practical recommendations to address identified risks and control weaknesses.
- Monitor management responses and follow up on the implementation of agreed recommendations.
- Conduct post-implementation reviews to assess the effectiveness of corrective actions.
Reporting & Documentation
- Prepare daily, weekly, monthly, and periodic Internal Control and Compliance reports.
- Prepare reports on audit findings, compliance issues, control breaches, operational risks, and emerging concerns.
- Maintain registers for audit findings, incidents, fraud cases, compliance issues, and corrective actions.
- Track agreed action plans and provide regular updates on implementation status.
- Prepare management reports and presentations when required.
- Ensure all reviews, investigations, and compliance activities are appropriately documented and maintained.
Policy, Process Improvement & Governance
- Participate in the development, review, and implementation of internal policies, procedures, and Standard Operating Procedures (SOPs).
- Review existing processes and recommend improvements to strengthen internal controls and reduce operational risks.
- Support the implementation of automated controls and technology-driven monitoring processes where applicable.
- Promote a culture of compliance, accountability, transparency, and ethical conduct across the Bank.
- Ensure internal control practices remain aligned with the Bank's growth objectives and regulatory requirements.
- Support continuous improvement initiatives across operational and control functions.
Training & Stakeholder Management
- Conduct periodic staff awareness sessions on internal controls, compliance requirements, fraud prevention, AML/CFT, KYC, and ethical conduct.
- Provide guidance to departments and employees on internal control and compliance requirements.
- Work closely with Operations, Finance, Credit, Risk, IT, and Management to address control and compliance issues.
- Support management in strengthening governance and promoting a strong risk and compliance culture.
- Maintain effective working relationships with internal and external stakeholders.
QUALIFICATIONS & REQUIREMENTS
Educational Qualification
- Bachelor's Degree in Accounting, Finance, Banking and Finance, Economics, Business Administration, or a related discipline.
- Relevant professional certifications such as ACA, ACCA, CIA, CISA, CRISC, ACAMS, or other recognised Internal Audit, Risk, Compliance, or Financial Management certifications will be an added advantage.
Experience
- Minimum of 3–5 years of relevant experience in Internal Control, Internal Audit, Compliance, Risk Management, or a similar role.
- Previous experience within a Microfinance Bank, Commercial Bank, Financial Institution, Fintech, or other regulated financial services organisation is highly preferred.
- Demonstrable experience conducting internal control reviews, compliance monitoring, transaction testing, investigations, and risk assessments.
- Experience with banking operations, branch controls, credit processes, cash management, and financial transaction reviews will be an added advantage.
REQUIRED SKILLS & COMPETENCIES
Technical Competencies
- Strong knowledge of Internal Control and Internal Audit principles.
- Good understanding of Risk Management and Fraud Prevention.
- Strong knowledge of Banking and Microfinance operations.
- Understanding of KYC, AML/CFT, and customer due diligence requirements.
- Knowledge of regulatory compliance requirements within the Nigerian financial services industry.
- Strong financial analysis and transaction review skills.
- Ability to conduct audits, investigations, and compliance reviews.
- Knowledge of operational risk management and incident reporting.
- Strong report writing and documentation skills.
- Proficiency in Microsoft Office Suite, particularly Excel and PowerPoint.
- Experience using Core Banking Applications and financial systems will be an added advantage.
Behavioural Competencies
- High level of integrity and ethical standards.
- Strong attention to detail and accuracy.
- Excellent analytical and problem-solving skills.
- Strong investigative and critical-thinking ability.
- Excellent communication and interpersonal skills.
- Strong report writing and presentation skills.
- Ability to work independently with minimal supervision.
- Ability to maintain strict confidentiality.
- Strong organisational and time-management skills.
- Ability to work effectively under pressure and meet deadlines.
- Sound professional judgement and decision-making ability.
- Strong stakeholder management and collaboration skills.
- Proactive and results-oriented approach to work.
KEY PERFORMANCE INDICATORS (KPIs)
The successful candidate will be assessed based on:
- Timely identification and reporting of control weaknesses and compliance gaps.
- Reduction in operational losses, fraud exposure, and control breaches.
- Timely resolution and closure of audit and compliance findings.
- Level of compliance with internal policies and regulatory requirements.
- Completion of scheduled internal control reviews and monitoring activities.
- Effectiveness of fraud prevention and risk mitigation initiatives.
- Timeliness and quality of Internal Control and Compliance reports.
- Reduction in recurring audit and compliance findings.
- Effective tracking and implementation of corrective actions.
- Improved staff awareness and adherence to internal control procedures.
- Quality and effectiveness of recommendations provided to management.
HOW TO APPLY
Interested and qualified candidates should send their CV to:
[email protected]
Subject of Email: Internal Control & Compliance Officer – Obanikoro
Only shortlisted candidates will be contacted.