Risk & Compliance Manager and Internal Audit Manager

VACANCIES ANNOUNCEMENT

Public Service Pension Trust Fund (PSPTF) is an Institution that was established in compliance with the Pension Act (CAP 55:02) to oversee the administration of the Public Service Contributory Pension Scheme. The Fund is now inviting applications from suitably qualified Malawians to fill the following vacant positions that exist at the Secretariat Office. The successful candidates shall be appointed on contracts renewable every 3 years upon successful performance.

1. Risk & Compliance Manager

Grade                                     : PTF2
Division                                 : Risk and Compliance
Location                                : Secretariat
Reporting to                         : Principal Officer
Direct Supervisees             : Risk Officer
                                                   : Compliance Officer

PURPOSE OF THE JOB

The Risk & Compliance Manager is responsible for developing, implementing and monitoring the Pension Fund’s Enterprise Risk Management (ERM), compliance and business continuity frameworks. The role safeguards the Fund’s assets, members’ benefits and reputation by embedding sound risk governance, regulatory compliance (including Anti-money Laundering / Countering the Financing of Terrorism), and resilience practices across the organisation.

KEY DUTIES AND RESPONSIBILITIES 

1. Annual Business Planning

• Contributes to the development of short- and long-term Fund strategy with strong risk and compliance integration.
• Develops, reviews and monitors execution of the Risk and Compliance Strategy.
• Aligns the functional business plan with the Fund’s overall strategy.
• Cascades the annual plan into quarterly and monthly deliverables.

2. Risk & Compliance Governance

• Implements an Enterprise Risk Management (ERM) framework aligned to pension industry corporate governance standards.
• Establishes and continuously improves a consistent operating framework for the identification, management, monitoring and reporting of risk and compliance issues.
• Develops and updates risk and compliance policies, procedures and programmes aligned with the Enterprise Risk Management framework and applicable pension regulations.
• Supports engagement with pension regulators, trustees, auditors and industry bodies on risk and compliance matters.
• Establishes a risk champions/coordinators network across the Fund.

3. Compliance and Anti-money Laundering / Countering the Financing of Terrorism Management

• Assists business units in establishing and embedding a culture of compliance.
• Champions and ensures that a culture of compliance with Anti-money Laundering / Countering the Financing of Terrorism requirements is embedded within the Fund.
• Manages the execution of the second line monitoring and assessment programme for Anti-money Laundering /Counter-Terrorism Financing (AML/CTF).
• Improves and maintains Anti-money Laundering /CTF policies and procedures.
• Provides compliance reporting to ensure the completion and proper analysis of suspicious activity reports.
• Ensures detailed and prompt investigation of all Anti-money Laundering /CTF incidents and cases.
• Maintains a proper register of all incidents reported internally and externally.
• Aids in the improvement of tools used to monitor, analyse and report suspicious activity.
• Monitors the performance of the compliance programme on an ongoing basis and takes steps to improve its effectiveness.
• Identifies applicable pension, financial services and Anti-money Laundering / Countering the Financing of Terrorism legislation, regulatory directives, rules and regulations, and analyses their impact on the Fund’s processes, projects and products.
• Ensures internal policies do not contravene current or proposed legislation, regulatory directives, rules and regulations.
• Reports compliance breaches to the Principal Officer and Risk & Compliance Committee on a monthly/quarterly basis.
• Prepares and implements compliance risk management plans covering the Fund’s external and internal compliance universe and assists with the monitoring of that compliance universe.
• Prepares compliance monitoring reports and impact analyses of new laws, directives and regulations affecting the Fund.
• Formulates and implements the Fund’s annual compliance plan.
• Develops and implements compliance risk monitoring tools to assess the adequacy of controls for identified compliance risks and prepares training materials for compliance awareness sessions.
• Prepares and submits regulatory reports to the Registrar of Financial Institutions through the Principal Officer.

4. Risk Management Context and Process

• Defines and communicates the Fund’s risk appetite and tolerance levels.
• Monitors emerging risks and adjusts appetite where necessary.
• Develops and deploys quantitative risk models to assess potential impacts on strategic and funding objectives.
• Conducts strategic and funding-level risk stress testing.
• Assesses financial risks affecting Fund assets, including liquidity, investment and credit risk.
• Coordinates funding and actuarial risk with the actuarial function to improve valuation and pricing accuracy.
• Strengthens internal controls, manages third-party and custodian risks, prevents fraud, and enhances incident response and operational risk stress testing processes.
• Monitors regulatory changes affecting the pension industry and ensures timely updates and implementation.
• Manages complaints reporting.
• Develops and maintains a Fund-wide risk register documenting key risks related to strategy, assets, members’ benefits, products, operations, systems and related processes.

5. Risk & Compliance Reporting and Monitoring

• Implements key risk indicators (KRIs) and key control indicators as early warnings for identified risks.
• Submits integrated risk and compliance reports to the Board through the Principal Officer.
• Coordinates with the Internal Audit function to monitor and report on the resolution of audit recommendations, risk action plans and regulatory findings.
• Reviews the Fund’s internal controls and procedures to mitigate risks and reduce exposure.
• Manages incident and fraud reporting.

6. Business Continuity Management

• Establishes Business Continuity Management (BCM) and Crisis Management governance structures.
• Coordinates Crisis Management Committee meetings.
• Updates BCM and Crisis Management policies.
• Maintains the Business Continuity Plan (BCP), Disaster Recovery Plan (DRP) and Crisis Management Plan (CMP) aligned with ISO standards.
• Tests and reviews BCM/DR frameworks.
• Reports BCM programme status to the Board Risk Committee.

7. Strategy Execution and Performance Management

• Translates corporate strategy into actionable plans, KPIs and aligned risk-adjusted targets.
• Monitors enterprise performance through integrated dashboards and insights.
• Supports delivery of strategic initiatives.
• Establishes governance frameworks for strategy review, accountability and escalation to the Board.
• Integrates risk and compliance considerations into strategy execution and monitors impact on business objectives.

8. Awareness, Capacity Development and Culture Embedding

• Assesses Fund-wide risk and compliance training needs and develops a formal training programme and competence model with the People and Culture department.
• Conducts Enterprise Risk Framework, Business Continuity Management, compliance and Anti-Money Laundering / Countering the Financing of Terrorism awareness and refresher training.
• Assigns risk and compliance ownership across departments.
• Promotes consistent risk and compliance terminology and awareness.
• Develops, updates and monitors the effectiveness of the Fund’s Enterprise Risk Management framework and related internal branding/themes.

PERSON SPECIFICATIONS

Qualifications and Experience

• A master’s and bachelor’s degree in either accounting Auditing, Accounting, Finance, Risk Management, Business Administration, Law from a reputable university.
• A professional qualification such as Chartered Accountant (CA), CIMA, ACCA, ICAM, Certified Risk Manager, Certified Compliance Professional or equivalent is desirable.
• At least five (5) years’ experience in Audit, Finance, Enterprise Risk Management (ERM) or Compliance, three (3) of which must have been at management level.
• Prior experience within the pension, insurance or broader financial services industry is an added advantage.

Knowledge, Skills and Abilities

• Ability to manage and develop staff.
• Clear verbal and written communication and ability to prepare accurate reports.
• Ability to plan and organise in line with job requirements.
• Ability to analyse and solve work-related problems to achieve correct outcomes.
• Ability to interact, negotiate (where applicable) and achieve targets.
• Leadership skills and the ability to influence a highly collaborative, proactive cross-functional team of risk and compliance coordinators.
• Strong problem-solving and decision-making abilities.
• Analytical and numerical skills, including risk and financial modelling.
• High level of integrity and ethical decision-making.
• Ability to cope under pressure with minimal supervision.
• Good communication and presentation skills.
• Commercial awareness and the ability to understand broad business and pension-industry issues.
• Working knowledge of compliance software, data compilation and regulatory reporting tools.
• Sound understanding of legal practices, policies and procedures, and QA methodologies relevant to risk and compliance.

Internal Audit Manager
Grade                                : PTF2
Division                               : Internal Audit
Location                             : Secretariat
Reporting to                       : The Board of Trustees
Direct Supervisees           : Internal Audit Officer

PURPOSE OF THE JOB

Responsible for leading the internal audit function of the Fund, providing independent and objective assurance on the adequacy and effectiveness of internal controls and governance processes. This role involves developing and executing a comprehensive audit plan, conducting internal audits across all areas of the Fund’s operations, and ensuring compliance with regulatory requirements and internal policies. The Internal Audit Manager will provide critical insights and recommendations to the Board’s Audit Committee and Management to strengthen internal controls and improve organisational efficiency.

KEY DUTIES AND RESPONSIBILITIES 

1. Audit Planning and Risk Assessment

• Develop and implement a risk-based annual audit plan covering all areas of the Fund’s operations and activities.
• Identify activities subject to audit coverage and evaluate their significance in terms of risk, cost, schedule, quality, and regulatory impact.
• Formulate and coordinate the implementation of internal audit and risk assessment policies, strategies, frameworks, and plans.
• Identify, assess, and evaluate risks across the Fund and recommend appropriate risk mitigation strategies.
• Provide independent assurance on the effectiveness of risk management, governance, and internal control processes.

2. Audit Execution and Assurance

• Conduct financial, operational, compliance, and risk-based audits in accordance with approved audit plans and professional standards.
• Assess the adequacy and effectiveness of internal controls, governance processes, and risk management systems.
• Evaluate whether resources are acquired economically, utilised efficiently, and adequately safeguarded.
• Review business processes and recommend improvements to enhance operational efficiency, effectiveness, and control.
• Leverage audit technology, data analytics, and other audit tools to improve audit coverage, efficiency, and effectiveness.

3. Fraud Risk Management and Investigations

• Investigate suspected fraud, misconduct, irregularities, and misuse of resources using appropriate auditand data analytics techniques.
• Report fraud investigation findings and recommendations to Management, the Audit Committee, and the Board, as appropriate.
• Recommend and implement measures aimed at strengthening controls and preventing future fraud occurrences.

4. Audit Reporting and Follow-Up

• Prepare clear, comprehensive, and timely audit reports outlining findings, conclusions, risk implications, and practical recommendations.
• Present audit findings and recommendations to Senior Management, the Audit Committee, and the Board.
• Monitor and track the implementation of agreed audit recommendations and management action plans.
• Conduct follow-up and post-audit reviews to verify implementation and effectiveness of corrective actions.
• Maintain complete and accurate audit documentation and working papers to support audit conclusions.

5. Audit Quality and Methodology

• Ensure all audits are conducted in compliance with applicable professional standards, internal audit policies, and best practices.
• Continuously review, update, and improve audit methodologies, procedures, and audit programmes to enhance audit quality and performance.
• Promote a culture of continuous improvement within the Internal Audit function.

6. Audit Function Management

• Manage the activities, performance, and development of Internal Audit staff in line with approved budgets and timelines.
• Prepare, administer, monitor, and control the budget of the Internal Audit Division.
• Ensure effective allocation and utilisation of audit resources to achieve departmental objectives.

7. Regulatory Compliance and Pension Fund Assurance

• Audit compliance with the Pension Act, Pension Rules, Fund Rules, and directives issued by the Registrar of Financial Institutions and other regulatory authorities.
• Report identified regulatory breaches and non-compliance issues to Management, the Audit Committee, and the Board.
• Review compliance with prescribed investment limits, asset allocation requirements, and custodial arrangements.
• Audit member benefit administration processes, including contributions, transfers, withdrawals, and benefit payments, to ensure accuracy and compliance.
• Independently assess the effectiveness of Anti-money Laundering (AML)/ Countering the Financing of Terrorism (CFT) controls and report identified deficiencies to the Audit Committee and the Risk and Compliance function.
• Review governance practices, including Board and Trustee conflict-of-interest declarations and fit-and-proper compliance requirements.
• Assess controls surrounding actuarial valuation processes in collaboration with the Fund’s actuary to provide assurance on funding-level reporting.
• Ensure the Fund remains compliant with applicable laws, regulations, policies, and industry standards, and advise Management on necessary changes to maintain

8. Stakeholder Management and Coordination

• Liaise and collaborate with external auditors, regulators, actuaries, and other assurance providers to ensure coordinated assurance coverage.
• Build and maintain productive relationships with Management, the Board, the Audit Committee, regulatory authorities, and other key stakeholders.
• Provide independent advice and assurance to Management and the Board on governance, risk management, and internal control matters.

9. Other Duties

• Perform any other related duties and responsibilities as may be assigned from time to time by the Audit Committee, Board, or Principal Officer, consistent with the role of Internal Audit Manager.

PERSON SPECIFICATIONS

Qualifications and Experience

• Bachelor’s and master’s degree in either accounting, Internal Audit, Finance, Business Administration from a recognized University or Institution.
• Full professional qualification such as ACCA, CIA, CPA, or CIMA is required.
• Membership with a recognized professional body (e.g., Institute of Internal Auditors, Society of Accountants) is must.
• A minimum of six (6) years’ working experience in internal audit, risk management, or a related field, at least three (3) years of which should be in a managerial or supervisory position in a reputable organization.
• Experience in the pension, financial services, or insurance sector will be an added advantage.

Knowledge, Skills and Abilities

• Ability to gather, analyse and evaluate facts and to reports Professionalism and positive attitude.
• Effective communication skills.
• Prescribes and believes in the Code of Ethics for Internal Auditors.
• An ability to work under minimum supervision.
• Must be available for extensive travel.
• Knowledge of current professional auditing standards, procedures and reporting requirement.
• Knowledge of operating systems and related risks and controls.
• Knowledge of audit techniques for computer applications

METHOD OF APPLICATION

candidates who are interested and meet the requirements should send their application packages in PDF format to vacancies@psptf.mw  addressed to: 

The Statutory Manager

Public Service Pension Trust Fund

P.o Box 30146, Lilongwe

Application package should include the following documents:

1. Cover Letter confirming interest and availability
2. Curriculum vitaecontaining application detailed work experience and three traceable referees
3. Soft copies of higher education and professional certificates

The closing date for receiving applications is on 24th September 2026. Please note that Only applications received through vacancies@psptf.mw will be reviewed and all applications sent through any other channel will not be considered.