- Ensure monitoring advisory activities are effectively managed and kept within the Company’s appetite for Regulatory Risk. - Implement Risk and Compliance work plan to monitor and ensure the compliance function discharges its responsibility to enable and monitor the business’ adherence to laws and regulations. -Provide assurance to the Management on the mitigation of key compliance risk areas and regulatory responsibilities. - Implement an effective BSC Framework. Manage & review sales transactions of the representatives - Train & improve the quality of the sales transactions - Ensure timely reporting of BSC remuneration framework to Chief Executive Officer, Directors and MAS.
- Review and update Compliance Policies on Balanced Scorecard (“BSC”) Framework
- Conduct regular Compliance workshops to build competency across business functions.
Regulatory Development and Corporate Compliance:
- Research and provide compliance related advice on new and strategic business developments.
- Develop and maintain the framework for assessing the adequacy of business processes and controls to meet relevant regulations, directives, rules and guidelines.
- Provide advisory on the appropriate business processes and controls needed to comply with relevant regulations, directives, rules and guidelines, including those identified as gaps through self-assessments.
- Assessment of breach or non-compliance with relevant regulations, directives, rules and guidelines, with inputs from Legal (where necessary)
- Conduct special reviews on regulatory matters where required
- Develop and maintain framework for reporting on compliance matters
- Prepare reports for management and board committees
- Report on local conduct issues and regulatory compliance
- Respond to queries and assessments
- Develop and maintain an effective governance operating model:
- Advice on policies, procedures and controls that must be in place to deliver compliance.
- Monitor and assess the effectiveness of measures taken by the business.
- Monitor, manage, document material contacts with the regulator.
- Monitor and provide support to business to ensure prompt and appropriate reporting and resolution of any regulatory breach or other regulatory issues
- Liaise with regulators and Regional/Group office
- Represent Compliance in meetings or workgroups to address regulatory matters. Assess the adequacy and competency of Compliance resources.
SYSTEMS AND CONTROLS
- Compliance manual
- Compliance policies
- Group’s standards
- Functional Area Regulatory Obligation Mapping
RELATIONSHIPS (INTERNAL & EXTERNAL)
- Senior Leadership team
- External authorities (primarily MAS, CPF Board, LIA, CAD, enforcement agencies)
- Compliance Officers of other insurers and financial service providers
- Group Regulatory & Financial Crime in UK
- Regional Compliance & other Compliance Heads
- Regional Compliance and BU Risk team
- Tertiary qualification
- Professional compliance qualification
- CMFAS Module 5, 9, 9A and HI
- Proficient in regulations: Insurance Act & Regulations; MAS Act; Financial Advisers Act & Regulations; LIA Guidelines; GIARR
- Practical experience in compliance function for a life or composite insurance company, or major audit firms
- at least 5-8 years’ experience in the financial services industry (preferably in regulatory assurance reviews or audit function) and able to work independently without close supervision.
- Good writing skills (i.e. able to write clearly and concisely)
- Good understanding of insurance business including the operations and insurance products
- Good analytical ability, with attention to details
- Good negotiation and inter-personal skills
COMPANY REG NO: 201131609D
EA LICENCE NO: 11C4684
EA REG NO: R1877280