Assistant Manager / Manager, Regulatory & Assurance
PURPOSE OF THE ROLE
Ensure that monitoring and advisory activities in Aviva Singapore are effectively managed and kept within the Company’s appetite for Regulatory Risk.
Support implementation of Compliance work plan to monitor and ensure the compliance function discharges its responsibility to enable and monitor the business’ adherence to laws and regulations.
Support Head of Compliance to provide assurance to the Management on the mitigation of key compliance risk areas and regulatory responsibilities.
Support Head of Compliance to provide assurance through regular compliance reporting and compliance reviews to the Management.
Responsible for compliance with applicable laws and regulations. Ensure that new regulatory requirements impacting the function are implemented, and an effective process is in place for regulatory consultations to be reviewed and analysed by subject matter experts.
Fair Dealing Outcomes: Ensure full understanding of Fair Dealing Outcomes and one’s own accountability in delivering these outcomes as applicable to the role.
Support the implementation of a robust and risk based framework for regulatory development and compliance covering accountabilities, reporting and controls.
Review and update Compliance Policies.
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
RELATIONSHIPS (INTERNAL & EXTERNAL)
Senior Leadership team
External authorities (primarily MAS, CPF Board, LIA, GIA, MOH, 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
Professional compliance qualification
CMFAS Module 5, 9, 9A and HI
Proficient in regulations: Insurance Act; MAS; SFA; FAA; LIA; GIA; CPF Board; MOH
Practical experience in compliance function for a life or composite insurance company, or major audit firms
6 – 10 years’ experience in financial services industry (preferably 5 years in senior compliance or related role)
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