Job Summary
Compliance Officer, Business & Regulatory Compliance and Compliance Assurance is part of the Compliance Function responsible to manage all Business &Regulatory compliance and compliance risk, ensuring the implementation of processes and procedures designed to ensure compliance with (i) laws and regulations applicable to the business/operation; (ii) regulations, rules and standards established by regulators; (iii) Group's internal standards on compliance; (iv) Code of Conduct; and (v) development affecting legal and regulatory requirements governing the Company (vi) provide assurances on effective controls at the 1st Line
No. of subordinate: Nil. The primary responsibilities is:-
1.Business and Regulatory Compliance
- Business Compliance oversee the compliance with the applicable regulations pertaining to distribution, products, etc. Provide advisory and support to the different Business Units on compliance matters
- Regulatory Compliance - Oversee the compliance with the applicable regulation. Provide advisory and reporting to the entity's management and CEO on compliance matters and risks
- Perform second level controls.
- Perform reporting obligations to Group/Regional Compliance, local management and Risk/Sub-Risk Committee.
- Maintain the relationship with the local Regulator/Authority and ensure request and enquires are met
- Provide training and support on compliance related topics to staff and management in line with the Annual Plan
2.Compliance Assurance
- Perform compliance risk identification, assessment, advising on the identification of mitigation actions and support on the identification on potential remedial actions
- Perform second level controls.
- Ensure the implementation of the Compliance Operating Model in line with the Compliance Management System Policy
- Ensure the adequate implementation of the Group Compliance policies in the entity
- Perform reporting obligations to Group/Regional Compliance, local management and Risk/Sub-Risk Committee
- Non-financial KPI. Key Control Function
- Challenges to ensure full compliance with the relevant regulations and balance between the business needs and regulatory expectations.
- Internal all stakeholders. Nature of communication is on advisory, assurance review and implementation of new or changes to regulations; External Regulators. All compliance issues, applications, etc. Good rapport with regulators.
Main Responsibility
1.Embedding Compliance - Demonstrate that Compliance's opinion is embedded in strategic initiatives, critical projects, product assessments, etc (Compliance by design)
2.Advisory and reporting on compliance matters and risks:
- Oversee the compliance with the applicable regulation and provide advisory on compliance matters and risks to local executives, business units and staff.
- Provide regular reporting to the local Board of Directors/Executive Committee - as required by the Group Compliance Management System Policy as well as other reports that may be necessary for the Board of Directors to stay informed and perform its compliance oversight obligations.
- Inform the Executive Committee / the management of material compliance risks that derive either from business initiatives or new laws and regulations impacting the entity's compliance risks.
- Provide support on specific projects such as distribution partnership, due diligences, different business projects, and/or others
- Providing advice to the business, products and distribution channels
3.Provide training on compliance topics:
- Ensure all Compliance Function's members are undertaking adequate trainings and development plans in line with the Annual Plan of Activities.
- Advise on the implementation of specific compliance training plans for staff and/or distribution network.
- Design the material and deliver the compliance risk-related trainings as well as code of conduct & ethics related trainings or awareness initiatives in line with the Annual Plan of Activities.
4.Manage the compliance risk assessment for the company
- Evaluate inherent and residual compliance risks to which the Company is exposed by using the given Group methodology: Identifying risks, performing risks assessments, support and advising on the identification of targeted mitigation actions or potential remedial actions; timely report the results to the Regional Office and to the local management;
- Perform second level controls in line with the Annual Plan of Activities.
5.Reporting to the Management, Audit and Compliance Committee, Regional Compliance and the Board Audit & Compliance Committee/Board on regular basis all compliance issues, compliance risks, non-compliances, key changes in compliance risks, etc
6.Any other related compliance function responsibilities identified from time to time.
Qualification and Experience Requirement
- A relevant degree in Accounting, Finance, Law, Actuarial, Economics, Engineering or Risk management.
- Around 3-10 years of experience in financial institutions, of which at least 1 to 5 years in insurance compliance
- Understanding of the regulatory framework, applicable regulations and related compliance obligations
- Knowledge of insurance business and operations/processes
- Familiarity with compliance risk and/or process assessment methodologies
- Ability to explain and implement compliance policies and procedures
- Team player with strong ability to manage time in an effective manner
- Ability to manage complex situations and meet deadlines
- Ability to work in a diverse and international environment
- Ability to deal with multiple stakeholders and executives
- Ability to carry out effective communication and correspondence with multiple stakeholders and executives
- Sound judgment and discretion when dealing with confidential information
- Excellent planning, organizational and decision-making skills
- Ability for people management
- Fluent in English and local language
Compliance (this is compulsory section)
Ensure compliance with the requirements of local regulations and all other relevant statutory regulations and guidelines, as well as relevant Company, Regional and Generali policies and procedures
Information Security (IS):
Responsible for defining requirements as regards to information availability, confidentiality, and integrity. Managers must ensure that all staff members (including temporary staff) and providers comply with the relevant security standards
- Perform risk analysis to determine risk and potential business impacts
- Liaise and co-ordinate with Information System Security Manager on all Information System Security activities within department
- Ensure compliance on Information System Security standards and Information System Security guidelines are adhere to within department
Data Privacy
Ensure compliance with Data Privacy laws and regulations, policies, standards, process and procedures implemented by the Company at all times.
Diversity, Equity, Inclusion
Generali is an equal opportunity employer. All applicants will be considered for employment without attention to race, color, religion, sex, gender identity, national origin, veteran or disability status.
At Generali, we believe that it is our differences that make the difference. At the heart of everything we do, we value the fact that we are all human beings, unique in our own ways, bringing different cultures, lifestyles, mindsets, and preferences.
Our commitment is to leverage this Diversity to create long-term value, to be innovative, sustainable, to make the difference for our people, our clients, our partners as well as our communities. We strive to promote a culture where DEI is embedded in how we work and do business every day. All of us around the world are taking actions every day to create an inclusive and accessible workplace, where every person feels empowered to take ownership, to challenge biases and lead the transformation with a human touch.
