Head of Regulatory Compliance

About the Job

As Head of Regulatory Compliance, you will be responsible for leading the development and implementation of regulatory compliance strategies and programs to ensure the quality and sustainability of our business as our salesforce continues to expand.

The role will require the ability to manage and oversee regulatory/compliance obligations, ensuring controls and processes are in place to detect and mitigate any risk of non-compliance.

The job holder will be responsible for Distribution Compliance with following key responsibilities:

• Subject Matter Expert (SME) for Product, Sales Conduct, distribution compliance and fair treatment of customers across the full policy lifecycle.
• Management and oversight of regulatory/compliance obligations; Ensuring controls and processes are in place to detect and mitigate any risk of non-compliance.
• Develop and implement the compliance monitoring and testing program for on-going assessment of control effectiveness of PSD risk.
• Preparation, review and submission of internal and regulatory reporting within the timeline.

Responsibilities:

• Act as primary reviewer of all life insurance products.
• Work with L1 to identify, monitor and report PSD risk that may arise to the Chief Compliance Officer (CCO).
• Develop and conduct risk assessment models, tools and controls testing to identify risks and propose the control measure for mitigation approach.
• Carry out annual compliance quality assurance testing in accordance with the Distribution Compliance Controls Testing Guide, provision of law, internal rules and regulation and applicable professional ethical standards applicable to Manulife and MCBL sales force.
• Oversight the implementation of controls (QA, sample testing, mystery shopping, etc.) by 1LOD, review the testing results and advise on the mitigation actions.
• Ensure that the complaints, allegations, indicators (from various sources) relating to agent sale misconduct are properly and timely assessed to provide fair feedback to customer and for appropriate disciplinary action imposed on the violation agents.
• Ensure that the sales misconduct & distribution fraud investigation are conducted, including progression of activities or steps moving from evidence gathering tasks, data/information analysis, to theory development and validation, to forming reasonable ground to believe, to interview directly the related parties and finally to enforce ethic code timely.
• Review the sales & marketing documents to ensure regulatory compliance.
• Review appropriateness of sale compensation structure, etc. ensure that no Salespeople are incentivized based on compensation and incentive programs that favor certain products or features over the interests of clients.
• Conduct TPDD on the sale partners as company requirements.
• Main coordinator for the Internal Audit Examination, Divisional Quality Assurance Testing and Divisional Compliance Testing.
• Other tasks and projects as assigned by the Chief Compliance Officer.

Requirements:

• Minimum 7 years relevant experience in insurance, financial services industry or regulatory bodies in Compliance.
• Knowledge of financial services industry, related legislations, regulators, industry best practices and professional standards, especially in Product, Sale & Distribution Compliance.
• Knowledge and experience in insurance product.
• Good interpersonal skills to work with various stakeholders and as a team.
• Able to work under pressure with good Compliance judgement skill.
• Professional qualification in law or accounting, insurance, fraud examination is an asset.
• Customer centric attitude and a sense of execution urgency.
• Able to work independently and proactively, as well as be a team player. Support on local and regional projects.
• Familiarity with system reports and presentations utilizing excel and PowerPoint skills.
• Establish and maintain relationships with industry association and members.