Senior Manager, Group Compliance Specialist

4 weeks ago

Singapur, Singapore FWD Life Insurance Corporation Full time

About FWD Life Insurance Corporation

FWD Life Insurance Corporation is a leading pan-Asian life insurance business with over 13 million customers across 10 markets, including some of the fastest-growing insurance markets in the world. The company was established in 2013 and is focused on revolutionizing the way people perceive insurance. FWD's customer-centric and digitally enabled approach aims to deliver innovative solutions, easy-to-understand products, and a more streamlined insurance experience.

Purpose and Scope

A member of the Group Compliance team responsible for implementing the compliance mandate and strategies related to conduct risk, including product design, sales quality, and distribution compliance, as well as customer outcomes. The role has a strong focus on ensuring fairness, value for money, transparency, and consumer protection. This is a critical compliance activity that directly supports FWD's vision to 'revolutionize the way people feel about insurance.'

Key Accountabilities

  • Support the design of Compliance-owned Group-wide Policy, Standards, and Guidelines for Conduct Risk Management, including but not limited to the Distribution and Sales Quality Policy ('DSQP'), Treating Customers Fairly Policy ('TCFP'), Complaints Policy, Investigation Standards, Welcome Call, and Sales Force Disciplinary Guidelines.
  • Support the design of other Policies, Standards, and Guidelines that support the mitigation of conduct risk, including but not limited to Product Approval, Industry Recruitment Guidelines, Underwriting, and Claims policies.
  • Provide effective challenge and oversight of key activities.
  • Establish with BU Compliance teams effective monitoring programs conducted by the first and second line of defense, including but not limited to: (i) Early Warning Systems to timely detect potential misconduct; (ii) Conduct Risk dashboards to assess the overall level of conduct risk across the customer life-cycle; (iii) Quality Assurance over key processes that give rise to Conduct Risk and the key controls designed to mitigate risk; (iv) Compliance testing of Policies, Manuals, Processes, and Operational Effectiveness versus applicable regulations and Group Policy and Standards.
  • Lead or participate in Group Compliance' independent Thematic Reviews of Deep Dives of BU practices.
  • Establish quality Group-wide reporting, analytical insights on Conduct Risk, including recommended actions.
  • Establish action tracking, reporting, and escalation of key Conduct Risks, Issues, Incidents.
  • Leverage technology to enhance the above.
  • Contribute to the production of Group Compliance reporting to key Governance Fora, including but not limited to the Group Management Team (GMT), Compliance & Operational Risk Committee (CORC), Group Audit Committee, and Group Risk Committee.
  • Provide and support general and specific Compliance Training on Conduct Risk Management, as well as other topics as required. Provide input on training to intermediaries.
  • Work closely with BU Compliance Teams and other BU Management on the development and embedding of Conduct Risk Frameworks.
  • Support the BU Compliance Teams with Regulatory Inspections and, or queries with respect of Conduct Risk.
  • Work closely with relevant Group Office teams, especially Distribution and Propositions, Emerging Market MD, Customer, Health, and Operations to ensure Conduct Risk and Compliance is appropriately considered in the design of everything we do.
  • Any other initiatives, tasks, and projects assigned by the Group Chief Compliance Officer.

Qualifications and Experience

  • Ideally 10+ years of relevant experience in regulatory compliance, distribution compliance, risk management, or audit, with exposure to the insurance industry.
  • Relevant degree from a recognized university.
  • Professional certifications in compliance, risk management, or audit is an advantage.
  • Direct experience working in multi-cultural, cross-functional, and diverse environments.
  • Prior experience in an insurer in SEA in a governance role is preferred.

Knowledge and Technical Skills

  • Strong working knowledge of the applicable laws and regulations, industry standards, and codes applicable to the insurance industry and how these develop and evolve.
  • Knowledge of the insurance distribution and sales process across different jurisdictions in Asia.
  • Strong product knowledge and understanding of where conduct risk arises in design or marketing.
  • Flexible and commercially minded balancing between meeting compliance obligations and business strategic objectives.
  • Ability to establish positive relationships and communicate effectively with stakeholders. Resilient enough to engage with stakeholders with different views.
  • Digitally savvy, and open to new ideas and the use of technology to challenge the status quo.
  • Positive attitude, self-starter, and team player.
  • Excellent organization skills with the ability to balance priorities.
  • Attention to detail.
  • Ability to work under pressure and independently in a dynamic fast-paced, small team environment.
  • Advanced reporting writing skills with an excellent command of English.
  • Excellent project management skills.

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