Head of Compliance

Overview

We are looking for an experienced professional and pro-active team player to join the Income Compliance team ("Line 2"). You will be mainly responsible for overseeing compliance and governance matters of subsidiary Financial Adviser (FA) firms. You will work on identifying, monitoring and reporting on compliance items, ensuring compliance with regulatory requirements and adherence to relevant industry best practices. You will also collaborate closely with Line 1, Line 1.5 and Income's Risk Management and Compliance to provide expert guidance on compliance matters to stakeholders in the FA firms. Subsidiary FA firms have outsourced all compliance functions to Income.

Key Responsibilities

The role is to establish and maintain robust compliance, control and governance processes, and to make continual enhancements as business activities evolve over time.

Regulatory Compliance

• Oversight on ensuring regulatory reporting requirements.
• Preparing reports and reporting on FA regulatory compliance matters to Income and FA Executive Committees and the Boards.
• Assist with review of FA firms' Compliance Risk Assessments and Controls Testing.
• Assist on providing regulatory advice or guidance to FA firms.
• Assume role of FA firms' Data Protection Officer.

AML/CFT

• Ongoing monitoring of the fulfilment of all AML/CFT duties by the FA firms. This includes reviewing sample testing and exception reports. For example, sample testing of the disposition of WLF hits, SAM alerts closed.
• Assist on providing AML/CFT advice or guidance to FA firms.
• Preparing reports and reporting on FA AML/CFT matters to Income and FA Executive Committees and the Boards.
• Assume role of FA's Money Laundering Responsible Officer.
• Approval of AML/CFT cases from FA firms including STR filing as MLRO.
• Review of AML/CFT training materials for FA firms.

Market Conduct

• Oversight on ensuring Market Conduct reporting requirements.
• Preparing reports and reporting on FA Market Conduct matters to Income and FA Executive Committees and the Boards.
• Review of FA firms' Market Conduct policy/SOP/handbook, e.g. BSC, investigation.
• Oversight on FA firms' market conduct risks and follow up accordingly with Line 1 or Line 1.5.
• Assist in reviewing FA firms' investigations, where needed.
• Involved in discussions on the F&P framework that applies to FA firms.
• Support in reviewing BSC findings or results, where needed.
• Attend all Market Conduct-related panels when FA firms' case is deliberated.
• Give advice on Market Conduct and/or guidance to FA firms.
• Handle and attend to all LIA matters for FA firms including attending LIA sub-committee meetings such as Mystery Shopping etc.

Other/General Responsibilities

• Fronting interactions/communications with regulators and auditors for the FA firms, such as MAS and internal/external auditors. This includes any queries or inspections from MAS or audits conducted by auditors.
• Coordinating all responses or actions with stakeholders relating to the above, including working with Line 1 and Line 1.5.
• Keep abreast of regulatory developments and industry practices to provide support, advice and guidance on FA compliance matters.
• Provide close guidance and coaching to Line 1 and Line 1.5 to deliver the consistent expected outcomes with efficiency.
• Any other risk, governance or compliance matters assigned.
• Have regular 1 on 1 reporting sessions with FA CEOs on all of the above items.
• Undertake any other tasks or projects assigned from time to time.

Qualifications and Competencies

• Experience in the insurance/banking sector or FA would be preferable
• Minimum 8 years of relevant experience either in Risk or Compliance or both.
• Familiarity with and good understanding of MAS insurance and financial advisory regulations, notices and guidelines.
• Good communication and writing skills, able to present to and engage with different stakeholders.
• Excellent report writing and presentation skills.
• Team player with good interpersonal skills, able to work independently as well.
• Independent and can work with minimal supervision.
• Has good strategic and critical thinking.
• Adaptable and motivated to drive changes which lead to better efficiency or outcomes.

Seniority level

• Mid-Senior level

Employment type

• Full-time

Job function

• Other

Industries

• Insurance

We're removing boilerplate and ensuring the description remains job-focused.

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