Job description

Provide compliance support to the Company and ensure that the Company remains in compliance with Bank Negara Malaysia (BNM) Guidelines, Financial Services Act 2013 and all circulars and notifications issued by the General Insurance Association of Malaysia (PIAM) and any other relevant regulatory body.

• Review guidelines issued by relevant regulators, statutory agencies and industry associations to ascertain the regulatory requirements, identify regulatory gaps by mapping the Company’s current practices with existing and new regulatory requirements as well as disseminate both requirements and findings to the relevant departments accordingly.
• Assist in the development and implementation of tools, techniques or systems necessary for identifying regulatory gaps and rectifying non-compliance issues, including developing internal policies, operating manuals, gap analysis and validation checklists necessary to meet regulatory requirements.
• Perform Compliance Risk Assessments including the monitoring and testing of internal controls to evaluate the adequacy of the controls put in place to manage compliance risk and promptly follow up on any identified deficiencies and plans to address such deficiencies.
• Facilitate the Company’s AML/CFT sanction screening process including evaluating internally generated “name matches” and reviewing all suspicious transaction reports prior to submission to the relevant regulators.
• Plan and coordinate compliance programs and exercises for the Company, including organizing and conducting compliance training and awareness programs for the Company’s staff on relevant legal and regulatory requirements governing the Company’s activities.
• Review relevant product documentation such as product disclosure sheet, policy wordings and marketing materials to meet statutory and regulatory requirements.
• Assist in the preparing and drafting of outsourcing or internet insurance applications in view of obtaining relevant regulatory approvals.
• Assist in the preparing and drafting of Compliance reports to senior management, Board Audit Committee and the Board.
• Provide an advisory role to the Board, senior management and staff on the latest regulatory developments and related compliance requirements.
• Perform all other duties as assigned by the Head of Compliance as and when necessary.

• Bachelor’s Degree in Management, Business Administration, Accounting or Law.
• Certification in Regulatory Compliance from the International Compliance Association would be an added advantage.
• Minimum 5 - 10 years working experience in the insurance or financial services industry in the capacity as a Compliance Officer or an employee under the Compliance or Internal Audit department.
• Comprehensive understanding of the insurance business and understanding of relevant statutory and regulatory requirements issued by BNM, PIAM and knowledge of the Financial Services Act 2013.
• Strong business acumen with analytical skills and a sound understanding of the implications and complexities of the local regulatory environment.
• Must be able to work under-pressure and independently with minimal supervision.
• Strong analytical and problem-solving abilities combined with a high level of initiative and pro-activeness.
• Excellent verbal and written communication and presentation skills.
• Must be able to adapt to shifting priorities while managing multiple on-going initiatives.
• Hands-on leader with the ability to manage tight deadlines and work in a fast-paced, highly dynamic and challenging environment.
• Driven, determined, organised, disciplined and self-motivated with a strong attention to detail.
• Must be able to work well with a variety of different people at all levels within the Company.