Chief Compliance Officer, Global High Net Worth Business

Reports To:Asia Chief Compliance Officer, with a matrix reporting line to the Global Chief Anti-Money Laundering Officer. On an interim basis there will be a matrix reporting relationship to the Asia Chief Risk Officer.

This position has extensive access to and interactions with the Global High Net Worth Chief Executive Officer, and will have frequent dealings with other senior leaders within Asia Segment, including but not limited to Board members, and members of the Asia Division Executive Committee (ADEC).

Position Overview

Manulife is seeking a highly experienced and strategic Chief Compliance Officer (CCO) to lead the compliance function for our Global High Net Worth (GHNW) business. This role is critical in ensuring the highest standards of regulatory compliance and ethical conduct across our operations, including direct accountability for the Manulife Bermuda legal entity and the representative office in the Dubai International Financial Centre, and working with counterparts in Singapore and Hong Kong to oversee the international broker business channels in Singapore and Hong Kong.

Overview

Reporting to the Asia Chief Compliance Officer (“Asia CCO"), with a matrix reporting line to the Global Chief Anti-Money Laundering Officer, the Country Chief Compliance Officer is responsible for all aspects of the Manulife Country Regulatory Compliance Program, including, but not limited to, advisory, oversight, monitoring and testing, strategic planning and delivery of compliance initiatives to ensure that entity’s business initiatives and projects comply with applicable requirements.

The Country Chief Compliance Officer (“CCO") is responsible for reporting on the Regulatory Compliance Program to the entity’s Board of Directors (where applicable), including the results of assessments and internal monitoring activities and on any material compliance issues. The CCO has access to full and complete information throughout the entity, and may communicate directly with the Board as appropriate (“unfettered access”), either through presentations at scheduled board meetings, or as required and at the CCO’s sole discretion.

The role requires the CCO, or their delegate, to be a participant of selected local management committees that have mandates related to the oversight, monitoring and control of compliance or regulatory risk. This includes but is not limited to at least ex officio membership on the following Committees: 1) Risk Committee; 2) Product Approval Committee; and 3) Any other Committees with a Compliance or Government Relations focus. The precise name of these committees may vary and change over time. The CCO may confer with the Asia Chief Compliance Officer and President and CEO, GHNW, to amend these memberships as appropriate and ensure that they remain current over time.

The CCO is responsible for the overall leadership covering all the compliance program areas including: anti-money laundering and anti-terrorist financing; anti-bribery; sanctions compliance; fraud prevention; privacy; distribution compliance (including 2nd line oversight of distributor conduct and cross border sales compliance), regulatory change management, customer fair dealing, marketing material reviews, regulatory audits, compliance training, and implementing the Manulife’s legislative and regulatory compliance management framework within GHNW entities and businesses.

Key Responsibilities

Oversight and Management:

This individual Provide comprehensive compliance oversight for the Manulife Bermuda entity, and supervises compliance activities at the representative office in the Dubai International Financial Centre. They also work in coordination with the Hong Kong and Singapore CCOs, and the Global CAMLO, to ensure robust compliance frameworks for international broker business channels in Singapore and Hong Kong.

Duties include, but are not limited to:

• Defining the applicability of existing and emerging regulatory compliance requirements to the various department(s)/function(s) within GHNW entities and lines of business (GHNW), and ensuring that the 1st line takes appropriate steps to meet these regulatory requirements, including by providing advice and counsel, 2nd level oversight and testing, and escalating issues to entity senior management where required;
• Overseeing and monitoring the implementation of the GHNW compliance program, including ensuring robust processes for identifying, preventing, detecting, and correcting non-compliance with applicable laws and regulations;
  • Note: This includes ensuring that Manulife Bermuda’s unique distribution model remains in compliance with both local Bermuda requirements, but also working with Legal and Compliance colleagues in other markets to ensure that Bermuda distribution activities do not conflict with distribution, product or other compliance regulations or expectations within those jurisdictions.
• Ensuring that regulatory risks are managed and that effective regulatory compliance management controls and process, including compliance policies and procedures, are in place to comply with local regulatory requirements and global standards;
• Ensuring the effectiveness of the overall program is regularly monitored and assessed and that it continues to meet the needs of the entity and its regulator(s). This includes both: 1) Overseeing the development and execution of Segment and Country-level 2nd line control testing programs to provide reasonable, risk-based assurance that the 1st line has implemented suitable controls to address critical compliance risks and that those controls are operating effectively; and 2) Reviewing and evaluating the testing, monitoring and assessment completed by other second line of defense control functions and Line 1B;
• Managing and/or coordinating the entity’s interaction with regulators and industry associations on compliance issues, including examinations, inspections and reviews by competent authorities, including the Office of the Superintendent of Financial Institutions (OSFI).
• Directing the development of compliance awareness and training programs so that entity employees and management are knowledgeable of the Regulatory Compliance Management program, and other key compliance requirements, and that they are aware of their responsibility to report compliance breaches and issues, suspected fraud and other ethical breaches and improprieties, without fear of retaliation;
• Working closely with senior management to embed a strong compliance culture and set the tone from the top for all entity officers and employees;
• Developing the annual Compliance Work Plan which lists the entity’s Compliance priorities, targets and required resourcing for the coming fiscal year, along with measurable targets against which reporting can be carried out. Also, revises the compliance plan as appropriate in light of changes;
• Providing compliance guidance and advice to the entity on new projects/initiatives, new product development process, agency compensation, disciplinary processes, compliance with new regulatory requirements and other significant issues. This may include niche, emerging or very specialized financial products, and therefore requires a deep understanding of high-net worth products and services;
• Preparing and delivering clear and concise compliance reports to the Board, senior management, Asia Segment Compliance, and regulators, periodically and as required;
• Escalating significant compliance issues to the Asia CCO, entity General Counsel and GHNW CEO in a timely manner;
• Ensuring that Manulife compliance requirements, controls, testing outcomes, issues, and Corrective Action Plans (CAPs) are accurately, fulsomely, and promptly recorded (for example, using Manulife’s Archer Database) for remediation and tracking purposes, and that processes for managing CAPs throughout their lifecycle are robust;
• Managing the GHNW function efficiently, including ensuring that it is adequately resourced in terms of both appropriately skilled and experienced staff, and that budget and resources are appropriate; and
• On an interim basis, provide risk management oversight for the Global High-Net-Worth business, particularly with respect to Operational Risk.

Collaboration and Coordination:

• Work closely with the Asia Chief Anti-Money Laundering Officer to ensure alignment with anti-money laundering (AML) regulations and initiatives.
• Collaborate with market Compliance Officers in Hong Kong and Singapore to maintain consistent compliance standards and practices.

Leadership and Strategy:

• Develop and implement compliance strategies that align with Manulife’s business objectives and regulatory requirements.
• Foster a culture of compliance and ethical behavior across the GHNW business.
• Ensure adherence to Guideline E-13 expectations as promulgated by the Office of the Superintendent of Financial Institutions.
• As a member of the Asia Compliance Senior Leadership Team, contributes to the development and execution of Global and Asia Compliance strategic priorities and initiatives.

Risk Management:

• Identify, assess, and mitigate compliance risks associated with high-net worth channels.
• Conduct regular compliance testing and review to ensure ongoing adherence to regulatory standards and internal policies, standards and guidelines.

Training and Development:

• Lead compliance training programs for staff to enhance awareness and understanding of regulatory requirements.
• Mentor and develop compliance team members to build a strong and effective compliance function.

Qualifications

Experience:

• At least 15 years of progressive experience in high-net worth channels such as private banking or wealth management is essential, ideally with exposure to Asia and / or the Middle East
• Proven track record in Chief Compliance Officer roles within the financial services industry
• Outstanding leadership and communication skills, including with respect to very senior business leaders
• Strong anti-money laundering and sanctions experience required
• Financial or operational risk management experience within the insurance or banking sectors would be an asset
• Knowledge of Islamic financial products and services would be an asset

Skills and Competencies:

• Strong indirect and indirect leadership and strategic thinking abilities
• Strong ethical compass and the seniority and conviction to take, hold and argue for unpopular positions
• Excellent communication and interpersonal skills
• In-depth knowledge of regulatory requirements and compliance best practices.
• Ability to work effectively in a global, multicultural environment

Education:

Bachelor’s degree in Law, Business, Finance, or a related field. Advanced degree or professional certification (e.g., CAMS, CRCM) is preferred.

Other Requirements

• Willingness to travel frequently to various international locations as required
• Background in actuarial science and financial or operational risk management strongly preferred.
• Strong written and spoken language skills in Mandarin, Arabic or other Asian languages would be an asset.

Manulife Leadership Competencies

Strategic Vision: Ability to develop and articulate a clear vision for the compliance function.

Influence and Collaboration: Proven ability to influence senior stakeholders and collaborate across functions and geographies.

Execution Excellence: Strong focus on delivering results and driving continuous improvement.

Ethical Leadership: Commitment to the highest standards of integrity and ethical conduct.

Join Manulife and be part of a dynamic team that is dedicated to making decisions easier and lives better for our clients. Apply today to lead our compliance efforts and ensure we continue to uphold the highest standards of regulatory compliance and ethical behavior.

About Manulife and John Hancock

Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. To learn more about us, visit https://www.manulife.com/en/about/our-story.html .

Manulife is an Equal Opportunity Employer

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Working Arrangement