Assistant Manager, Compliance (Business Assurance)

Income Insurance Limited; Singapore; On-site; SGD 80,000 - 110,000; Full time

Job summary

A leading composite insurer in Singapore is seeking a Regulatory Compliance Manager to oversee compliance risk assessments and ensure adherence to industry standards. Ideal candidates will have at least a Bachelor’s degree in Business, Finance, Law, or a related field along with 6-8 years of experience in regulatory compliance, preferably within the insurance sector. The role allows for collaboration with various business units, offering competitive benefits and a dynamic work environment.

Qualifications

• At least a Bachelor’s degree in Business, Finance, Law, or a related field.
• Relevant professional qualifications or certifications in compliance (e.g., ICA, ACAMS) are advantageous.
• Minimum 6 - 8 years’ experience in regulatory compliance, preferably within the insurance or financial services industry or regulatory agencies.
• Experience in the financial services industry (preferably insurance), strong knowledge of insurance‑related policies e.g. LIA, GIA etc.
• Must be proficient in MS Office and its applications.

Responsibilities

• Manage Compliance Risk Assessments performed by various BUs for regulations.
• Initiate Compliance Risk Assessments and Controls Testing on a risk‑based approach.
• Guide BUs in performing Compliance Risk Assessment and Controls Testing.
• Manage and perform Compliance Assurance Reviews on a risk‑based approach.
• Advise business units on relevant regulatory requirements.
• Review internal policies and guidelines relating to Compliance Risk Assessments.
• Conduct periodic assessment of the review process to identify areas of improvements.
• Support auditing and monitoring activities in accordance with the compliance program.

Job description

JOB RESPONSIBILITIES

About Income

Income Insurance Limited (“Income”) is one of the leading composite insurers in Singapore, offering life, health and general insurance.

Established in 1970 as the only insurance co‑operative in Singapore to plug a social need for insurance, Income is now a public non‑listed company limited by shares, which continues to serve the protection, savings and investment needs of individuals, families and businesses today.

Its lifestyle‑centric and data‑driven approach to insurance and financial planning puts Income at the forefront of innovative solutions that empowers better financial well‑being for all.

Income also extends true care to Singaporeans through diverse social causes.

About the Department

The Income Compliance team is a strategic partner and trusted business advisor to Income. The Compliance team holds the responsibility of ensuring that Income adheres to regulatory requirements within the constantly dynamic and evolving regulatory landscape. The Compliance team works closely with internal stakeholders and Business Units (“BUs”) to navigate and assess regulatory risks. This involves developing effective and feasible solutions as well as actively shaping and promoting a strong Compliance culture in Income.

About the role

This role is within the Regulatory Compliance Section which is part of the wider Compliance Department at Income. The Compliance Department reports to the Head of Compliance. The role is responsible for managing and overseeing compliance risk assessments, controls testing, and assurance reviews across Business Units (“BUs”). This role ensures adherence to regulatory requirements, internal policies, and industry standards, while providing guidance and advisory support to BUs on compliance matters.

The candidate will have the opportunity to work closely with other BUs and stakeholders, including the Head of Compliance and Senior Management, in relation to various compliance matters.

The candidate should be familiar with compliance functions in the financial industry and be capable of executing the following responsibilities:

• Manage Compliance Risk Assessments (similar to gap analysis) performed by various BUs for regulations (including notices, guidelines etc), circulars and responses to consultation papers.
• Initiate Compliance Risk Assessments and Controls Testing to impacted BUs on a risk‑based approach and validate BUs’ inputs, where necessary.
• Guide BUs in performing Compliance Risk Assessment and Controls Testing.
• Manage and perform Compliance Assurance Reviews on a risk‑based approach.
• Manage applications/systems owned by regulatory compliance used to support regulatory compliance work such as Compliance Risk Assessment and Controls Testing
• Advise business units on relevant regulatory requirements (including changes to regulatory requirements), addressing needs in new initiatives and projects.
• Review internal policies and guidelines relating to Compliance Risk Assessments and Controls Testing.
• Conduct periodic assessment of the review process to identify areas of improvements.
• Support any risk assessments, auditing, and monitoring activities in accordance with the compliance program. Assess risks and identify potential areas of compliance vulnerability in the area of product review process.
• Handle ad‑hoc tasks/projects assigned by the Head of Compliance.

JOB SPECIFICATION AND COMPETENCIES

1. EDUCATION / TRAINING

• At least a Bachelor’s degree in Business, Finance, Law, or a related field.

2. PROFESSIONAL / TRADE QUALIFICATION

• Relevant professional qualifications or certifications in compliance (e.g., ICA, ACAMS) are advantageous.

3.EXPERIENCE

• Minimum 6 - 8 years’ experience in regulatory compliance, preferably within the insurance or financial services industry or regulatory agencies.
• Experience in the financial services industry (preferably insurance), strong knowledge of insurance‑related policies e.g. LIA, GIA etc.

4.COMPUTER PROFICIENCY

• Must be proficient in MS Office and its applications.