Assistant Vice President Compliance

Lockton; Singapore; On-site; SGD 70,000 - 90,000; Full time

Job summary

A leading insurance firm in Singapore is seeking a Compliance Officer to monitor regulatory activities. The successful candidate will facilitate compliance with local regulations, collaborate with business teams, and ensure adherence to policies. A Bachelor’s degree and over 5 years of industry experience are required. This role demands strong regulatory knowledge and excellent communication skills.

Qualifications

• 5+ years of experience in an insurance industry compliance & operations role.
• Thorough knowledge of regulatory framework and compliance issues.

Responsibilities

• Facilitate and monitor regulatory compliance of entities in Singapore.
• Collaborate with business teams to improve process workflows.
• Monitor changes to laws and communicate their impact.

Skills

Regulatory knowledge

Critical thinking

Attention to detail

Communication skills

Time management

Education

Bachelor’s degree in business management or related field

Job description

Job Purpose

To facilitate and monitor activities and operation of entities in Singapore, ensuring that the entities conduct business in compliance with local legislation and regulations that relate to the entity’s operation, as well as professional standards and internal requirements from the Lockton Group to deliver good organisational outcomes.

Key Tasks & Duties and Measurements

Client

• Provide information to local management, keeping them aware of the state of various controls of the company, matching the state of control with the company’s risk appetite
• Collaborate with business teams with respect to development and improvement of process workflows
• Understanding regulations (include E&O issues) that affect the business and communicate regulatory requirements to management and associates
• Devise and/or implement policies and procedures required by external requirements and Group, include conduct of compliance trainings

Operational Excellence & Innovation

• Monitor licence/ registration application & renewal, regular regulatory submissions/ reports/returns to regulators/ government authorities, manage relationship with regulators
• Monitor changes to laws and regulations, communicate changes and its impact to the team, management and associates (including training), devise new or update existing policies and procedures to coup with the changes
• Compliance reviews/Health checks on business operations to identify gaps that need to be addressed.
• Controls and assurance activities (File Review, AML, Sanctions controls, client on boarding, Market Security, financial crimes prevention etc.).
• Contribute to risk management assessments and controls within the entity.
• Other ad hoc matters (internal investigation etc.)

Qualification and Experience

• Bachelor’s degree or above in business management or related field;
• 5+ years’ proven experience in an insurance industry compliance & operations role.

Competencies

• Thorough knowledge of regulatory framework and compliance issues concerning the broking process (including E&O)
• Solid understanding of Lockton standards, policies and procedures
• Ability to meet business demands and needs within the risk and compliance framework
• Critical thinking and strong attention to details
• Ability to communicate effectively and professionally both verbally and in writing with management and associates
• Commitment to continued learning, remaining well-informed regarding external and internal standards and business goals. Ability to keep up with changes that are relevant to operation of the business
• Ability to manage time, prioritize and ensure that deadlines are met without compromising quality