Associate, Regulatory Assurance

Singlife Life Ltd; Singapore; On-site; SGD 60,000 - 80,000; Full time

Job summary

A leading financial services company in Singapore seeks an individual for the role related to Regulatory Assurance. This position involves developing a BSC framework for compliance and executing checks within the regulatory framework. Candidates should possess 2-5 years of experience in the financial industry and strong knowledge of relevant regulations. Expertise in Microsoft Office is also preferred. The role promotes adherence to regulatory standards and a strong compliance culture.

Qualifications

• 2-5 years of experience in financial industry covering compliance or audit.
• Strong knowledge of financial adviser and capital market regulations.

Responsibilities

• Assist in implementing compliance framework for regulatory assurance.
• Perform compliance checks and documentation reviews.
• Conduct training and provide business feedback.

Skills

Knowledge of Insurance regulations in Singapore

Experience in financial institutions

Strong Microsoft Office skills

Education

Relevant degree or professional qualifications

Job description

Overview

Singapore, Singapore, Singapore (SFA, 51 Cuppage Road)

Singlife is a leading homegrown financial services company, offering consumers a better way to financial freedom. Through innovative, technology-enabled solutions and a wide range of products and services, Singlife provides consumers control over their financial wellbeing at every stage of their lives.

In addition to a comprehensive suite of insurance plans, employee benefits, partnerships with financial adviser channels and bancassurance, Singlife offers investment and advisory solutions through its GROW with Singlife platform. It also offers the Singlife Account, a mobile-first insurance savings plan.

Singlife is the exclusive insurance provider for the Ministry of Defence, Ministry of Home Affairs and Public Officers Group Insurance Scheme. Singlife is also an official signatory of the United Nations Principles for Sustainable Insurance and the United Nations-supported Principles for Responsible Investment, affirming its commitment to finding a better way to sustainability.

The merger of Aviva Singapore and Singlife was announced in September 2020 and created one of the largest homegrown financial services companies in Singapore in a deal valued at S$3.2 billion. It was the largest insurance deal in Singapore at the time.

Singlife was subsequently acquired by Sumitomo Life in March 2024, one of Japan’s leading life insurers, which valued Singlife at S$4.6 billion, making the transaction one of the largest insurance deals in Southeast Asia.

Purpose of the Role

The purpose of the role is, together with the other member(s) from Regulatory Assurance, to assist in driving the BSC function for Singlife FA. This involves developing and implementing a fit-for-purpose BSC framework commensurate with the size, nature and complexity of the business. The framework and minimum control standards ensure the business is in compliance with regulatory requirements, and contribute to developing a strong compliance culture in the organisation.

Role Attributes

• Assist in the implementation of robust and risk-based framework for regulatory development and compliance covering accountabilities, reporting and controls in the Regulatory Assurance (BSC) Function for Singlife FA.

Key Responsibilities

• Perform checks as stipulated under the BSC framework, including documentation review of sales advisory documents, client surveys (e.g., mail and/or call), BSC validation of misconduct investigated, and mystery shopping exercise.
• Perform checks for Switching/Replacement of Policy as stipulated under the MAS regulations/LIA MU.
• Conduct training and provide business feedback relating to BSC
• Provide support to section/department/working groups which will include sales assurance audits and any other projects as required
• Highlight any potential concerns/risks and proactively share best risk management practices
• Understand the regulatory and compliance requirements pertaining to BSC Framework.
• Promote good conduct and compliance culture, practices, and training.

Key Decisions within the Role

Assist the Head of RMC in quality delivery of the objectives set in the annual compliance plan:

• Balanced Scorecard (BSC) Framework.
• Timely submission of quarterly BSC statistics/reports.

Requirements

Experience

• Individual should be a seasoned, experienced executive with relevant experience typically gained within financial institutions
• Coverage of job experience should include BSC framework, disciplinary and conduct framework.
• Strong knowledge of Insurance, Financial Adviser and Capital Market regulations in Singapore.
• Satisfy Fit & Proper assessments on an annual basis at minimum, or when other adjunct appointments are made.

Qualifications

• Relevant degree or professional qualifications.
• At least 2-5years’ experience in the financial industry covering related areas such as market conduct, compliance, internal controls, or audit.
• Strong knowledge of Microsoft Office (e.g. Excel etc.)

Key stakeholders

External:

• Regulators/Ministries: MAS (for BSC related matters)
• Others: External auditor

Internal:

• Head of RMC
• Internal Audit
• Management
• Sales force

If you find yourself able to demonstrate the criteria above, apply with us now. We look forward to your application.