Risk and Compliance, Manager

Raffles Medical Group Ltd; Singapore; On-site; SGD 120,000 - 180,000; Full time

Job summary

Raffles Health Insurance, part of Raffles Medical Group, is seeking an experienced Risk & Compliance professional to strengthen the risk and compliance framework and advise management on regulatory developments and governance. The role interacts with MAS and other authorities to ensure adherence to laws and internal policies.

Key responsibilities include monitoring regulatory changes, implementing controls, and leading AML/CFT activities while coordinating regulatory reporting and inspections.

Qualifications

• Degree in Law, Finance, Accountancy, Business, Risk Management, Compliance or a related discipline.
• Minimum 8 years of relevant experience in compliance, risk, regulatory affairs, internal audit or a related function, preferably within insurance or financial services.
• Strong knowledge of Singapore regulatory requirements and the MAS regulatory framework.
• Experience in AML/CFT and financial crime compliance.

Responsibilities

• Monitor and interpret applicable laws, MAS Notices, Guidelines, circulars and regulatory requirements relevant to the insurance business.
• Provide timely risk and compliance advice to management and business units on new products, processes, initiatives and business arrangements.
• Assess the impact of regulatory changes and coordinate the implementation of required changes across relevant business functions.
• Maintain and enhance the Company's risk and compliance framework, policies, procedures and regulatory obligations.
• Identify, assess and monitor regulatory and compliance risks, and recommend appropriate mitigating controls and remediation measures.
• Develop and execute risk and compliance monitoring programmes and conduct thematic or targeted compliance reviews.
• Track remediation actions arising from compliance reviews, audits, regulatory inspections and other assurance activities.
• Coordinate regulatory reporting and submissions to MAS and other relevant regulatory authorities.
• Support regulatory inspections, information requests and correspondence with MAS.
• Oversee and maintain the Company's AML/CFT framework, including customer due diligence, sanctions screening, transaction monitoring and suspicious transaction reporting requirements where applicable.

Skills

Analytical skills

Report writing

Communication

Stakeholder management

Prioritization

Proactive mindset

Education

Bachelor degree in Law/Finance/Accountancy/Business/Risk Management/Compliance or related

Job description

About the role

We are looking for an experienced Risk & Compliance professional to join Raffles Health Insurance. The incumbent will play a key role in strengthening the Company's risk and compliance framework and ensuring that the business operates in accordance with applicable laws, regulatory requirements, internal policies and industry standards. The role will provide risk and compliance advice to management and business functions, monitor regulatory developments, conduct compliance reviews and support regulatory engagements with the Monetary Authority of Singapore (MAS) and other relevant authorities.

Key responsibilities

• Monitor and interpret applicable laws, MAS Notices, Guidelines, circulars and regulatory requirements relevant to the insurance business.
• Provide timely risk and compliance advice to management and business units on new products, processes, initiatives and business arrangements.
• Assess the impact of regulatory changes and coordinate the implementation of required changes across relevant business functions.
• Maintain and enhance the Company's risk and compliance framework, policies, procedures and regulatory obligations.
• Identify, assess and monitor regulatory and compliance risks, and recommend appropriate mitigating controls and remediation measures.
• Develop and execute risk and compliance monitoring programmes and conduct thematic or targeted compliance reviews.
• Track remediation actions arising from compliance reviews, audits, regulatory inspections and other assurance activities.
• Coordinate regulatory reporting and submissions to MAS and other relevant regulatory authorities.
• Support regulatory inspections, information requests and correspondence with MAS.
• Oversee and maintain the Company's AML/CFT framework, including customer due diligence, sanctions screening, transaction monitoring and suspicious transaction reporting requirements where applicable.

About you

• Degree in Law, Finance, Accountancy, Business, Risk Management, Compliance or a related discipline.
• Minimum 8 years of relevant experience in compliance, risk, regulatory affairs, internal audit or a related function, preferably within the insurance or financial services industry.
• Strong knowledge of Singapore regulatory requirements and the MAS regulatory framework.
• Experience in compliance monitoring, regulatory advisory, risk assessment and regulatory change management.
• Good understanding of insurance business operations and applicable regulatory requirements.
• Experience in AML/CFT and financial crime compliance.
• Strong analytical, report-writing and communication skills.
• Ability to engage, advise and influence senior stakeholders and business leaders.
• Independent, proactive and able to manage multiple priorities effectively.
• Strong ethical standards, judgement and attention to detail.