Section Head, Sales Compliance

Great Eastern; Singapore; On-site; SGD 80,000 - 120,000; Full time

Job summary

A leading insurance provider in Singapore is looking for an experienced candidate to manage market conduct risks and oversee compliance within their sales practices. This role requires at least 10 years of relevant experience in the insurance or financial services sector, along with a Bachelor's degree. Responsibilities include monitoring BSC processes, ensuring compliance with regulatory requirements, and serving as the liaison with regulators. Ideal candidates have strong analytical skills, high ethical standards, and effective stakeholder management abilities.

Qualifications

• 10 years of prior experience in compliance, audit, or sales conduct roles.
• Understanding of FAA, FAR, BSC regulations, MAS Guidelines.
• Proficiency in translating regulatory requirements into internal policies.

Responsibilities

• Establish and manage market conduct risks.
• Oversee the BSC assessment process according to MAS’s framework.
• Monitor trends in BSC and manage conduct risks.

Skills

High ethical standards

Strong analytical skills

Effective stakeholder management

Communication skills

Education

Bachelor’s degree

Tools

CMFAS certification

Job description

This role involves establishing and managing market conduct risks through frameworks designed to evaluate the conduct and quality of sales practices. The position incorporates oversight of the Balanced Scorecard (BSC) framework, monitoring of Replacement of Policies (ROP), and Market Conduct Advisory to ensure comprehensive conduct assurance and governance across the company’s distribution activities.

• Oversee the governance and integrity of the BSC assessment process in accordance with MAS’ Balanced Scorecard Framework.
• Continuously monitor BSC trends, assess representatives or agencies with elevated risk profiles, and elevate systemic conduct risks appropriately.
• Govern and validate ROP reviews in alignment with LIA Standards for Distributors on Deterrence of Undesirable Switching – Replacement of Policies.
• Identify potential policy churn or mis-selling patterns and elevate for investigative or disciplinary follow-up.
• Review new or updated MAS and LIA regulatory requirements, translate them into internal policies, and advise business units on market conduct related matters.
• Lead compliance monitoring / assurance programs on targeted areas of market conduct
• Serves as primary liaison with regulators for matters relating to dialogues, inspections, reviews, and the co-ordination of responses related to market conduct.
• Management of Fair Dealing Program across the Group in alignment with MAS’s Guidelines on Fair Dealing.
• Ensure accurate, regular and timely reports to Management, Board and/or regulators.
• Collaborate cross-functionally with Investigation, Fitness & Propriety, and Compliance Surveillance teams.

We are looking for people who

• Bachelor’s degree and preferably with 10 years of prior experience in compliance, audit, or sales conduct roles in the insurance or financial services sector.
• Comprehensive understanding of FAA, FAR, BSC regulations, strong knowledge of MAS Guidelines such as Fair Dealing, and related LIA requirements.
• Professional certifications such as CMFAS.
• High ethical standards and professional integrity.
• Strong analytical and investigative skills.
• Effective stakeholder management and communication.

How you succeed

• Champion and embody our Core Values in everyday tasks and interactions.
• Demonstrate high level of integrity and accountability.
• Take initiative to drive improvements and embrace change.
• Take accountability of business and regulatory compliance risks, implementing measures to mitigate them effectively.
• Keep abreast with industry trends, regulatory compliance, and emerging threats and technologies to understand and highlight potential concerns/ risks to safeguard our company proactively.

Who we are

Founded in 1908, Great Eastern is a well-established market leader and trusted brand in Singapore and Malaysia. With over S$100 billion in assets and more than 16 million policyholders, including 12.5 million from government schemes, it provides insurance solutions to customers through three successful distribution channels – a tied agency force, bancassurance, and financial advisory firm Great Eastern Financial Advisers. The Group also operates in Indonesia and Brunei.

The Great Eastern Life Assurance Company Limited and Great Eastern General Insurance Limited have been assigned the financial strength and counterparty credit ratings of "AA-" by S&P Global Ratings since 2010, one of the highest among Asian life insurance companies. Great Eastern's asset management subsidiary, Lion Global Investors Limited, is one of the leading asset management companies in Southeast Asia.

Great Eastern is a subsidiary of OCBC, the longest established Singapore bank, formed in 1932. It is the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s and AA- by both Fitch and S&P. Recognised for its financial strength and stability, OCBC is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.

To all recruitment agencies

Great Eastern does not accept unsolicited agency resumes. Please do not forward resumes to our email or our employees. We will not be responsible for any fees related to unsolicited resumes.