Job Summary
Oversee group wide process that provides assurance that cases and incidents in relation to market misconduct and data privacy are analyzed and lead to control enhancements. Lead the enhancement and automation of Sales Compliance and Data Privacy dashboards and reporting tools, ensuring alignment with Group standards, and enabling timely, data-driven insights across BUs. Drive thematic assessments and lessons learned reviews across BUs to identify systemic issues and strengthen preventive controls. Oversee Trends and review effectiveness of the early warning signals and market misconduct monitoring tools across Business units (BUs), in detecting potential misconduct matters. Oversee and implement a framework to mitigate compliance risk associated with development of products and sales campaigns. Champion the integration of Group standards into the sales compliance and data privacy assurance framework.
Roles and Responsibilities:
- Oversee trends of market misconduct incidents and execution of disciplinary actions
- Facilitate collation of information from the country compliance teams and conduct Trend analysis of market misconduct incidents. Report metrics and trends of control failures identified through the trends.
- Coordinate with group Operations in maintaining the Complaints handling and suspicious outlier detection processes that could lead to misconduct incidents i.e., consistency of definitions / classification of misconduct matters etc.
- Lead and implement processes for gathering information for Group reporting, design and to generate management reports through applicable tools.
- Work with the country compliance teams to identify root causes of the incidents and remedial actions to address those root causes and undertake control enhancements.
- Monitor and report on the execution of disciplinary actions and closure of compliance gaps in accordance with Group Intermediary Disciplinary and Business Quality standards.
- Review design of the market misconduct framework and assess effectiveness of the market misconduct committee and penalty chart.
- Participate in group-wide risk-based quality checks / validation of compliance controls covering all AIA business entities and deliver reviews from start to finish in conjunction with other group Compliance stakeholders.
- Misconduct (including Fraud) prevention through monitoring tools and dashboards – Review effectiveness of the Early warning system (EWS) and market-misconduct monitoring (DFC) tools in collaboration with group office and BU teams.
- Oversee implementation of the Early warning signals through EWS and misconduct monitoring tools with Group Distribution and evaluate effectiveness of the process.
- Review the misconduct incidents stemming from the aforesaid tools to identify weakness in the early warning systems.
- Continually evaluate the effectives of the DFC and EWS process - Review effectiveness of the criteria in preventing or detecting frauds / misconduct matters and identify new criteria as part of periodic implementation reviews.
- Lead the implementation of strategic enhancements to the Sales Compliance tools and dashboards, including review and refresh of key risk indicators (KRIs), data model refinements and operational efficiencies, for improved scalability and automation.
- Drive enhancement in risk exposure and control environment through deployment and design of innovation solutions – including standardized control assessment and testing methodologies.
- Review and investigate compliance incidents related to new products and sales campaigns and monitor remedial actions.
- Report key incidents, metrics, and trends for inclusion in the Executive management reports – KRI report, MCS, Operational Risk Committee and Board Risk committee reports etc.
- Collaborate with Group Data Privacy SME and relevant SMEs in Group Compliance to ensure compliance with data governance standards in the handling of customer and intermediary data, and other relevant initiatives.
Minimum Job Requirements:
- Degree holder in business studies/commerce;
- At least 10 to 12 years’ experience in risk management / compliance roles across banking, financial services, or insurance (BFSI) or providing support to a Compliance Department, QA / Audit background.
- Good understanding of insurance (compliance, risk, product, distribution) business. Insurance related qualifications a plus.
- Advance Excel, Word, and PowerPoint skills
- Sound stakeholder management, communication, and writing skills; and
- Highly motivated, proactive and proven initiator, good work attitude and ability to work independently with minimal supervision.