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Open nowPosted 29 days ago

Risk and Compliance Manager

MyCareersFuture94,028 open roles

Pay
SGD 5,000 – SGD 8,000 a month
Where
Central, Singapore
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Your applicationOpen nowRisk and Compliance ManagerMyCareersFuture · Central, Singapore
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This job: posted 29 days ago

The posting

Job Summary

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.
  • Monitor developments relating to money laundering, terrorism financing, sanctions and other financial crime risks.
  • Develop, review and maintain compliance-related policies, standards and procedures.
  • Conduct regulatory horizon scanning and communicate relevant regulatory developments to stakeholders.
  • Support the investigation, assessment and escalation of actual or suspected regulatory breaches and compliance incidents.
  • Provide compliance oversight and advisory support for outsourcing arrangements, service providers and other third-party relationships.
  • Develop and deliver risk and compliance training and awareness programmes.
  • Prepare compliance reports, dashboards and management information for senior management and relevant governance committees.
  • Work closely with Internal Audit, Risk, Legal, Finance, Operations, Underwriting, Claims, IT and other relevant stakeholders.

For Senior Manager level:

  • Provide broader strategic oversight of the Company’s risk and compliance framework and regulatory risk profile.
  • Act as a senior risk and compliance adviser to management and business leaders.
  • Lead major regulatory, governance and compliance initiatives.
  • Provide leadership, guidance and oversight to the Compliance team.
  • Represent the Risk & Compliance function at senior management and governance committee meetings where required.

Job Requirements:

  • 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.

Preferred:

  • Relevant professional qualifications such as ACAMS, ICA, CCEP, CIA, CPA, CFA, legal qualifications or other recognised compliance/risk qualifications.
  • Prior experience working with MAS or supporting regulatory inspections and information requests.
  • Experience within the health or medical insurance industry.
  • Experience developing or enhancing compliance frameworks within regulated financial institutions.
  • For Senior Manager level, prior experience managing or leading a compliance team will be advantageous.

Kindly note that only shortlisted candidates will be contacted.

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