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Associate Director, Regulatory Compliance

Associate Director, Regulatory Compliance

AIAAIA Malaysia, Kuala Lumpur, MY
30+ days ago
Job description

FIND YOUR 'BETTER' AT AIA

If you believe in better, we’d love to hear from you.

About the Role

Support the Head of Compliance and collaborate with the departments / functions (as first line of defence) to ensure that all regulatory risks are efficiently and effectively assessed, mitigated and controlled and that a culture of ethics and compliance is developed and maintained to ensure that AIA Bhd. and its subsidiaries operate in accordance with the AIA Group policies and guidelines and local regulatory requirements and towards this end, driving and overseeing implementation of AIA Compliance Risk Management Framework in these areas :

  • Regulatory Compliance including Foreign Account Tax Compliance Act (FATCA), Common Reporting Standard (CRS) and Anti-Corruption and Bribery (ACB)
  • Policies and Guidelines Formulation and Review

Job Responsibilities :

Take lead in designing and implementing the Regulatory Compliance Framework as well as Policies and Guidelines Formulation and Review at AIA Bhd. by undertaking the following :

Risk Management

  • Draft, review and maintain on an ongoing basis, local policies and guidelines and regulatory compliance matrix to ensure compliance with both the AIA Group requirements and local regulatory requirements.
  • Identify key risks in new regulatory guidelines and trade associations requirements and make recommendations on mitigating measures.
  • Establish standards and oversee implementation of procedures to ensure the compliance programs throughout the organisation are effective and efficient in identifying, preventing, detecting and correcting non-compliance with applicable rules and regulations.
  • Work with relevant departments / functions to build up and / or implement compliance controls and provide quality and solutions-focused advice on compliance risk and control issues relevant to the business units for informed decision-making on compliance and ethics matters.
  • Review project business cases, requests and enquiries to ensure relevant regulatory requirements are being considered to mitigate compliance risk.

    • Monitoring and Assurance

  • Develop and maintain a 5-year compliance review programme of whole compliance universe and conduct compliance reviews and appropriate tests to evaluate the adequacy of internal controls put in place to manage compliance risk and promptly follow up on any identified deficiencies and plans to address such deficiencies.
  • Implement local regulatory guidelines and AIA Group policies / standards and monitoring work to ensure compliance (e.g. FATCA, CRS and ACB).

    • Training and Engagement

  • Work with business unit heads to embed training on regulatory compliance risk subjects within Compliance Training framework / curriculum. Monitor implementation of an effective compliance training curriculum.
  • Conduct compliance training and communicating compliance obligations to embed a culture of compliance and ethics within AIA Bhd.
  • Lead and follow up in the implementation of proposed actions arising from the Ethics Survey.

    • Business Engagement

  • Proactively engage with business and provide advice / guidance to mitigate key compliance risks. Strengthen compliance engagement with business unit heads to educate and increase awareness of regulatory developments and ethics / compliance risks.
  • Proactively monitoring relevant internal developments and regulatory & industry developments and initiating necessary actions.
  • Partner with the business unit heads & Group Compliance and effect skills transfer where needed.
  • Work closely with relevant business unit heads & Group Compliance and formulate appropriate workflows with sufficient checks-and-balances to facilitate the launch of new initiatives.
  • Offer value-added advice to the business on regulatory and compliance issues, and lead compliance projects.
  • Coordinate with other relevant local / group functions on Compliance matters and translate obligations into business solutions.

    • Reporting and Escalation

  • Escalate key risks and actual / potential non-compliance incidents to the Head of Compliance and ensure incidents are managed effectively. Monitor implementation of corrective actions to remediate any identified deficiencies.
  • Ensure timely and quality reporting to Group Compliance on regular basis with relevance to Regulatory Compliance framework and other related internal reporting such as to Local Data Council, ORC, EXCO and Board Risk Management Committee.

    • Staff Development

  • Responsible for structuring, leading, coaching and developing the regulatory compliance team to enhance and strengthen the compliance leadership within the Company to support the business.

    • Job Requirements :

  • Bachelor’s degree in Accounting, Finance, Law or Business with 10 years solid work experience in the financial industry handling compliance and / or controls
  • In-depth understanding of the Insurance business preferred and, in lieu of insurance, financial services.
  • Good interpersonal and communication skills and self-motivated.
  • Good written and spoken communication skills in English and local language.
  • Independent and be able to work under pressure
  • Be organized, detail-oriented and analytical
  • Possess leadership, coaching and influencing skills; business acumen; problem solving skills
  • High level of integrity and take ownership and accountability of results
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    Associate Director • AIA Malaysia, Kuala Lumpur, MY

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