The Compliance Manager and Data Protection Officer (DPO) will be responsible for ensuring that the company operates within the legal and regulatory framework governing the insurance industry. This role requires a deep understanding of compliance requirements, risk management, and data protection laws. The employee will play a crucial role in developing, implementing, maintaining and overseeing policies and procedures to ensure the Company's adherence to relevant laws and regulations.
Compliance responsibilities:
- Maintain comprehensive compliance structure and culture in the Company.
- Ensure continued compliance with the requirements of the Financial Services Commission rules and regulations subject to the ongoing oversight of the Board of the financial institution and senior management; Undertake day-to-day oversight of the program for combatting money laundering and
terrorism financing. - Develop and implement related policies, procedures, systems and controls.
- Design the AML & Compliance Risk framework and ensure successful implementation.
- Oversee control systems to prevent or deal with violations of compliance guidelines and internal policies.
- Monitor the Company's compliance against Regulatory principles, rules and codes of conduct.
- Manage the business processes and ensure that compliance procedures are being followed.
- Manage, Monitor, investigate and report potentially suspicious
- Money Laundering transactions.
- Report internal Suspicious Transaction Reports to the FIU and regulators.
- Act as the point of contact for the FIU.
- Perform day to day AML related activities from screening, risk profiling, record keeping, transaction monitoring.
- Report to the Company's Board on material breaches of the Company's AML & Compliance Manual as well as any breaches to the AML/CFT laws, codes, and standards.
- Act as the MLRO for the Company and ensure that duties pertaining to this function are completed timely and discussed with the Company's board.
- Represent Compliance / MLRO at Board and Management
- Committees as and when required.
- Conduct regular compliance assessments and audits to identify and mitigate potential risks.
- Provide guidance to internal stakeholders on compliance matters.
Data Protection responsibilities:
- Act as the Data Protection Officer, in line with data protection laws, such as local Data Protection laws, GDPR or other applicable regulations.
- Develop and implement data protection policies and procedures.
- Conduct privacy impact assessments for new projects and initiatives with the internal Project Manager.
- Manage and respond to data subject requests, including access, rectification, and deletion requests, in a timely and compliant manner.
- Handle data subject requests and ensure proper data handling practices.
Training and Awareness:
- Provide training to employees on compliance and data protection matters.
- Foster a culture of compliance and awareness within the Company
Regulatory and Internal Reporting:
- Be responsible for the drafting of reports, procedures and policies to be implemented in the company or presented to the Company's Board.
- Regular reporting, including reporting of non-compliance, to the Board and senior management;
- Prepare and submit regulatory reports as required by relevant regulatory authorities.
- Maintain up-to-date knowledge of reporting requirements and ensure timely submissions.
Risk Management:
- Collaborate with other departments to identify and assess compliance/AML and data protection risks.
- Develop and implement risk mitigation strategies.
- Be responsible for the business and customer risk assessments and ensure that they are done consistently.
Investigations and Incident Response:
- Lead or participate in investigations related to compliance/AML or data protection incidents, breaches or privacy breaches.
- Develop and implement incident response plans.
Documentation and Record-Keeping:
- Maintain records of data processing activities, risk assessments, and compliance documentation.
- Ensure the organization's data processing activities are well-documented and transparent.
Collaboration:
- Liaise with regulatory authorities and external legal counsel as necessary.
- Collaborate with internal stakeholders, including legal, IT, HR, business and operations teams. Any other cognate duties related to your function.
Education and Qualifications
- Bachelors degree in Business, Risk Management or Law or any related field 3 to 5 years of working experience in the Compliance & AML functions with proven experience in a Supervisory/ Management role or At least 10 years of working experience in the industry.
- Compliance and AML relevant qualification from a recognised institution will be a definite advantage.
