Job Description

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About Income

Income Insurance Limited (\xe2\x80\x9cIncome\xe2\x80\x9d) is one of the leading composite insurers in Singapore, offering life, health and general insurance.

Established in 1970 as the only insurance co-operative in Singapore to plug a social need for insurance, Income is now a public non-listed company limited by shares, which continues to serve the protection, savings and investment needs of individuals, families and businesses today.

Its lifestyle-centric and data-driven approach to insurance and financial planning puts Income at the forefront of innovative solutions that empowers better financial well-being for all.

Income also extends true care to Singaporeans through diverse social causes.

About the Department

The Income compliance team is a strategic partner and trusted business advisor to Income. The compliance team holds the responsibility of ensuring that Income adheres to regulatory requirements within the constantly dynamic and evolving regulatory landscape. The compliance team works closely with internal stakeholders and Business Units (\xe2\x80\x9cBUs") to navigate and assess regulatory risks. This involves developing effective and feasible solutions as well as actively shaping and promoting a strong compliance culture in Income.

About the role

This role reports to the Regulatory Compliance Section Head. The Regulatory Compliance Section is part of the wider Compliance Department at Income which also includes the Market Conduct Compliance Section and AML Compliance Section. The Compliance Department reports to the Head of Compliance.

The candidate will have the opportunity to work closely with other Business Units (\xe2\x80\x9cBUs\xe2\x80\x9d) and stakeholders, including the Head of Compliance and Senior Management, in relation to various compliance matters.

The candidate will oversee a team and will be involved in compliance assurance and the review of marketing materials. The role will also include the implementation and support for systems/applications to support the regulatory compliance work.

The candidate should be familiar with compliance functions in the financial sector and capable of executing the following responsibilities:

Compliance Assurance (including Gap Assessment, Compliance Risk Assessments and Control Testing)

• Manage the gap assessment performed by various BUs for regulations (including notices, guidelines etc), circulars and consultation papers.
• Manage the roll out of Compliance Risk Assessments and Control Testing to impacted BUs on a risk-based approach.
• Guide BUs in performing Gap Assessment, Compliance Risk Assessment, control testing.
• Validation of the assessments and/or control testing performed by BUs.
• Manage and perform Compliance Assurance Reviews on a risk-based approach.
• Manage the implementation of applications/systems to support regulatory compliance work such as Gap Assessment and Controls Testing more efficiently and effectively with the use of Governance Risk and Compliance system or other projects as needed.
• Manage and support as a compliance administrator for applications/systems owned by regulatory compliance.

Review of Marketing Materials

• Manage review of materials to support new product launches, marketing initiatives such as product promotions, brand marketing, partners tied up such as bancassurance to ensure they meet with regulatory and disclosure requirements.

All other responsibilities

• Keep abreast of regulatory developments and industry practices to provide support, advice and guidance on regulatory compliance matters.
• Provide guidance and coaching to the team to deliver the consistent expected outcomes with efficiency.
• Conduct compliance training for staff and representatives.
• Undertake any tasks or projects assigned by the Section Head and/or Head of Compliance from time to time.

Qualifications

• At least a Bachelor\'s degree or above in a relevant discipline (e.g. law, finance, accounting etc.)
• Any relevant professional qualification or certification will be an added advantage.
• At least 10 years of experience in Compliance related work in the insurance/finance industry or regulatory agencies.
• Experience in regulatory compliance from an insurer will be an added advantage.
• Must be proficient in MS Office and its applications.
• Has excellent written and verbal communication skills. Ability to articulate and summarize clearly to non-technical audience with a strong EQ.
• Excellent report writing and presentation skills.
• Ability to prioritize, organize and work on multiple tasks.
• Strong written and verbal communication skills.
• Good technological skills and knowledge for use or learning of applicable compliance or business systems.
• Meticulous and detailed oriented.
• Strong ethical compass and disciplined.
• Good understanding of the insurance regulatory environment and key compliance concepts.
• Good negotiating, influencing and relationship building skills.
• Has a strong analytical mind with good problem-solving skills.
• Has a self-motivated personality and is able to work well in a team.
• Independent and can work with minimal supervision.
• Has good strategic and critical thinking.
• Adaptable and motivated to drive changes which leads to better efficiency or outcomes.

Income Insurance