About Income
JOB DESCRIPTION
Income Insurance Limited (Income) 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 (BUs) 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 (BUs) and stakeholders, including the Head of Compliance, Chief Legal & Compliance Officer and Senior Management, in relation to various compliance matters.
The candidate will be one of Income's MAS Liaison Officers. The candidate will manage various communications and interactions with the Authority, assessment of new or revised regulations and preparation of reports to Board and Senior Management.
The candidate should be familiar with compliance functions in the financial sector and capable of executing the following responsibilities:
Regulatory Liaison
- Act as the regulatory liaison for the Monetary Authority of Singapore (MAS), managing the local regulatory risk profile and relationship with the MAS.
- Oversee and ensure timely handling of and consistency on all communications, interactions, inspections, and related matters with MAS.
- Review and validate responses from Business Units (BUs) to MAS queries, ensuring accuracy and completeness.
- Coordinate meetings and discussions with BUs and stakeholders on MAS-related matters.
- Support and manage preparations for MAS meetings, monitor supervisory expectations, and track commitments to ensure timely fulfilment.
- Build strong relationships with regulators and internal stakeholders.
Compliance Monitoring
- Monitor regulatory developments and evaluate their potential impact on the organisation.
- Ensure timely dissemination and provide concise summaries of new or revised regulations to relevant stakeholders.
- Track and report on regulatory commitments and supervisory expectations to ensure compliance and timely fulfilment.
Reporting and Training
- Manage the preparation of various reports to Senior Management and Board on various compliance matters.
- Assist to conduct compliance training for staff and representatives on regulatory compliance matters where necessary.
All Other Responsibilities
- Stay informed on regulatory developments and industry best practices to provide timely support, advice, and guidance on compliance matters.
- Offer clear guidance and coaching to business units on regulatory requirements, ensuring consistent and efficient delivery of expected compliance outcomes.
- 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.
- 810 years of experience in compliance-related work within the insurance or financial services industry, or in regulatory agencies.
- Prior experience in regulatory liaison work, either from an insurer or a regulator, will be considered an added advantage.
- Must be proficient in MS Office and its applications.
