Singlife is a leading homegrown financial services company, offering consumers a better way to financial freedom. Through innovative, technology-enabled solutions and a wide range of products and services, Singlife provides consumers control over their financial wellbeing at every stage of their lives.
In addition to a comprehensive suite of insurance plans, employee benefits, partnerships with financial adviser channels and bancassurance, Singlife offers investment and advisory solutions through its GROW with Singlife platform. It also offers the Singlife Account, a mobile-first insurance savings plan.
Singlife is the exclusive insurance provider for the Ministry of Defence, Ministry of Home Affairs and Public Officers Group Insurance Scheme. Singlife is also an official signatory of the United Nations Principles for Sustainable Insurance and the United Nations-supported Principles for Responsible Investment, affirming its commitment to finding a better way to sustainability.
The merger of Aviva Singapore and Singlife was announced in September 2020 and created one of the largest homegrown financial services companies in Singapore in a deal valued at S$3.2 billion. It was the largest insurance deal in Singapore at the time. Singlife was subsequently acquired by Sumitomo Life in March 2024, one of Japan's leading life insurers, which valued Singlife at S$4.6 billion, making the transaction one of the largest insurance deals in Southeast Asia.
Role
Oversight of data governance and Artificial Intelligence (AI) Governance for Singlife Ltd and subsidiaries (Singlife Philippines, GROW, SFA and Propel).
Key Responsibilities
- Ensure management of data risk in compliance with local regulatory requirements (e.g. PDPA, MAS) and relevant Group policies and standards (e.g. Group Data Risk Management Policy).
- Support Data Owners in handling of critical data breach incidents.
- Prepare periodic risk reporting on data risks for senior management (quarterly for Risk Committee) at the parent company level for the Singlife entities (Singlife Singapore, SFA, PIAS, NISL and Singlife Philippines). This also includes the review and challenge of their reported positions, where necessary.
- Conduct training and refresher session to enhance staff knowledge and raise awareness.
- Lead the quarterly data risk forum to broadcast and communicate on emerging trends and data issues.
- Perform independent review of data risk and control management, deep dive assessment of issues, risks exposures and effectiveness of control design and implementation.
- Monitor BU's issues and action closure management.
- Provide review and challenge on control assessments pertaining to data and business operational risk.
- Perform review / update of Group policies and standards pertaining to Data Risk and AI Risk to keep up with current regulatory and business landscape.
- Provide data and operational risk advisory to BUs including involvement in key BU initiatives.
- Oversee data quality management, including periodic monitoring and reporting of scores, and remediation progress.
- Perform review of assessments including TPDPIA, DPIA for new initiatives or material changes ensuring data management risk is addressed.
- Drive the successful renewal of Cross Border Privacy Rules (CBPR) yearly and Data Protection Trustmark (DPTM) every 3 years.
- Manage the risk acceptance process, including upkeep of the risk acceptance register and consolidation of key details for senior management noting
- Drive continuous enhancement of the AI risk governance framework to ensure it remains aligned with Singlife's AI use cases, applicable regulations, and industry best practices.
- Perform review of AI materiality assessments and validate that all required governance and control requirements have been satisfied before implementation
- Ensure compliance with all applicable laws and regulations relating to the above functional activities.
Key Stakeholders
- External:
- Auditors: External Auditors, where required
- Others: ISO Cert and IMDA
- Internal:
- Chief Risk Officer
- Internal Auditors
- Various business units within Singlife Ltd
- Other Subsidiaries
Experience
Skills & Competencies
- 8+ years of experience in Operational Risk management. Experience in Data Management advisory and AI governance would be an advantage.
- Knowledge of life and general insurance would be an advantage.
Education
- Academic: Bachelor's degree
