Compliance Manager and DPO

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

• 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.