Prudential’s purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people’s career ambitions. We pledge to make Prudential a place where you can connect, grow, and succeed.
Job Summary:
The role of the Regulatory Advisory Officer is to provide compliance advisory, guidance and support to the Business Units (BUs), in compliance with prevailing regulatory/industry and/or Prudential/Head Office requirements, including the management of communications with key regulators and industry associations. You will be supporting your Team Lead to deliver the following key deliverables:
Compliance Advisory
- Work with BUs to understand BUs’ issues/concerns and provide accurate and practical compliance advice in a timely manner
- Work with BUs to provide compliance advisory, guidance and support for their initiatives, including development, implementation and maintenance of robust policies, procedures and practices to address regulatory, industry and/or Prudential/Head Office requirements
- Provision of advice and support to BUs to ensure that all regulatory compliance risks, on Marketing Materials, whether related to the product, sales process or subsequent services, are identified, appropriately addressed and managed
Monitoring and Implementation of Regulatory/Industry Changes
- Monitor regulatory and industry developments for any new, amended or upcoming laws/regulations/guidelines and identify any potential business impact to Prudential business.
- Disseminate relevant new, amended or upcoming laws/regulations/guidelines to relevant BUs
- Work with BUs to understand their business processes/procedures, provide guidance and oversight to identify gaps through detailed gap analysis and implement appropriate follow-up actions (e.g. develop/change processes in a sustainable manner, institute policy/SOPs etc) to close gaps in a timely manner to address regulatory/industry changes and Prudential/Head Office requirements
- Participate in consultations/surveys of regulatory requirements and industry guidelines where required
Regulatory Liaison
- Liaise with key regulators, industry associations (eg. MAS, CPFB, LIA etc.) and ensure that their requests and queries are promptly seen to
- Challenge business units on their responses to queries from regulators and industry associations, to ensure that they are responding to the intent of the query in full
- Assessing and escalating any matter or issue that could be of significant regulatory concern, including the assessment of incidents to determine if it constitutes a regulatory breach, and ensure that breaches are notified to the regulators in a timely manner
Others
Undertake ad-hoc tasks, projects or reviews as directed by Head of Regulatory Affairs/Head of Compliance/Chief Risk Officer
Who we are looking for:
Competencies & Personal Traits
- Self-motivated and driven
- Analytical and attentive to details
- Good business acumen
- Good problem-solving skills
- Good communication skills
- Basic understanding of the insurance industry and operations
- Basic knowledge of regulations and industry guidelines applicable to the insurance/financial industry such as Insurance Act, Financial Advisers Act (FAA) and its subsidiary regulations, Monetary Authority of Singapore (MAS) regulations, Central Provident Fund (CPF) Board regulations, Life Insurance Association (LIA) guidelines
Working Experience:
At least 1-2 years of experience in a compliance role in a financial institution
Professional Qualifications:
Preferably with Insurance-related certifications (e.g. FLMI (LOMA), CMFAS Module 5, 9, 9A & Health Insurance)
Education:
Degree, preferably in Business, Insurance or Finance related fields
Language:
Strong command of the English language
Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time / fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.
