Position Summary
The Senior Risk and Compliance Officer is responsible for supporting the effective implementation and continuous improvement of the Company's Compliance framework and ensuring comprehensive regulatory adherence. This role operates as part of the second line of defense, focusing on proactively identifying, assessing, and monitoring key risks, with a specialized focus on insurance risk and compliance obligations mandated by major Philippine regulators.
Key Responsibilities
1. Regulatory Compliance and Governance
- Regulatory Monitoring and Reporting: Monitor evolving regulatory requirements from key government bodies, including the Insurance Commission (IC), Anti-Money Laundering Council (AMLC), Securities and Exchange Commission (SEC), and the National Privacy Commission (NPC).
- Filing and Submissions: Assist in the timely and accurate preparation and submission of all necessary regulatory filings, reports, and compliance documentation to the IC and other relevant authorities.
- AML/CFT Compliance: Support the oversight and implementation of Anti-Money Laundering/Counter-Financing of Terrorism (AML/CFT) policies and procedures, ensuring compliance with AMLC regulations, including customer identification (CDD) and transaction reporting requirements.
- Privacy and Data Protection: Monitor adherence to the Data Privacy Act of 2012 (RA No. 10173) and NPC circulars, ensuring compliance practices are maintained for the security and confidentiality of client data.
- Consumer Protection Compliance: Oversee and implement compliance programs for the Financial Products and Services Consumer Protection Act (RA No. 11765), ensuring strict adherence to market conduct guidelines, transparency, and the effective handling of consumer complaints and redress.
- Compliance Review: Conduct periodic compliance reviews and risk assessments across business units to identify control gaps, regulatory risks, and recommend effective corrective actions or mitigation strategies.Proactively Manage Regulatory Change and Industry Advocacy: Proactively monitor, interpret, and strategically respond to evolving regulatory developments and draft circulars . Participate in PLIA/PIRA dialogues and working groups to keep abreast of regulatory issues affecting the industry
2. Product Regulatory Review
- Comprehensive Product Review: Perform a product risk assessment and formulate a risk-based opinion on proposed product design and arrangements from a regulatory perspective
- Contract Review: Review product terms and conditions for compliance with required provisions
Qualifications
- Education: Bachelor's Degree in Business, Finance, or a related course.
- Legal Background: A legal degree or background in corporate and insurance laws is preferred but not required for this role
- Experience: At least 5 years of experience in financial services, preferably in a role involving audit, compliance, risk management, or actuarial work within the insurance industry
- Knowledge: Familiarity with Enterprise Risk Management (ERM) frameworks is desirable and with all applicable regulatory requirements for a life or non-life insurance company.
Skills:
- Strong analytical skills with the ability to synthesize complex information and develop practical solutions.
- Excellent written and verbal communication skills to effectively engage diverse internal stakeholders.
- Demonstrates integrity, transparency, and a strong commitment to ethical conduct and compliance with internal policies.
- Proven ability to plan, prioritize, and manage multiple tasks efficiently to meet deadlines.
- Keen interest in AI and RegTech
