Senior Compliance Officer

2 weeks ago

Abu Dhabi, Abu Dhabi, United Arab Emirates Lockton Full time
Your Responsibilities
The Senior Compliance Officer will play a key part in Lockton (MENA) Limited and the wholesale business operation. The primary objective of this role is to take a proactive stance in devising solutions for business challenges, offering strategic advice, training, and guidance in the formulation of Lockton policies and procedures. This position demands maintaining exemplary professional standards that comply with legal and regulatory mandates, as well as upholding our ethical obligations and responsibilities towards our clientele, ensuring equitable treatment and effective management of conflicts of interest.
The role encompasses the provision, oversight, and assurance of the organization's ability to equip itself with the necessary procedures, competencies, and tools essential for the delivery of its services and the achievement of its strategic goals. Furthermore, it involves extending comprehensive support across all operational facets within the Legal & Compliance Unit, fostering an environment of compliance excellence and strategic alignment.
Your Responsibilities
Design and implement compliance policies and procedures aligned with local regulations and industry best practices.
Regularly review and update compliance frameworks to ensure ongoing adherence to evolving regulatory requirements.
Continuously monitor and analyse updates in regulatory frameworks and new legislation that could impact the organization or the business operation.
Assess the potential impact of regulatory changes on the organizations operations, compliance status, and strategic objectives, and provide well-informed recommendations for actions that need to be taken to ensure compliance with new regulations.
Reviewing and updating the compliance manuals and ensuring they are aligned with the latest regulatory developments and legislations.
Instituting robust procedures to minimize the risks associated with financial crimes, money laundering, bribery, and corruption within our operations.
Ensure adequate onboarding process and procedures for new clients, markets and third parties.
Continuous scrutiny of existing accounts and periodic review/re-evaluation of clients portfolio.
Conducting ongoing assessments of client status changes, including the establishment of controls for account openings and transactions.
Ensure all compliance registers including but not limited to PEPs, declined cases, regulatory and procedural breaches are updated.
Regulatory reporting to the DFSA and DIFC, and submissions of information request, questionnaires, thematic reviews and other regulatory requests & correspondence.
Licenses management and timely renewal.
Reviewing contractual agreements including NDAs, SLAs, TOBAs, Engagement letters, letter of undertaking, vendor agreements, etc.
Conducting internal audits to ensure that associates are complying with internal policies and procedures.
Qualifications
Knowledge and Experience:
A deep understanding and working knowledge of the regulatory framework within the insurance sector, particularly DFSA regulations.
3 to 5 years experience of working in risk and compliance in the insurance industry, preferably reinsurance broker.
A legal background or past experience in reviewing contractual agreements.
Willingness and ability to continue to develop knowledge of the insurance industry and enrol through formal and informal learning.
A good understanding of the (re)insurance broking business.
Qualifications
Bachelor's degree in law, business or finance.
ACAMS Certification
Certification related to insurance (CII or equivalent)
Personal Skills
Proven ability to be flexible and adaptable to changing environment.
Ability to communicate effectively and professionally both verbally and in writing internally and with external parties.
Ability to manage time, prioritize and ensure that deadlines are met and when under pressure without compromising quality.
Proven experience in analytical and problem-solving skills, including research and investigation.
Proven ability in problem solving skills, including the ability to resolve unusual and complex issues and devise actionable solutions.
Conscientious with a keen attention to detail.
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