Insurance Industry Compliance Expert
1 week ago
We are seeking an Insurance Industry Compliance Expert at Sukoon Insurance who will be responsible for ensuring our operations comply with all relevant laws, regulations, and industry standards in the UAE insurance sector.
About the Position:- This position involves overseeing compliance programs, conducting risk assessments, managing regulatory reporting, and fostering a culture of compliance within the organization.
Key Responsibilities:
- Ensure compliance with UAE applicable laws and regulations, including those related to Central Bank, Dubai Health Authority, Department of Health, and Dubai Financial Service Authority.
- Monitor changes in legislation and regulatory requirements and update company policies accordingly.
- Serve as the primary point of contact with regulatory authorities for audits, inspections, and correspondence.
- Develop a compliance calendar for the company and its subsidiaries and ensure timely submission of regulatory reports.
Program Development:
- Develop, implement, and maintain a robust compliance framework tailored to the insurance industry.
- Conduct regular reviews and updates to policies, procedures, and internal controls to ensure compliance.
- Manage training programs for employees on compliance standards and regulatory requirements.
Risk Management:
- Identify, assess, and manage compliance risks within the organization.
- Conduct internal compliance audits and resolve identified issues in a timely manner.
- Collaborate with other departments to address compliance gaps and enhance risk mitigation strategies.
AML/CFT Compliance:
- Oversee the AML and CFT framework in line with UAE laws and regulations.
- Perform customer due diligence and enhanced due diligence reviews, ensuring proper recordkeeping.
- Assist in conducting enhanced due diligence for high-risk customers and transactions.
- Submit suspicious transaction reports to the Financial Intelligence Unit when necessary.
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