Job Description

Job Purpose:

The Compliance Manager will be responsible for ensuring the company’s operations adhere to applicable laws, regulations, and industry standards in the UAE insurance sector. This role includes overseeing compliance programs, conducting risk assessments, managing regulatory reporting, and fostering a culture of compliance within the organization.

Key Accountabilities:

Regulatory Compliance:

• Ensure compliance with UAE applicable laws and regulations including but not limited to Central Bank, Dubai Health Authority, Department of Health, Dubai Financial Service Authority etc.
• 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 related subsidiaries and ensure all the regulatory reporting are submitted on time and as planned.

Compliance 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 Assessment and Mitigation:

• Identify, assess, and manage compliance risks within the organization.
• Conduct internal compliance audits and ensure timely resolution of identified issues.
• Collaborate with other departments to address compliance gaps and enhance risk mitigation strategies.

AML/CFT Compliance:

• Oversee the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)framework in line with UAE laws and regulations.
• Perform customer due diligence (CDD) and enhanced due diligence (EDD) reviews, and ensure proper recordkeeping.
• Assist in conducting Enhanced Due diligence for high risk customers and/or transactions.
• Assist in clearing potential matches identified through daily screening.
• Submit suspicious transaction reports (STRs) to the Financial Intelligence Unit (FIU)when necessary.

Regulatory Reporting:

• Prepare and submit required regulatory reports to relevant authorities within specified deadlines.
• Ensure accurate and timely reporting of breaches, incidents, or material non-compliance issues.
• Respond to the regulatory requests with the agreed TAT and in line with the internal procedures.
• Develop and maintain strong and transparent relationship with the regulators.

Stakeholder Collaboration:

• Liaise with internal stakeholders, including legal, finance, and operations teams, to ensure alignment on compliance matters.
• Collaborate with other departments (Claims/Underwriting/Operations/ Risk.
• Management/Internal Audit/etc.) to direct compliance issues to appropriate existing channels for investigation and resolution.
• Provide Compliance advise for the business within the agreed TAT.
• Provide guidance to the management team on regulatory risks and compliance strategies.

Monitoring and Testing:

• Develop and execute compliance monitoring and testing programs to verify adherence to policies and regulatory requirements.
• Assist in conducting Gap Analysis for existing and upcoming regulations.
• Maintain detailed records of compliance activities and prepare periodic reports for senior management.

Key Performance Indicators (KPIs):

• Timely completion of the compliance monitoring reviews.
• Timely implementation of the action plans following the reviews.
• All advices are given within the agreed TAT and in line with the compliance procedures.
• Positive relations with the regulator/No Penalties/All returns filed on time and licenses renewed on time/All communications addressed on time.
• All regulatory requests and reporting are addressed on time.
• All potential matches cleared on time as per the agreed TAT.
• Timely regulatory filings.
• Full adherence to Corporate Governance Regulations and Manuals.
• Team Management.

Education, Experience and Formal/Professional Qualifications :

• Bachelor’s degree in Finance/Accounts/Law/Audit.
• 5 to 8 relevant compliance experience in a Financial Institution preferably in insurance.
• Advisory and Knowledge of the Authorities and Regulators regulating the insurance industry in the UAE such as the Central Bank, SCA, DFM, DFSA, DHA and DOH.
• Experience in drafting policies/procedures and regulatory controls.
• Knowledge of the regulations governing the insurance industry in UAE.
• Takaful knowledge is a plus.
• Experience in team management.
• Arabic Reader & Writer is a plus.