Specialist/Manager

Job title: Specialist/Manager

Company: Oman Insurance Company


Job description: Job Title Specialist/Manager
Location AE
Organization Name Compliance
Department Description
Brief Description
Detailed DescriptionThe Senior Compliance Officer will be responsible forensuring the company’s operations adhere to applicable laws, regulations, andindustry standards in the UAE insurance sector. This role includes overseeingcompliance programs, conducting risk assessments, managing regulatoryreporting, and fostering a culture of compliance within the organization.
Job RequirementsRegulatoryCompliance:Ensurecompliance with UAE applicable laws and regulations including but not limitedto Central Bank, Dubai Health Authority, Department of Health, Dubai FinancialService Authority etc…Monitor changesin legislation and regulatory requirements and update company policiesaccordingly.Serve as theprimary point of contact with regulatory authorities for audits, inspections,and correspondence.Develop acompliance Calendar for the company and related subsisdiaries and ensure allthe regulatory reporting are submitted on time and as plannedComplianceProgram Development:Develop,implement, and maintain a robust compliance framework tailored to the insuranceindustry.Conduct regularreviews and updates to policies, procedures, and internal controls to ensurecompliance.Manage trainingprograms for employees on compliance standards and regulatory requirements.Risk Assessmentand Mitigation:Identify,assess, and manage compliance risks within the organization.Conductinternal compliance audits and ensure timely resolution of identified issues.Collaboratewith other departments to address compliance gaps and enhance risk mitigationstrategies.AML/CFTCompliance:Oversee theAnti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)framework in line with UAE laws and regulations.Performcustomer due diligence (CDD) and enhanced due diligence (EDD) reviews, andensure proper recordkeeping.Assist inconducting Enhanced Due diligence for high risk customers and/or transactionsAssist inclearing potential matches identified through daily screeningSubmitsuspicious transaction reports (STRs) to the Financial Intelligence Unit (FIU)when necessary.RegulatoryReporting:Prepare andsubmit required regulatory reports to relevant authorities within specifieddeadlines.Ensure accurateand timely reporting of breaches, incidents, or material non-compliance issues.Respond to theregulatory requests with the agreed TAT and in line with the internal proceduresDevelop andmaintain strong and transparent relationship with the regulators.StakeholderCollaboration:Liaise withinternal stakeholders, including legal, finance, and operations teams, toensure alignment on compliance matters.Collaboratewith other departments (Claims/Underwriting/Operations/ RiskManagement/Internal Audit/etc.) to direct compliance issues to appropriateexisting channels for investigation and resolution.ProvideCompliance advise for the business within the agreed TATProvideguidance to the management team on regulatory risks and compliance strategies.Monitoring andTesting:Develop andexecute compliance monitoring and testing programs to verify adherence topolicies and regulatory requirements.Assist inconducting Gap Analysis for existing and upcoming regulationsMaintaindetailed records of compliance activities and prepare periodic reports forsenior management.
Additional DetailsBachelor’s degree in Finance/Accounts/Law/Audit.3-5 relevant compliance experience in a FinancialInstitution preferably in insuranceArabic is a plus
How To Apply
Amount of Travel
Work At HomeSkillsSkill Minimum Level Maximum Level Desirability
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Location: Dubai

Job date: Sun, 29 Dec 2024 08:46:14 GMT

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