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Head of Compliance
Last seen on Zurich website 6 days ago at 19 Sep 2022, 12:55PM

Job Summary

The role holder is responsible to assist management to promote an ethics based culture advancing compliance, to deliver practical solutions, policies and training, to implement policies, processes and controls relating to the Compliance Risk Universe, and to provide assurance to management that Compliance risks are identified and managed. The business set-up attended to by the role holder ordinarily comprises of two legal entities or branch operating in a regulated environment requiring interaction with supervisory bodies. The business portfolio attended to typically includes only either life or non-life insurance (in this position is the  non-life business) with multiple lines of business and customer segments. The size of combined business volume is not very significant compared to the entire region’s business volume. The role holder is the appointed compliance officer for Zurich General Insurance Berhad and Zurich General Takaful Berhad in BNM record. The role holder will report to the Chief Compliance Officer of Zurich Life Insurance Malaysia Berhad under the existing structure.

Job Accountabilities - Key Accountabilities

  • Establish and maintain a local functional charter (either adopting the Zurich’s Compliance Charter or, if appropriate, propose a customized local charter), an operational plan (incl. functional development, people development, compliance plan etc.) and continuous improvement processes
  • In line with functional charter establish organization, roles and requirements and execute the Zurich Compliance Program
  • Provide assurance to the business that the function inherent risks are being identified, managed, and mitigated where possible
  • Conduct regular awareness campaigns reminding employees of the respective Group Policy and how they can report a violation or a concern
  • Record ‘Group Significant’ laws or trends impacting the Compliance Risk Universe and assess impact on Zurich’s operations in the jurisdiction. Ensure alignment with Legal to prevent activity overlaps
  • Develop, implement, support, and maintain compliance frameworks for the compliance domains within the Compliance Risk Universe
  • Advise and support first line of defense with regard to the adoption of Compliance Policies
  • Conduct the annual compliance planning to identify local priorities on risk-basis over up to 3 years, including sufficient monitoring and training activities. Ensure relevant stakeholders support prioritization
  • Report progress against plan and ensure approval in case of significant plan changes by local governance committees and/or management and regional Compliance
  • Identify, prioritize and document monitoring or reviews required by regulation and other possible areas as a result of continuous observation of the environment or from the compliance risk assessment and execute monitoring program
  • For compliance oversight establish and maintain locally a log on each of the matters subject to reporting to local regulatory authorities

Business Accountabilities

  • Align the Compliance strategy with business strategy, compliance requirements and trends in order to provide the big picture clarity to staff on the function’s key role in supporting the business
  • Implement training and awareness activities and provide management with relevant metrics
  • Maintain the Group Policy relating to reporting of violations and concerns and provide management with relevant metrics
  • Assess new laws and trends and their applicability and implementation to Zurich’s operations in the jurisdiction, in alignment with Legal, in order to ensure that the Compliance Risk Universe are identified and managed
  • Advise the first line of defense with respect to policies (i.e. their adoption, development, implementation and maintenance), practical guidance, training, relevant controls, and processes for mitigation of risks within the Compliance Risk Universe
  • Advise and support management in its regulatory relationship management regarding topics from the compliance risk universe thereby upholding the organization’s public image
  • Conduct the annual compliance risk assessment to satisfy minimum internal and external regulatory requirements and validate assessment results with management and/or governance committees and regional Compliance
  • Perform and document the compliance planning process defining and prioritizing forthcoming activities to sufficiently address regulatory requirements, business concerns and compliance risk exposures identified through the compliance risk assessment and other risk assessments
  • Share monitoring results and agree on actions with management and other relevant stakeholders and follow up with business on agreed improvement actions.
  • Align with Legal on driving the corporate governance system in order to ensure Zurich is compliant with regulatory and legal requirements
  • Identify and interact with internal stakeholders to further the comprehension of the functional mandates and ensure functional involvement in matters of relevance
  • Establish, maintain and work external networks with financial and insurance industry associations and with regulatory authorities to gather intelligence, advise the business of relevant developments and support the business in defining actions

Job Qualifications

  • Bachelor's Degree, Post Graduate Diploma, Professional Degree, Finance/Accountancy/Banking, Business Studies/Administration/Management or equivalent
  • At least 10 years working experiences in Financial Institutions
  • Excellent communication and relationship skills with a track record of working with senior management,to influence and deliver common business results, and reporting to the Board of Directors.
  • Strong interpersonal skills and ability to communicate, articulate and negotiate with various stakeholders, including BNM and Board of Directors.
  • Possess strategic thinking capability and the ability to apply entrepreneurial and commercial thinking to provide professional advice in relation to compliance matters

You are the heart & soul of Zurich! 

At Zurich, we like to think outside the box and challenge the status quo. We take an optimistic approach by focusing on the positives.

We highly value the experience and know-how of our employees and offer a wide range of opportunities across business areas to encourage you to apply for new opportunities within Zurich when you are ready for your next career step. 

Let’s continue to grow together!

  • Location(s):  MY - Kuala Lumpur 
  • Remote working:
  • Schedule: Full Time
  • Recruiter name: Tarenjit Kaur
  • Closing date:
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Zurich is a leading multi-line insurer that serves its customers in global and local markets. With about 56,000 employees, it provides a wide range of property and casualty, life insurance products and services in more than 210 countries and territories. Zurich’s customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations.