Senior Executive Manager - Regulatory Compliance
Full time
at Bupa Arabia
in
Saudi Arabia
Posted on February 13, 2025
Job details
Job Responsibilities:
- Regulatory Relationship Management:
- Maintain an open, transparent and constructive relationship with all of Bupa Arabia key regulators, as key part of effective regulatory risk management.
- Establish an operating rigor with Bupa Arabia regulators (mainly the Insurance Authority), through visits, conference calls, forums, workshops, etc., aiming at sharing updates, seeking clarifications/advices and reporting market relating trends.
- Designate individual(s) who are responsible for communications with regulators.
- Ensure that all regulatory queries/requests for information are responded to in a timely manner.
- Maintain records of all interaction with regulators including meetings, workshops, and correspondence.
- Regulatory Compliance:
- Partner with Bupa Arabia Senior Management to promote and enforce the principles and standards of regulatory rules & regulations as mentioned in the Company’s Enterprise policy.
- Identify the regulatory requirements that apply to Bupa Arabia business(es).
- Ensure Bupa Arabia implements robust governance to oversee regulatory compliance across its businesses.
- Collaborate with Corporate Governance Department to develop, review and regularly maintain Bupa Arabia Code of Conduct – “Regulatory Excellence” chapter.
- Provide oversight of regulatory compliance and relevant insights to Bupa Arabia Audit Committee to support and advise the Board of Directors.
- Regulatory Compliance Policies & Processes:
- Design, document, review and monitor appropriate policies, procedures and requirements to oversee compliance with local regulatory requirements.
- Oversee the process for identifying and managing relevant regulatory change.
- Be responsible for the procedure setting out the responsibility and methodology for mapping applicable regulatory requirements to Bupa Arabia’s internal policies, processes, and controls.
- Manage a protocol detailing the individual(s) responsible for communicating with regulators, ensuring adequate record-keeping of all interactions with regulators and timely provision of reports/requested information.
- Proactively engage with the first line of defence according to a defined method and frequency.
- Be responsible for the procedure outlining the escalation paths for regulatory incidents according to their materiality.
- Collaborate with the Compliance Monitoring Unit and contribute to the development of the annual compliance inspection plan.
- Manage and deliver a comprehensive training programme to ensure that all of Bupa Arabia’s resources receive appropriate regulatory training relevant to their roles.
- Regulatory Advisory, Queries and Incident Reporting:
- Seek, monitor and secure the regulators’ approvals and/or Non-Objection Certificate prior to hiring any Bupa Arabia Board or Senior Executive.
- Address internal regulatory compliance queries, providing answers and/or support in action plans on a timely basis.
- Assess the policies and procedures of Bupa Arabia against any regulatory requirements or risks.
- Periodically review Bupa Arabia contracts against regulatory requirements related to regulatory outsourcing or regulatory risks.
- Guide and assist the Customer Service Department in handling customer complaints, ensuring timely resolution and tracking lessons learned.
- Provide assurance that regulatory incidents are reported and acknowledged without fear of blame or retribution.
- Ensure significant regulatory incidents are escalated to the authorized level in line with Bupa Arabia Enterprise Policies.
- Regulatory Compliance, Management Information & Reporting:
- Monitor and ensure that regulatory licenses are proactively renewed on a timely basis.
- Ensure that Bupa Arabia’s Board, Board Committees and Senior Management receive management information to properly oversee regulatory compliance matters.
- Be responsible for meeting the minimum regulatory compliance reporting requirements set out in the respective Enterprise Policy.
- Report to relevant stakeholders details of any regulatory developments impacting Bupa Arabia’s businesses.
- Generate an annual report detailing any significant conflicts of interest and Bupa Arabia’s action plan to mitigate risks.
- Team Management:
- Define the skills and resources required by the compliance team and monitor the team to ensure it has sufficient skills and resources.
- Establish standards of compliance performance and review to ensure performance meets the standards.
- Counsel and guide staff to ensure engagement objectives are met and adequate coverage is achieved.
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