compliance officer (insurance) (remote).

Job Overview:

We are seeking a proactive and detail-oriented Compliance Officer to join our team at [Company Name], a leading Life Insurance provider licensed in Labuan. In this role, you will be responsible for ensuring the company’s compliance with all relevant regulatory requirements, particularly those set by the Labuan Financial Services Authority (LFSA). You will support the development and implementation of compliance policies and procedures, conduct compliance monitoring, and assist with regulatory reporting and audits.

The ideal candidate will possess strong knowledge of the Labuan insurance regulatory framework, a robust understanding of financial services compliance, and a keen eye for detail to ensure that the company operates in full adherence to applicable laws and regulations.

Key Responsibilities:

1. Regulatory Compliance Management:

• Ensure that the company complies with the regulations set by Labuan Financial Services Authority (LFSA) and other relevant local and international laws.
• Monitor changes to regulatory requirements and ensure that the company promptly adapts its compliance processes to align with new or updated regulations.
• Develop, review, and update internal compliance policies and procedures to ensure regulatory adherence.
• Advise senior management on regulatory matters and assist with strategic decisions related to compliance requirements.

2. Compliance Monitoring & Reporting:

• Conduct regular compliance monitoring and audits to identify potential risks, violations, or gaps in compliance controls.
• Prepare and submit mandatory regulatory filings, reports, and documentation to LFSA and other relevant authorities in accordance with the requirements.
• Monitor and track compliance with internal policies and external regulations, providing recommendations to mitigate any identified issues or risks.

3. Risk Management:

• Assess and manage compliance-related risks, ensuring effective mitigation strategies are implemented.
• Identify, investigate, and report any instances of non-compliance or suspicious activity, ensuring timely resolution.
• Support internal departments in identifying and addressing potential compliance risks in business activities.

4. Regulatory Training & Awareness:

• Develop and deliver training programs on regulatory compliance, company policies, and industry standards to employees at all levels.
• Promote a strong culture of compliance within the organization by raising awareness and ensuring employees understand the importance of regulatory adherence.
• Act as the point of contact for any regulatory inquiries and ensure that internal teams are informed and educated on compliance best practices.

5. Coordination with External Authorities:

• Maintain a strong working relationship with regulators such as the Labuan Financial Services Authority (LFSA), industry associations, and other relevant authorities.
• Coordinate and manage external audits and inspections from regulatory bodies, ensuring smooth communication and documentation.
• Assist in addressing any regulatory queries or issues raised by the LFSA or other regulatory bodies.

6. Corporate Governance:

• Assist with corporate governance initiatives, ensuring compliance with internal governance standards.
• Support the implementation of sound corporate governance practices in line with Labuan’s regulatory framework.

7. Policy Development & Implementation:

• Collaborate with other departments to implement policies that ensure adherence to laws governing life insurance and financial services in Labuan.
• Develop and maintain effective compliance tools, resources, and procedures to streamline compliance processes.

Qualifications:

• Bachelor’s degree in Law, Finance, Business Administration, or related fields. A professional qualification in Compliance (e.g., International Compliance Association – ICA) would be an advantage.
• 3-5 years of experience in a compliance role within the financial services or insurance industry, with a focus on Labuan regulations or international financial services compliance.
• Strong knowledge of the Labuan insurance regulatory framework, including Labuan Financial Services and Securities Act (LFSSA), Labuan Islamic Financial Services and Securities Act (LIFSSA), and other local regulations.
• Experience in regulatory reporting, compliance auditing, risk management, and corporate governance.
• Familiarity with Anti-Money Laundering (AML), Know Your Customer (KYC), and other compliance-related standards within the insurance and financial services sectors.
• Proficiency in using compliance software and tools for monitoring, reporting, and tracking compliance-related matters.
• Fluency in English is required; knowledge of Malay or other languages would be an advantage.

Preferred Skills:

• Ability to communicate complex compliance concepts clearly to senior leadership and staff across departments.
• Strong organizational, analytical, and problem-solving skills.
• Ability to work independently and in a team, managing multiple projects and deadlines.
• Strong interpersonal skills with the ability to work effectively with regulatory authorities, internal teams, and stakeholders.

Personal Attributes:

• High level of integrity, confidentiality, and attention to detail.
• Proactive and results-oriented, with the ability to adapt to changing regulatory landscapes.
• Strong work ethic with a focus on maintaining high standards of compliance.
• Ability to work under pressure and manage complex situations with professionalism and discretion.

Benefits:

• Competitive salary and benefits package.
• Opportunities for career growth and development within a leading insurance company.
• A dynamic work environment with a commitment to compliance excellence and corporate governance.