Head of Compliance, Insurance

Professional Services • Full Time • Central And Western District, Hong Kong, HK • 8h ago

Risk and Compliance

The Risk & Compliance function is a Second line of defence (LOD) function, responsible for reviewing and challenging the activities of business to ensure that they effectively manage as "Risk Owners" the risks inherent in or arising from the conduct of their activities and for which they are responsible.

The Head of Compliance, Insurance is the senior accountable executive responsible for ensuring that HSBC's operations in Hang Seng Bank are effective in identifying, managing and mitigating Regulatory Compliance (RC) risks and ensure timely advice is provided to the business. The role holder also requires strong partnership with Insurance business and leadership team, interfaces with both Risk and Compliance and has responsibility for driving the implementation of policy arising out of changes in Compliance.

We are currently seeking a high caliber professional to join our team as Head of Compliance, Insurance, reporting to Head of Regulatory Compliance WPB.

Principal responsibilities

Primarily support Head of Regulatory Compliance (RC) Wealth and Personal Banking (WPB) to maintain an effective control framework and to ensure compliance with all relevant external laws & regulations, internal codes and policies and good market practices from regulatory and financial manufacturing and distribution within WPB.
Lead the team to work with relevant contacts in Insurance business within WPB (including the insurance manufacturing arm) to implement Bank's strategy, policy and standards as well as controls and systems to manage underlying RC risks.
Articulate the RC risks relevant for WPB Insurance in Hang Seng Bank (HASE) HK and work closely with Regional (ASP) RC.
Take the Key Person in Control Functions - Compliance role under the Insurance Authority.
Provide advisory services to Insurance business to ensure clear understanding of compliance risk exposure on RC with respect to clients, transactions and products.
Manage and foster a strong relationship with all relevant regulators in relation to the activities of HK and ensure timely disclosure of relevant information, in relation to RC related matters.
Be responsible for second line governance of RC risk exposures, providing analysis, reporting and governance to insurance business in HK that is independent of the first line of defense, thereby maintaining an objective assessment of risk exposure.
To exercise risk steward challenge, act as independent trusted advisory in governance forums, issue management, fostering a compliance culture and optimizing relations with risk owners and control owners.
Assist the senior management, the leadership of the Compliance function, and other colleagues on all material compliance related matters.
Represent HASE's Insurance business Risk & Compliance agenda up to the highest levels of the Group's governance, including being an attendee (as required) at the HK Board (and related sub-committees) to report on progress and issues in relation to the operational effectiveness of HSBC's policies, processes, systems and controls in countering RC risks.
Be a leader of HASE Insurance business R&C team, establishing guiding principles and strategic operational objectives, owning budgeting and managing costs, headcount and resources to ensure that the team are fit for purpose and that the delivery of its critical services to the Group is both effective and cost-efficient.

Requirements

Significant experience as a regulator, or a senior compliance manager across all areas of RC risks within a global firm, in the financial services industry.
Thorough understanding of WPB business with practical knowledge of broad range of WPB products and services, in particular for Insurance business.
Familiar with Hong Kong Insurance Authority ("HKIA"), Hong Kong Monetary Authority ("HKMA") and relevant rules and regulations on RC impacting WPB Insurance.
Significant leadership experience and an experienced strategic thinker.
Excellent communication and inter-personal skills, with experience of dealing with executives at all levels.
Ability to develop practical, cost effective solutions to complex issues.
A legal or formal accountancy qualification or professional background in a relevant risk or audit discipline.
Professional qualifications such as Enhanced Competency Framework (ECF) and/or Certified Banker (CB) under Hong Kong Institute of Bankers (HKIB) would be an advantage.

You’ll achieve more when you join Hang Seng Bank Limited.

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All information provided by applicants will be used only for recruitment purposes and will be used strictly in accordance with the Bank's personal data policies, a copy of which may be obtained by the applicant upon request. Unless otherwise instructed in writing by the applicant concerned, applicants may be considered for other suitable positions within the Bank and its related companies. The personal data of unsuccessful job applicants may be retained for a maximum of two years from the date when the job application is rejected and such data may be retained for a longer period if there is a subsisting reason that obliges the Bank to do so, after which the personal data will be destroyed.

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