Qureos Mentor

Sukoon Insurance

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 Key Accountabilities:
 
 
 The Compliance Officer will be responsible for ensuring the company&rsquo;s operations adhere to applicable laws, regulations, and industry standards in the UAE insurance sector. This role includes overseeing compliance programs, conducting risk assessments, managing regulatory reporting, and fostering a culture of compliance within the organization.
 
 
 
 
 
 Key Accountabilities:
 
 
 
 Regulatory Compliance:
 
 
 
 Ensure compliance with UAE applicable laws and regulations including but not limited to Central Bank, Dubai Health Authority, Department of Health, Dubai Financial Service Authority etc.
 
 
 Monitor changes in legislation and regulatory requirements and update company policies accordingly.
 
 
 Serve as the primary point of contact with regulatory authorities for audits, inspections, and correspondence.
 
 
 Develop a compliance Calendar for the company and related subsidiaries and ensure all the regulatory reporting are submitted on time and as planned
 
 
 
 
 
 
 Compliance Program Development:
 
 
 
 Develop, implement, and maintain a robust compliance framework tailored to the insurance industry.
 
 
 Conduct regular reviews and updates to policies, procedures, and internal controls to ensure compliance.
 
 
 Manage training programs for employees on compliance standards and regulatory requirements.
 
 
 
 
 
 
 Risk Assessment and Mitigation:
 
 
 
 Identify, assess, and manage compliance risks within the organization.
 
 
 Conduct internal compliance audits and ensure timely resolution of identified issues.
 
 
 Collaborate with other departments to address compliance gaps and enhance risk mitigation strategies.
 
 
 
 
 
 
 AML/CFT Compliance:
 
 
 
 Oversee the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT)framework in line with UAE laws and regulations.
 
 
 Perform customer due diligence (CDD) and enhanced due diligence (EDD) reviews, and ensure proper recordkeeping.
 
 
 Assist in conducting Enhanced Due diligence for high risk customers and/or transactions
 
 
 Assist in clearing potential matches identified through daily screening
 
 
 Submit suspicious transaction reports (STRs) to the Financial Intelligence Unit (FIU)when necessary.
 
 
 
 
 
 
 Regulatory Reporting:
 
 
 
 Prepare and submit required regulatory reports to relevant authorities within specified deadlines.
 
 
 Ensure accurate and timely reporting of breaches, incidents, or material non-compliance issues.
 
 
 Respond to the regulatory requests with the agreed TAT and in line with the internal procedures
 
 
 Develop and maintain strong and transparent relationship with the regulators.
 
 
 
 
 
 
 Stakeholder Collaboration:
 
 
 
 Liaise with internal stakeholders, including legal, finance, and operations teams, to ensure alignment on compliance matters.
 
 
 Collaborate with other departments (Claims/Underwriting/Operations/ Risk Management/Internal Audit/etc.) to direct compliance issues to appropriate existing channels for investigation and resolution.
 
 
 Provide Compliance advise for the business within the agreed TAT
 
 
 Provide guidance to the management team on regulatory risks and compliance strategies.
 
 
 
 
 
 
 Monitoring and Testing:
 
 
 
 Develop and execute compliance monitoring and testing programs to verify adherence to policies and regulatory requirements.
 
 
 Assist in conducting Gap Analysis for existing and upcoming regulations
 
 
 Maintain detailed records of compliance activities and prepare periodic reports for senior management.
 
 
 
 
 
 Requirements:
 
 
 Bachelor&rsquo;s degree in Finance/Accounts/Law/Audit.
 
 
 3-5 relevant compliance experience in a Financial Institution preferably in insurance
 
 
 Arabic is a plus
 
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Compliance Officer

Join Sukoon Insurance and explore 1   exciting career opportunities. They're hiring for various roles with options for remote or on-site work. Apply today and become part of their innovative team.

Sukoon Insurance

ABOUT_COMPANY

Compliance Officer