Compliance Manager & DPO APAC

Job Title: Compliance Manager & DPO APAC

Reports To: Functional: UK Head of Compliance & Regulatory Affairs

Local: Head of Asia Pacific, Beazley

Key Relationships

Beazley Furlonge Limited (“BFL”): Head of Asia Pacific, Beazley Pte Principal Officer, Beazley Labuan Principal Officer, Beazley Pte Board, Beazley Labuan Board, Beazley Furlonge Management Committee (BFMC) and Risk committee; UK Head of Compliance & Regulatory Affairs, BFL CRO; platform DPOs (or local equivalent) and their teams, UK Compliance management team, Underwriting senior management, BFL Finance, Internal Audit, People & Sustainability, Information Security, other internal stakeholders as required.

Group: Group CRO, Manager to the Group CRO, 2nd Line SLT, Group Risk & Regulatory Committee; Group Data Protection sub-committee.

External: Lloyd’s Asia representatives; Monetary Authority of Singapore (“MAS”); Labuan FSA; Lloyd’s of London account manager (indirect); PRA/FCA (indirect); key regional legal advisory partners; other regional authorities and regulatory bodies as applicable.

Job Summary

The role is the first local Compliance representative for the Singapore and Labuan businesses. The role-holder will be therefore have no line management responsibilities at first and must be comfortable operating as a sole practitioner but in close alignment with colleagues across the business and other functions, as well as operating as part of a wider internationally-based function. The role-holder is intended to have decision-making responsibility on the ground day to day.

Key responsibilities include:

Provide local compliance oversight and advisory support for Beazley Pte and Labuan (collectively referred to as “Beazley APAC”), across all areas of regulatory compliance including regulatory and incident reporting (both MAS and Lloyd’s).

Liaise with the Financial Crime shared service team over any local instances of whistleblowing and conflict management, and oversee compliance the all relevant Data Protection requirements, contributing to the development of the existing framework. The objective is to ensure the business operates in full compliance with local regulatory and statutory requirements and to support the wider business as required with regulatory compliance advice across Beazley’s licensed footprint in the wider APAC region (China Malaysia Australia New Zealand and Japan).

Provide support to the UK Head of Compliance & Regulatory Affairs in the discharge of their responsibility for BFL’s service companies in APAC. Support Risk Management with the development of the wider risk management framework. Oversight key co-sourcing arrangements locally.

Key Responsibilities

Individual Responsibilities will include, but are not limited to:

Compliance Framework:

Regulatory Engagement: Maintain good relationships with local regulators and the Lloyd’s Asia representative, developing an engagement strategy in close alignment with local management and the UK Head of Compliance to ensure both Lloyd’s and local regulators are notified of matters they would expect to be made aware of.

Ensure that Lloyd’s of London protocols for regulalatory engagement in territories where we operate under their licenses are observed. Ensure the UK Head of Compliance is kept aware, through regular reporting and liaison, of important and topical matters relevant to the management of the Lloyd’s of London and other UK regulatory relationships.

Contribute, coordinate and submit regulatory returns as required for Beazley APAC.

Advisory: Provide support across a wide range of regulatory compliance issues underwriting and other business functions including licensing and product distribution requirements applicable to the Beazley APAC business model; Recognise when expert external advisory support is required and source and oversight the same in coordination with the UK Head of Compliance and local management team.

Financial Crime: Support the Group Financial Crime shared service team to ensure financial crime guidance, procedures and processes are kept up to date and are made readily available to staff. Liaise with and support the work of the Financial Crime team over instances of whistleblowing and conflict management.

Cross-border support: Liaise with colleagues across the global compliance function when needed to facilitate international insurance transactions and programmes involving APAC issues or matters;

Horizon Scanning: Embed the global framework; ensuring relevant emerging regulatory and statutory change is known, understood and factored into business and change planning. Contribute to the UK Compliance function’s quarterly report to the Change Committee identifying relevant matters for consideration. Support implementation projects with advice on applicable interpretations of requirements.

Training: Propose the annual Compliance training plan for APAC using a range of data points to identify areas of need to support regulatory compliance. React to emerging trends / risk incidents to adapt training plans in-year when required.

Monitoring & Testing: Contribute to the UK Compliance Monitoring & Testing Plan; identifying areas for continuous monitoring and testing based on local regulatory expectations, prioritising areas of greatest regulatory compliance risk to the business.

Reporting: In alignment with the UK Head of Compliance and the local management team, develop a set of KPIs and KRIs for the local Compliance capability.

Provide regular, succinct, high-quality and insightful reports to the Singapore and Labuan Boards, giving them a clear view of the state of regulatory relationships, regulatory messaging and expectations, progress of key Compliance-led or supported initiatives, and tracking of regulatory requests and deliverables. Reporting will also include metrics against KPIS and KRIs. Contribute to other BFL and Group reporting as required.

Data Protection:

• Act as the APAC regional DPO, ensuring appropriate processes and controls are implemented to support regulatory compliance, tailored to both local and relevant international laws.

• Respond timely to formal data requests as required under local laws.

• Ensure cross border data agreements (internal and external) support the APAC business model.

• Provide advice to the business on Data Protection matters including NDAs and contracts as applicable.

• Oversee outsourced or co-sourced provision as applicable to support Data Protection for APAC

• Escalate serious matters including breaches and risk incidents involving Data Protection controls to the Singapore and Labuan Boards and the UK /Group DPO and UK Head of Compliance.

• Notify local regulators of matters they would expect to be made aware of within locally required timeframes

• Participate in and contribute to the Group sub-committee for Data Protection.

Management:

• Participate in planning, decision-making and strategy-setting for the Beazley APAC Compliance capability.

Business Partnership:

• Act as a compliance partner to Beazley APAC staff and Boards.

• Assist in the design of periodic compliance risk assessments and regulatory status reviews of Beazley APAC.
• Support Internal Audit and 2nd Line Assurance in their planning and conducting of business reviews.

General

It is important that within all your interactions both internally and externally you adhere Beazley’s core values - Being Bold, Striving for Better, and Doing the Right Thing as they contribute to an internal environment of teamwork and promote a positive brand image and experience to our external customers." We also expect Beazley employees to:

• Comply with Beazley procedures, policies and regulations including the code of conduct
• Undertake training on Beazley policies and procedures as delivered by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system
• Display business ethics that uphold the interests of all our customers
• Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs
• Comply with any specific responsibilities necessary for your role as outlined by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas. This may include, amongst others, Beazley’s underwriting control standards, Beazley’s claims control standards, other Beazley standards and customer relationship management
• Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system. These may include membership of any Beazley committees or working groups

Person Specification

Essential Criteria

• Compliance background in financial services require
• Extensive knowledge of Singapore & Labuan regulatory compliance regime
• Working knowledge/understanding of the other major regulatory regimes across APA
• Sound knowledge of local Data Protection laws and approaches to managing Data Protection in an international business

Knowledge and Experience

• Legal qualifications preferred
• Regulatory engagement experience an advantage.
• Knowledge of Lloyd’s of London business model an advantage but not essential (full training will be given).

Skills and Abilities

• Excellent oral and written communication skills.

• Local language capability desirable.

• Strong stakeholder management capabilities.

• Ability to interpret regulatory requirements pragmatically and assess their impact on the business.

• Strong organisational skills and ability to multi task.

• Ability to track and meet deadlines.

• Capable of operating in a matrix environment
• Resilient to change/ working in a fast paced environment

Aptitude and Disposition

• Flexible

• Energetic, enthusiastic and positive

• Self-motivated

• Collaborative, team player

• Firm but diplomatic

• Commercial and pragmatic

• Proactive

• Friendly and approachable

• Service focused