The Director, High Net Worth Distribution Risk & Control (a.k.a. Distribution Line 1B), will report to the Regional Head of Asia Distribution Risk & Control and support the execution of the Distribution Quality Operating Model (DQOM) across all markets within High-Net-Worth business under Asia segment. The DQOM aims to execute Global High-Net-Worth Sales Conduct Framework to develop, implement and monitor the sales quality controls in the sales distribution channels for the Life insurance business in this segment.
The objective is to ensure that the key distribution-related risks are properly identified, assessed and managed/governed, enabled by strong Sales Quality standards, effective controls and smart capabilities and tools.
Position Responsibilities:
Leadership and stakeholder management
The role holder will lead in a matrix environment and work effectively with High Net Worth business Channel Head/s and Distribution teams on a regional and market level, regional and market level Compliance, Risk, Operations to ensure adherence to the Company’s risk management requirements, and to nurture a culture of risk management and business quality focus that drives sustainable growth.
The role holder will be a valuable partner to Distribution leadership in shaping new business strategies across all applicable channels, adding risk management and sales quality elements in the strategy designs.
Governance, reporting and change management
Evaluate current and identify emerging distribution risks facing the High-Net-Worth business across the markets in Asia segment and ensure that these risks are adequately addressed by effective controls.
Own and manage the High-Net-Worth Distribution & Sales Risk and Controls governance (DSRC), fulfil the role of the committee secretary and drive the dynamic agenda, providing the necessary oversight to senior management, escalating any risks and issues from the markets and tracking remediating actions and initiatives.
Provide updates and escalate any Distribution and Sales risks and issues to Asia Distribution & Sales Risk Committee (ADSRC).
Collaborate with Distribution teams and Line 2 Risk Management & Compliance in the markets to drive positive changes within Distribution and Sales Quality space, support scoping and the execution of any new initiatives and projects.
Act as a Subject Matter Expert and referral point for the Distribution teams in the markets for internal & external compliance requirements, methodology, tools, CAP closures and reporting.
Provide subject matter expertise to local governance forums, such as Risk committee, Persistency committee, Claims committee, Compliance committee etc., on any market specific Distribution and Sales risks and action plans to manage / mitigate the risks.
Support the Distribution teams in the markets to address any Line 3 Audit Services and Line 2 Compliance’s findings and assist/objectively challenge L1A in the remediation plans and ensure timely and quality closure of any Corrective Action Plans (CAPs).
Data Analytics and performance management
Pro-actively seek innovative data driven capabilities and tools to enhance Distribution and Sales risks monitoring, preventing and managing any mis selling, misconduct and fraud.
Collaborate with relative teams to realise the ideas and build actionable business cases. Support the scoping, roll-out, adoption and continuous improvement of data-driven analytics tools across High-Net-Worth business.
Monitor all available data platforms and other reports regularly, identify any adverse trends indicating mis selling, misconduct and fraud and escalate for action and remediation accordingly.
Distribution and Sales Controls effectiveness
Assist markets’ Distribution units to perform Risk Controls Self-assessment (RCSA) and Fraud Risk Control Assessment.
Own the process in establishing appropriate mitigating controls relative to the inherent and residual Distribution and Sales risks, aligned to Group policies and guidance, such as Conduct Risk Framework and others.
Design and perform the Controls and Sales Quality testing plan to ensure the controls design is operating effectively and Sales Quality…
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