Senior Manager – Regulatory Compliance

The Senior Manager – Regulatory Compliance will adequately manage the relationships with Bupa Arabia regulators, effectively and efficiently fulfil the duties of “Second Line of Defence (LoD)” in sync with Bupa Arabia’s governance framework, and ensure that Bupa Arabia manages its regulatory risk, compliance and conduct responsibilities to agreed and approved appetites.

Regulatory Relationship Management

• Maintain an open, transparent and constructive relationship with all of Bupa Arabia key regulators, as key part of effective regulatory risk management.
• Establish an operating rigor with Bupa Arabia regulators (mainly SAMA and CCHI), through visits, conference calls, forums, workshops, etc.… aiming at sharing updates, seeking clarifications/advices and reporting market relating trends.
• Designate individual(s) who are responsible for communications with regulators.
• Make sure that all regulatory queries/requests for information are responded to in a timely manner.
• Adequately maintain records of all interaction with regulators including meetings, workshops and correspondence.

Regulatory Compliance

• As part of the “tone at the top”, partner with Bupa Arabia Senior Management to promote and enforce the principles and standards regulatory rules & regulations as mentioned in the Company’s Enterprise policy.
• Identify the regulatory requirements that apply to Bupa Arabia business (es).
• Ensure Bupa Arabia implements robust governance to oversee regulatory compliance across its businesses.
• Co-work with Corporate Governance Department to develop, review and regularly maintain Bupa Arabia Code of Conduct – “Regulatory Excellence” chapter.
• Provide oversight of regulatory compliance and relevant insights to Bupa Arabia Audit Committee in order to support and advise the Board of Directors.

Regulatory Compliance Policies & Processes

• Design, document, review and monitory appropriate policies, procedures and requirements to oversee compliance with local regulatory requirements.
• Oversee the process in place for identifying and managing relevant regulatory change.
• Be responsible for the procedure setting out the responsibility and methodology for mapping applicable regulatory requirements to Bupa Arabia’s internal policies, processes and controls
• Manage a protocol detailing the individual(s) responsible for communicating with regulators, which provides for adequate record-keeping of all interactions with regulators and the timely provision of reports/requested information to regulators. Such procedure should set out protocols for reporting internally on key points of regulator interaction e.g. findings from regulator reviews.
• Proactively and regularly engage with the first line of defence according to a defined method and frequency both on a business-as-usual and an-ad hoc basis (e.g. projects).
• Be responsible for the procedure outlining the escalation paths for regulatory incidents according to their materiality.
• Collaborate with the Compliance Monitoring Unit – and contribute to the development of the annual compliance inspection plan which sets out the planned activities and strategic priorities.
• Manage and deliver a comprehensive training programme to ensure that all of Bupa Arabia’s resources receive the appropriate and required regulatory training relevant to their roles and responsibilities.

Regulatory Advisory & Queries

• Seek, monitor and secure the regulators’ approvals and/or No Objection Certificate prior to hiring any Bupa Arabia Board or Senior Executive, as stipulated by the Company’s Corporate Governance manual.
• Address internal regulatory compliance queries, provide answers and/or support in action plans on timely basis. Channel inquiries and follow-up with the regulators, as deemed required.
• Assessment of the policies and procedures of Bupa Arabia against any regulatory requirements or risks.
• Periodical review of Bupa Arabia contracts against regulatory requirements related to regulatory outsourcing or regulatory risks.
• Guide and assist the Customer Service Department in handling the customer complaints received, ensuring their timely resolution, their reduction to tolerable levels and the relating lessons learned are drawn, tracked and communicated to corresponding Bupa Arabia stakeholders.

Regulatory Incident Reporting

•  Provide assurance that regulatory incidents are reported and acknowledged without fear of blame or retribution and individuals reporting incidents are treated fairly in an open and honest manner.
• Ensure that significant regulatory incidents are escalated to the authorized level in line with the prevailing Bupa Arabia Enterprise Policy (ies).

Regulatory Compliance, Management Information & Reporting

• Monitor and provide assurance that the regulatory licenses are proactively renewed and on timely basis.
• Ensure that Bupa Arabia’s Board, Board Committees and Senior Management receive management information to ensure that they can properly oversee regulatory compliance matters of the Company.
• Be responsible for meeting the minimum regulatory compliance reporting requirements set out in the respective Enterprise Policy.
• Report to relevant stakeholders’ details of any regulatory developments which impact Bupa Arabia’s businesses, an assessment of the impact on Bupa Arabia and a view on Bupa Arabia’s preparedness to comply with the new regulatory requirements.
• Generate an annual report detailing any significant conflicts of interest and Bupa Arabia’s action plan to ensure that all resulting risks are effectively mitigated, in sync with Bupa Arabia Enterprise Conflicts of Interest Policy.

Years of Experience

• 8-10 years (not less than 5 years within the insurance industry and compliance area)

Skills Required (Technical/Managerial)

• Bachelor degree.
• Professional Certificate(s) in Compliance

Other Requirements

•  Strong knowledge in insurance, preferably medical insurance
• Strong knowledge of Bupa Arabia is preferred
• Diagnostic information gathering
• Analytical thinking and decision making
• High level of written and verbal communication skills
• Ability to influence and successfully persuade staff at different levels to adopt new operating practices
• Able to work with diverse groups of staff, regulators and clients
• Methodical and organised approach to planning, implementation and record keeping for all activities with a high level of attention to detail
• Self-starter, able to display initiative and proactive approach to problem solving
• Strong time management and organisational skills
• Ability to work within a small team environment