Jawatan Kosong

Analyst/Associate Analyst, Market Conduct Supervision (Insurance, Takaful & Intermediaries) | Consumer and Market Conduct Department

Job Sector: Regulation

Location: Kuala Lumpur

ROLE PURPOSE

• Conduct/Support risk-based supervision of Insurers and Takaful Operators (ITOs) and Insurance Intermediaries (Insurance & Takaful Brokers, Financial Advisers and Loss Adjusters) in line with the Market Conduct Supervisory Framework (MCSF) to promote a strong culture of compliance and fair treatment of financial consumers (FTFC).
• Conduct/Support the implementation of the Conduct Supervisory and Enforcement Framework (CSErF) to ensure proportionate and timely enforcement on any breaches of the Bank’s Acts, Guidelines and Policy Documents on business conduct and consumer protection to influence meaningful change in the compliance culture of ITOs and Insurance Intermediaries’
• Assist Supervisor to provide the assessment of regulatory applications in accordance with the established regulatory expectations and internal SOPs

PRINCIPAL ACCOUNTABILITIES

• Conduct/Support risk-based supervisory activities, supported by prompt and proportionate supervisory and enforcement actions to achieve the Bank’s desired outcomes and department’s mandate, as well as ensure resources are effectively mobilised
• Conduct/Support the effective review and implementation of the MCSF using the appropriate supervisory tools to ensure effectiveness of supervisory approach in transitioning from a rule-based to principle-based conduct regime
• Conduct/Support and contribute towards enhancing offsite surveillance tools for prompt and accurate detection of key and emerging conduct risks to facilitate better prioritisation of supervisory activities/actions.
• Conduct/Support the administration of enforcement actions in line with the CSErF and the Bank’s Enforcement and Penalty Framework to ensure proportionate, just and timely action on any breaches of the Bank’s Acts, Guidelines and Policy Documents relating to conduct/FTFC
• Conduct/Support the assessment on regulatory applications from ITOs/Insurance intermediaries and ensure compliance with established policies and charter as well as provide ideas for continuous enhancements/improvement to operational efficiency (e.g. approval to carry on business of financial/Islamic financial advisers, renewal of approval and transfer of shares which result in change in control).
• Foster close collaboration and strong relationships with key stakeholders within/across department, relevant associations and regulates to ensure meaningful feedback loop to support effective policy formulation and review process.
• Conduct/Support the review and ensure proportionate, just and timely resolution and remedial actions by ITOs and Insurance Intermediaries on breaches of the Bank’s Acts, Guidelines and Policy Documents relating to conduct/FTFC
• Assist Supervisor in the formulation/review of Standards/Guidelines towards strengthening the market conduct regulations, professionalism and service quality of ITOs and Insurance Intermediaries, as and when required.
• Be proactive in seeking opportunities for self-development towards strengthening technical and leadership competencies

CRITICAL SUCCESS FACTORS

• Good and sound knowledge of relevant business conduct related laws, regulations, policies and standards
• Good understanding of FSPs’ operations, business practices as well as products and services in relation to consumer and conduct issues
• Good collaboration with relevant internal stakeholders (e.g. . regulation and supervision departments, JUN, FIED, IDD, FDI and LINK & BNM Offices) and external stakeholders (e.g. industry associations, OFS, consumer groups, other regulators and relevant ministries).
• Understanding of the MCSF and effective use of supervisory tools
• Effective communications skills (persuasion and negotiation) backed with evidence-based arguments
• Strong analytical, integrated thinking and problem solving skills to understand the interlinkages between situations
• Ability to multitask under pressure, prioritize tasks appropriately and escalate issues where necessary

QUALIFICATION & EXPERIENCE

• Academic qualification: Honors degree in Insurance / Actuarial Science / Finance / Economics / Accounting / Risk Management or equivalent
• Experiece: 2 (two) years or more working experience in insurance and auditing is an added advantage.

ONLY SHORTLISTED CANDIDATES WILL BE NOTIFIED

GET IN TOUCH WITH OUR RECRUITER VIA LINKEDIN TO APPLY