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Job Description
Job Purpose
- To ensure that the insurance broker's business and procedures taken in permitted fields of insurance activity are consistent with the provisions of the laws issued of the UAE in general and with the laws, regulations, instructions and decisions issued by the Insurance Authority (now CBUAE) in particular. Responsible for providing information, data and documents required by the regulator in respect of those particular fields. Responsible to provide assurance regarding the assessment and effectiveness of risk management, internal control systems of the company, governance and compliance with policies and regulations.
Key Responsibilities
- Review the relevant laws and has the full knowledge of all laws, regulations and instructions issued by the Insurance Authority and the work of the insurance broker (and the subsequent amendments, or regulations and instructions issued thereafter), to be reviewed.
- Develop comprehensive internal control policies and procedures in insurance brokers that include an effective implementation of the regulations, instructions, internal audit guidelines and practices applied in the company’s activities, and should be approved by the board of directors.
- To inform all employees of the company through the senior management of all the policies, procedures and compliance regulations and its updates.
- Updating the policies and procedures periodically to ensure that the company complies with the latest regulations and instructions related to all the company's operations and activities.
- Conduct annual and quarterly review of all the instructions included in the policies and procedures manuals applied in the company to ensure their conformity, consistency and compliance with their implementation in accordance with the requirements of the law and the Regulation and the amendments thereof and the regulations, instructions and circulars issued by the Insurance Authority.
- Conduct periodic review after coordination with the company's management to ensure the validity of the procedures and policies applied as mentioned in the previous paragraph.
Prepare a comprehensive plan for examination and ensure that all written policies and procedures approved by the Bank are compliant with applicable compliance rules. - Prepare and upload the annual and quarterly reports as per the IA Work Guide of the Internal Controller at insurance brokerage companies on the website of the regulator.
- Ensure that the management of the company and its employees apply the correction plan approved by the company's board of directors in accordance with the approved internal control reports.
Skills
- Digital savvy, making sure technology is optimally used for automation and associated procedures, control and risk framework are built for seamless customer experience.
Good understanding on insurance domain, applicable regulations, market practices, etc. - Ability to interact with senior management teams at the company, group and regulators.
Critical thinking; keeping abreast with regulatory changes and industry standards. - Eye for detail, ability to promote the value of prudent risk management and controls.
- Experience in internal control and/or audit, and had previously taken part in the internal control, risk management or audit of insurance companies or brokerage business for at least 5 years.
Job Details
Job Division
Dubai, UAE
Job Role
Back Office Operations
Job Department
Bancassurance