Compliance Officer – Hong Kong and Macau in Hong Kong at Willis Towers Watson

Date Posted: 9/13/2017

Job Snapshot

  • Employee Type:
    Full-Time
  • Location:
    Hong Kong
  • Experience:
    At least 5 year(s)
  • Date Posted:
    9/13/2017

Job Description

The Company

Willis Towers Watson is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 40,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.

The Business

The successful candidate will be responsible for the management and co-ordination of Willis Towers Watson Compliance & Risk policies and procedures for Hong Kong and Macau.  They will also ensure that all regulatory requirements are identified, processes are in place to ensure standards can be met, monitoring is undertaken and guidance and training for improvement provided as necessary.  The successful candidate will assist with the management and co-ordination of the relationship with and requirements of the financial regulators.  

The Role

Assist with regulatory issues:

  • Identify all laws/regulations that are applicable to their region
  • Where appropriate, develop a relationship with relevant regulators to support positive compliance; co-ordinate queries and responses to domestic and foreign regulators
  • Annual review of compliance with local regulatory obligations, including adherence to licence requirements in domestic and foreign territories
  • Assist the business in dealing with licensing issues, including liaison with overseas regulators where necessary

Assist with Willis Towers Watson Compliance Policies and Procedures: 

  • Review annually all Compliance policies and procedures and regulated documentation to ensure relevance with local regulatory environment
  • Provide support and guidance to the business in understanding its responsibilities and obligations under relevant Willis Towers Watson policies (e.g. Financial Crime policies/procedures such as Anti-Bribery and Corruption, Sanctions & Export Control, Anti-Money Laundering & Counter-Terrorist Financing and Third Parties); respond to queries on the interpretation of relevant Compliance policies and procedures
  • Discuss promptly with the business CEO, COO and Compliance Director  any compliance or regulatory issues arising in their region; ensure reporting of the issue in the appropriate log/ database; and agree the corrective action to be taken including responsibility, timelines and review date
  • Develop a compliance plan which reflects the risk profile of that country; undertake own sampling and check-the-checker reviews, where appropriate; monitor and report progress against the plan (see below)
  • Review, sign off/ reject specific business outputs in a timely fashion: (e.g. TP business cases, Financial Promotion materials)
  • Review and challenge of the design and structuring new products and services by business units/countries to ensure that they meet legal and regulatory requirements and internal Compliance policies and standards
Compliance Training
  • Ensure that all applicable Willis Towers Watson Compliance policies and local regulations are covered in local compliance training
  • Identify compliance training needs within the business unit and develop training plan for the year, taking advantage of online training as well as developing and delivering specific training materials for the business unit

Reporting:

  • Review and sign-off on compliance metrics and commentary from your region/team prior to submission for reporting to management (including: Regional Compliance Director, Head of Compliance, Group Director of Compliance &Risk, Senior Management and the Board of Directors)
  • Ensure all legal and regulatory issues are reported in the appropriate database/log; where appropriate, discuss them with the Regional Compliance Director and the Country CEO and COO.
  • Attend business Executive meetings

Manage internal relationships:

  • Maintain positive relationships with the Country CEO, COO and other Colleagues to assist the interface between Compliance and the business
  • Foster close relationships with other business support areas, including Legal, HR, Finance and Internal Audit

Communication & Relationships:

Internal:

  • With the Group Director of Risk & Compliance, Head of Compliance, Regional Compliance Director, RCO, COs, other members of Compliance & Risk, Legal and Internal Audit
  • With Senior Management and Country/Line of Business leadership for the businesses for which the CO has oversight
  • External: With external regulators and trade bodies

Job Requirements

The Requirements

Qualifications

Degree level - it is highly likely that the job holder will also have a relevant professional qualification – legal, accountancy or business, e.g. Chartered Insurance Institute

Skills

  • Proactive rather than reactive
  • Team player with good interpersonal and influencing skills
  • Ability to work under pressure to tight timelines and without direct supervision
  • Organised and methodical
  • Excellent analytical problem-solving skills
  • Strong communication skills, both orally and in writing
  • Commercial awareness – a commercial and pragmatic approach to managing compliance 
  • Fluent business English and Chinese are essential
  • IT literate – knowledge of Microsoft office packages needed

Knowledge/Experience

  • Prior compliance experience preferred
  • Strong regulatory and corporate governance knowledge/understanding required
  • Professional experience within an insurance broking or insurance environment or within a highly-regulated business environment; the candidate should have at least five or more years working in an operational, compliance, risk, audit or legal role