Compliance Manager

Compliance Manager

The Compliance Manager reports directly to the CEO, is part of controlled functions by the Central Bank of the UAE and has direct access to the Insurance Brokers Representatives. You will be responsible for ensuring the company’s operations adhere to applicable laws, regulations, and industry standards in the UAE insurance sector. This role includes overseeing and managing regulatory reporting and fostering a culture of compliance within the organization.

Key Accountabilities:

Regulatory Compliance:

• Ensure compliance with UAE applicable laws and regulations and remain continuously informed of regulatory developments relevant to the Company’s business operations and strategy
• Advise senior management on the implications of applicable UAE laws and regulations
• Ensure that all regulatory submissions, filings, and notifications are completed accurately and submitted within the deadlines set by the relevant regulatory authorities
• Maintain complete and accurate documentation for all Nexus group entities and align with regulatory expectations
• Identify and assess compliance risks across the Company’s operations
• Serve as the primary point of contact with regulatory authorities for audits, inspections, and correspondence
• Conduct regular reviews and updates to policies, procedures, and internal controls to ensure compliance
• Review and provide compliance oversight on external communications, marketing material, Terms of Business Agreements with insurance providers and other business partners to ensure regulatory compliance and contractual integrity
• Oversee the complaints process to ensure that all issues are handled independently, fairly and promptly and in line with regulatory requirements
• Support the Head of Risk in maintaining and updating the Nexus Risk Management Framework, including the Risk Manual and Risk Register.

AML/CFT Compliance:

• Oversee the Anti-Money Laundering(AML) and Combating the Financing of Terrorism (CFT) framework in line with UAE laws and regulations.

• Perform client classification, suitability assessments and KYC procedures including customer due diligence(CDD) and enhanced due diligence (EDD) reviews, and ensure proper recordkeeping

Monitoring and Testing:

• Deliver and oversee compliance training for staff, to verify adherence to policies and regulatory requirements.ensuring awareness of legal obligations, internal policies, and ethical standards
• Assist in conducting Gap Analysis for existing and upcoming regulations.
• Maintain detailed records of compliance activities and prepare periodic reports for senior management.

Stakeholder Collaboration:

• Liaise with internal stakeholders, including legal, finance, and operations teams, to ensure alignment on compliance matters.
• Oversee Client Options & Client Servicing Teams to provide excellent customer service, client retention in line with regulatory requirements.
• Develop and implement strategy to improve customer satisfaction, loyalty, and retention.

• Equip customer service teams with the tools they need to provide exceptional service.
• Managing the overall performance of client options & client servicing teams

Skills Required:

• English as a first language
• Excellent communication, interpersonal, and problem-solving skills
• Proven experience of managing a team
• Proven ability to lead and motivate a team of customer service executives
• Knowledge of the Authorities and Regulators regulating the insurance industry in the UAE such as the Central Bank, SCA, DFM, DFSA, DHA and DOH.
• Knowledge of the regulations governing the insurance industry in UAE.

Education, Experience and Formal/Professional Qualifications:

• Industry qualification is a pre-requisite (CII and ICA / CAMS)
• Bachelors Degree in Finance/Accounts/Law/Audit.
• 3-5 relevant compliance experience in a Financial Institution preferably in insurance.
• Arabic is a plus