Asia Head of Distribution Risk and Control

The Role:

This role is accountable for heading the Asia Distribution Risk and Control Function (hereinafter referred to as Distribution L1B) for all channels and all markets in Manulife’s Asia Segment. Distribution L1B is a first line control function, with focus on ensuring quality sales and appropriate conduct of all of Manulife’s distributors in Asia.

This will entail developing and implementing effective and impactful programs to mitigate distribution risks across the local business units as well as to establish meaningful and robust governance structure and processes. The incumbent will need to work effectively with Regional Channel Heads, Regional Compliance, Regional Risk, Regional Operations as well as Business Units’ Risk and Distribution teams to ensure adherence to the Company’s risk management requirements, and to nurture a culture of risk management and business quality focus that drives sustainable growth.

The 3 key pillars of this role:

• Ensure Distribution Line 1B function is established and effectively run with clear mandate, accountabilities and deliverables. Deliver on both regular monitoring and reporting, as well as driving key change efforts to continuously enhance and upgrade the risk and control framework and culture. Embed good conduct and drive a culture of ‘quality sales’
• Provide clear business quality and governance framework, influence the BUs to execute the various components
• Ensure Distribution Operations are clearly aligned with business quality and conduct risk requirements

This is also a people leadership role. He/she needs to be able to influence and navigate around the BUs to lift the distribution risk and controls to drive sustainable growth.

Responsibilities:

• Identify the inherent operational and conduct risk in the distribution strategy, business plan and distribution initiatives which require to be addressed
• Evaluate current risks and identify emerging risks facing the business, and ensure that there is proper focus on controls
• Drive a reduction in distribution risk, both in terms of total risk (value) and per capita (# of incidents)
• Develop and maintain a risk register for key distribution risks (with the Global Learning and Regional Learning issues), mitigation plans and progress to closure.
• Assess the materiality of the risks and provide feedback to the BU risk owners on action plans to mitigate risks. Support the BUs in establishing appropriate mitigating controls relative to the inherent operational risk and assessing the design and effectiveness of these controls. Provide mentoring and support to the local distribution risk champions / business unit control officers
• Develop and embed a framework and KPIs to assess and monitor business unit sales quality
• Perform trend analysis / irregular sales activities monitoring
• Report on the residual operational risk within the distribution channels which is not mitigated by controls including, operational risk, control deficiencies, personnel and process inadequacies
• Own the regional oversight on the actions and progress to close Audit items and Compliance findings related to distribution
• Establish and maintain a governance process for escalation of material risks and ensure timely and accurate escalation of material issues and non-compliant activities through the agreed governance framework. Work with BUs on actions to mitigate these risks

From a distribution operations perspective:

• Evaluate distribution operations and establish SOPs to improve business quality
• Ensure distribution teams focus on improvements in processes to ensure smooth interactions with Operations teams for business issuance

This leader also provides subject matter expertise to local BU governance forums, such as Distribution Sales and Risk committee, Persistency committee, Claims committee, Compliance committee etc., on any country specific agency distribution risks and action plans to manage / mitigate the risk. They need to collaborate with the regional governance functions in the development and implementation of risk / compliance assurance initiatives.

This is also a people leadership role and will be held accountable for all people leadership duties including but not limited to managing performance, engagement, talent identification and development.

Candidate Profile (Expectations on experience, qualifications and capabilities):

• Relevant degree along with insurance industry experience.
• At least 5-10 years of experience in Life insurance/ Banking distribution (sales) function is required
• Experience in an audit, risk & control, compliance or operational risk control environments within the Financial Services sector will be favourable
• Good working knowledge of operations within a financial services organization (preferably insurance) and an ability to navigate company risk policies and standards
• Strong interpersonal skills, including the ability to influence management at senior levels of the organization.
• Strong organization and project management skills. Excellent customer focus and a commitment to quality while still meeting deadlines.
• Ability to effectively communicate ideas and recommendations orally and in writing, while considering the viewpoint of others.
• Sees the big picture, but also pays attention to details.
• Results oriented, with the ability to manage competing priorities and projects.
• Strong problem-solving and analytical skills.
• Leadership skills in achieving department, project, and individual objectives.