Director – Asia Distribution Risk and Control

The Director, Asia Distribution Risk & Control (a.k.a. Distribution Line 1B), will report to the Regional Head of Asia Distribution Risk & Control and support the execution of the Distribution Quality Operating Model (DQOM) across all markets within Life Insurance business under Asia segment. The DQOM aims to execute Asia  Sales Conduct Risk Framework and to develop, implement and monitor the sales quality and Distributor compensation controls in the sales distribution channels for the Life insurance business in this segment. The objective is to ensure that the key distribution-related risks are properly identified, assessed and managed/governed, enabled by strong Sales Quality and Compensation standards, effective controls and smart capabilities and tools.

Position Responsibilities:

Leadership and stakeholder management

• The role holder will lead in a matrix environment and work effectively with Asia segment business Channel Head/s and Distribution teams on a regional and market level, regional and market level Compliance, Risk, Operations 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 role holder will be a valuable partner to Distribution leadership in shaping new business strategies across all applicable channels, adding risk management and sales quality elements in the strategy designs.

Governance, reporting and change management

• Evaluate current and identify emerging distribution risks facing the business across the markets in Asia segment and ensure that these risks are adequately addressed by effective controls.

• As part of Asia L1B team, own and manage the Asia Distribution & Sales Risk and Controls governance, fulfil the role of the committee secretary (as required) and drive the dynamic agenda, providing the necessary oversight to senior management, escalating any risks and issues from the markets and tracking remediating actions and initiatives.

• Provide updates and escalate any Distribution and Sales risks and issues to Asia Distribution & Sales Risk Committee (ADSRC).

• Collaborate with Distribution teams and Line 2 Risk Management, Legal & Compliance in the markets to drive positive changes within Distribution and Sales Quality space, support scoping and the execution of any new initiatives and projects.

• Act as a Subject Matter Expert and referral point for the Distribution teams in the markets for internal & external risk and compliance requirements, methodology, tools, CAP closures and reporting.

• Provide subject matter expertise to local governance forums, such as Risk committee, Persistency committee, Claims committee, Complaints Committee, Compliance committee etc., on any market specific Distribution and Sales risks and action plans to manage / mitigate the risks.

• Support the Distribution teams in the markets to address any Line 3 Audit Services and Line 2 Compliance’s findings and assist/objectively challenge Distribution teams (L1A) in the remediation plans and ensure timely and quality closure of any Corrective Action Plans (CAPs).

• Meet L1B minimum standards, as per regional guidance, ensure that daily/monthly activities and initiatives are carefully planned and executed.

• In addition to the primary responsibilities, the role holder will be required to be fully trained and have a consistent oversight over Asia Compensation Risk and Controls governance, currently covered by the team under the role of the Head of Asia Distributor Compensation. Support periodic regional reviews of compensation structures, compensation related controls, incentive-plan measures, KPIs and targets. 

Data Analytics and performance management

• Pro-actively seek innovative data driven capabilities and tools to enhance Distribution and Sales risks monitoring, preventing and managing any mis selling, misconduct and fraud.

• Collaborate with relative teams to realise the transformation ideas and build actionable business cases. Support the scoping, roll-out, adoption and continuous improvement of data-driven analytics tools across Asia business.

• Monitor all available data platforms and other reports regularly, identify any adverse trends indicating mis selling, misconduct and fraud and escalate for action and remediation accordingly.

Distribution and Sales Controls effectiveness

• Assist markets’ Distribution units to perform Risk Controls Self-assessment (RCSA) and Fraud Risk Control Assessment.
• Own the process in establishing appropriate mitigating controls relative to the inherent and residual Distribution and Sales risks, aligned to Group policies and guidance, such as Conduct Risk Framework and others.
• Design and perform the Controls and Sales Quality testing plan to ensure the controls design is operating effectively and Sales Quality processes are adhered to by the sales teams.
• Follow up on any ineffective controls and QA findings with robust remediation plans, in collaboration with Distribution teams in the markets.
• Assess and challenge the effectiveness of the Sales teams and Distributors’ training programmes, ensuring they meet the quality and risk‑control expectations.

Required Qualifications, experience and capabilities:

•  At least 5-10 years of work experience in a distribution/ operations/ Risk & Controls role within the life insurance industry (preferred) or other financial industry.
• Experience in an audit, compliance or operational risk controls environment will be favourable.
• Strong experience in Insurance Distributor Compensation – with ability to understand economic construct, financial viability, the various risks and corresponding mitigating solutions.
• Good working knowledge of operations within a financial services organization (preferably insurance) and an ability to navigate company risk policies and standards.
• Passion towards governance and risk management, having actual experience impacting a risk/governance area in the current/ previous functions you’ve worked in.
• Strong interpersonal skills, including the ability to influence management at senior levels of the organization.
• Strong organization and project management skills, commitment to quality whilst still meeting the deadlines.
• Customer centric approach in everything you do, using customer insights for driving positive change.
• Ability to effectively communicate ideas and recommendations orally and in writing, while considering the viewpoint of others.
• Seeing the big picture but also paying attention to details.
• Results oriented, with the ability to manage competing priorities and projects.
• Strong critical thinking, problem-solving and analytical skills.
• Leadership skills in achieving department, project, and individual objectives.
• Comfortable with flexible working hours covering different time zones when required and mobile with moderate travelling.

When you join our team:

• We’ll empower you to learn and grow the career you want.
• We’ll recognize and support you in a flexible environment where well-being and inclusion are more than just words.
• As part of our global team, we’ll support you in shaping the future you want to see.

About Manulife and John Hancock

Manulife Financial Corporation is a leading international financial services provider, helping people make their decisions easier and lives better. To learn more about us, visit https://www.manulife.com/en/about/our-story.html.

Manulife is an Equal Opportunity Employer

At Manulife/John Hancock, we embrace our diversity. We strive to attract, develop and retain a workforce that is as diverse as the customers we serve and to foster an inclusive work environment that embraces the strength of cultures and individuals. We are committed to fair recruitment, retention, advancement and compensation, and we administer all of our practices and programs without discrimination on the basis of race, ancestry, place of origin, colour, ethnic origin, citizenship, religion or religious beliefs, creed, sex (including pregnancy and pregnancy-related conditions), sexual orientation, genetic characteristics, veteran status, gender identity, gender expression, age, marital status, family status, disability, or any other ground protected by applicable law.

It is our priority to remove barriers to provide equal access to employment. A Human Resources representative will work with applicants who request a reasonable accommodation during the application process. All information shared during the accommodation request process will be stored and used in a manner that is consistent with applicable laws and Manulife/John Hancock policies. To request a reasonable accommodation in the application process, contact [email protected].

Hybrid