Chief Compliance Officer, Hong Kong & Macau

Job Summary:

Reporting to the Asia Chief Compliance Officer (“Asia CCO"), with a matrix reporting line to the Hong Kong & Macau General Counsel, this role is responsible for all aspects of Manulife (International) Limited’s (“the entity”) Regulatory Compliance Program, including, but not limited to, compliance advisory; compliance oversight, 2nd line of defence monitoring and testing; strategic planning; and delivery of other compliance initiatives as required or designed to ensure that Hong Kong and Macau’s insurance business initiatives and projects comply with applicable requirements. This role also has second line compliance oversight responsibility for the distribution of Mandatory Provident Fund (MPF) products through MIL distribution channels.

These programs are designed to promote compliance with regulatory obligations, the Manulife Financial Corporation (MFC) Code of Business Conduct and Ethics, and to assist in making various Business Units within the entity aware of the laws and regulations that affect them, and the risks associated with failing to comply.

The Chief Compliance Officer (“CCO") is also responsible for reporting on the Regulatory Compliance Program to the entity’s Board of Directors, including the results of assessments and internal monitoring activities and on any material compliance issues related to MIL’s insurance business. The CCO has access to full and complete information throughout the entity, and may communicate directly with the Board as appropriate (“unfettered access”), either through presentations at scheduled board meetings, or as required and at the CCO’s sole discretion.

The role requires the CCO (or his/her delegate) to be a participant of selected local management committees that have mandates related to the oversight, monitoring and control of compliance or regulatory risk. This includes but is not limited to at least ex officio membership on the following entity-level Committees:

Risk Management Committee; Distribution and Sales Risk Committee; Product Approval Committee; Experience Monitoring Committee; and Customer Complaint Monitoring Meeting; as well as Any other Committees with a Compliance or Government Relations focus.

Responsibilities:

• Responsible for the overall leadership of the Regulatory Compliance Management (RCM) Program for Manulife (International) Limited, covering all the compliance program areas including: anti-money laundering and anti-terrorist financing; anti-bribery and corruption; FATCA, OECD Common Reporting Standard; sanctions compliance; fraud prevention; privacy; distribution compliance (including 2nd line oversight of distributor conduct and cross border sales compliance), regulatory change management, customer fair dealing, sales and marketing material reviews, regulatory inspections, compliance training, and implementing Manulife’s legislative and regulatory compliance management framework within the entity.

This includes, but is not limited to: -

Defining the applicability of existing and emerging regulatory compliance requirements to the various department(s)/function(s) within the entity, and ensuring that the 1st line takes appropriate steps to meet these regulatory requirements, including by providing advice, 2nd level oversight and testing, and escalating issues to entity senior management where required.

• Overseeing and monitoring the implementation of the RCM program for the entity, including ensuring robust processes for identifying, preventing, detecting, and correcting non-compliance with applicable laws and regulations.
• Ensuring that regulatory risks are managed and that effective regulatory compliance management controls and process, including compliance policies and procedures, are in place to comply with local regulatory requirements and global standards.
• Ensuring the effectiveness of the overall program is regularly monitored and assessed and that it continues to meet the needs of the entity and its regulator(s). This includes both:
• Overseeing the development and execution of Segment and Market-level 2nd line control testing programs to provide reasonable, risk-based assurance that the 1st line has implemented suitable controls to address critical compliance risks and that those controls are operating effectively; and
• Reviewing and evaluating the testing, monitoring and assessment completed by other second line of defence control functions and Line 1B.
• Managing and/or coordinating the entity’s interaction with the Insurance Authority of Hong Kong, Monetary Authority of Macao (AMCM) and local insurance industry association(s) on compliance issues, including examinations, inspections and reviews by competent authorities.  This role also needs to communicate with the Securities and Futures Commission on ILAS product approval and marketing material submission; and to the Mandatory Provident Fund Schemes Authority on the supervision of MPF Intermediaries.
• Directing the development of compliance awareness and training programs so that entity employees and management are knowledgeable of the Regulatory Compliance Management program, and other key compliance requirements, and that they are aware of their responsibility to report compliance breaches and issues, suspected fraud and other ethical breaches and improprieties, without fear of retaliation. Additionally, works closely with senior management to embed a strong compliance culture and set the tone from the top for all entity officers and employees.
• Develops the annual Compliance Work Plan which lists the entity’s Compliance priorities, targets and required resourcing for the coming fiscal year, along with measurable targets against which reporting can be carried out. Also, revises the compliance plan as appropriate in light of changes.
• Provides compliance guidance and advice to the entity on new projects/initiatives, new product development process, agency compensation, disciplinary processes, compliance with new regulatory requirements and other significant issues.
• Prepares clear and concise compliance reports to the Board, senior management and Asia Segment Compliance.
• Escalates significant compliance issues to the Asia CCO, entity General Counsel and the entity Chief Executive Officer in a timely manner.
• Ensures that Manulife (International) Limited’s compliance requirements, controls, testing outcomes, issues, and Corrective Action Plans (CAPs) are accurately, fulsomely, and promptly recorded (for example, using Manulife’s Archer Database) for remediation and tracking purposes, and that processes for managing CAPs throughout their lifecycle are robust.
• Manages the local Compliance function efficiently, including ensuring that it is adequately resourced in terms of both appropriately skilled and experienced staff, and that budget and resources are appropriate.

Job Requirements (Education, Experience, Knowledge, Skills and Competencies):

• Independent mindset consistent with OSFI’s expectations that the compliance function will have and demonstrate the authority to carry out its functions independently
• At least 15 years of compliance, legal and/or audit experience in financial institutions.
• Expert-level regulatory knowledge, as well as a strong sense of the broader legal, regulatory and reputational frameworks applicable to a global financial company.
• Strong commitment to diversity, equity, and inclusion, and takes pride in building a Compliance team that brings together diversity of thoughts, perspectives and expression. 
• Professional designation (LLB, LLM, CA or other) a definite advantage.
• Certification of Compliance competencies is an advantage.
• Strong English and Chinese spoken and written language skills.
• Strong people leadership skills and the ability to lead a successful Compliance team.
• Excellent oral and written communication skills, and the ability to communicate and influence at all levels of the entity, including senior management, and with regulators.
• Recognized as a senior decision-maker on very complex compliance issues and projects.
• Understanding of regulatory requirements and compliance issues that impact the entity.
• Ability to manage relationship with senior management and to manage the inherent conflicts that can exist between compliance and business objectives.

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 hr@manulife.com.

Hybrid