Head of Compliance-KSA -Riyadh| Financial Services| Orient Insurance (SA) Full Time

Established in the 1930s as a trading business, Al-Futtaim Group today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United Arab Emirates. Structured into five operating divisions; automotive, financial services, real estate, retail and healthcare; employing more than 35,000 employees across more than 20 countries in the Middle East, Asia and Africa, Al-Futtaim Group partners with over 200 of the world’s most admired and innovative brands. Al-Futtaim Group’s entrepreneurship and relentless customer focus enables the organization to continue to grow and expand; responding to the changing needs of our customers within the societies in which we operate. 

 By upholding our values of respect, excellence, collaboration and integrity; Al-Futtaim Group continues to enrich the lives and aspirations of our customers each and every day.

Job description

 The Head of Compliance is responsible for ensuring that the company operates in full compliance with all applicable legal, regulatory, and ethical standards. This leadership role involves establishing and maintaining effective compliance policies and procedures, fostering a culture of integrity, and mitigating compliance risks. The Head of Compliance will serve as a key advisor to senior management on regulatory matters, ensuring the organization’s continued alignment with industry best practices.

What you will do

Strategic Leadership:

• Develop and implement a compliance strategy and framework aligned with business goals and regulatory requirements, working collaboratively with Legal, Risk Management, Internal Audit, and Operations to integrate compliance across all business functions.

• Lead compliance initiatives to embed a strong compliance culture across the organization.

• Provide strategic guidance to senior management on compliance matters, emerging risks, and regulatory changes.

Policy and Framework Development:

• Develop, update, and enforce compliance policies, procedures, and standards that are tailored to align with the regulatory and cultural environment.

• Ensure that compliance programs address key areas such as anti-money laundering (AML), data protection, customer due diligence (CDD), and other regulatory priorities.

• Conduct periodic reviews of compliance policies to ensure their effectiveness and relevance.

Monitoring and Oversight:

• Oversee compliance monitoring and reporting activities to assess adherence to regulatory and internal standards.

• Conduct risk assessments and gap analyses to identify potential compliance vulnerabilities.

• Ensure the timely and effective resolution of compliance issues and breaches.

Regulatory Engagement:

• Act as the primary point of contact for regulators and external stakeholders on compliance matters.

• Prepare and submit regulatory filings, reports, and disclosures in a timely manner.

• Represent the company during audits, inspections, and inquiries by regulatory authorities.

Training and Awareness:

• Develop and deliver compliance training programs for employees at all levels, promoting awareness of regulatory requirements and ethical standards.

• Ensure employees are informed of new and changing regulations that impact their roles and responsibilities.

Reporting:

• Provide regular compliance reports to senior management, the Board, and the Compliance Committee.

• Highlight significant compliance risks, incidents, and recommended mitigation measures.

Required skills to be successful:

• Comprehensive understanding of compliance frameworks, regulatory requirements, and industry best practices.

• Strong risk assessment and problem-solving skills.

• Excellent interpersonal and communication skills, with the ability to engage effectively with regulators, senior leadership, and employees.

• High ethical standards and the ability to handle sensitive matters with discretion.

• Proficiency in compliance management tools and relevant technology.

Key Performance Indicators (KPIs):

• Adherence to regulatory requirements and reduction in compliance breaches.

• Effectiveness of compliance training programs.

• Timely submission of regulatory reports and filings.

• Stakeholder satisfaction with the compliance function.

• Successful regulatory audits with minimal findings or penalties.

What equips you for the role:

• Education: Bachelor’s degree in Law, Business Administration, Finance, or a related field. A master’s degree or legal qualification is an advantage.

• Certifications: Relevant certifications such as CAMS (Certified Anti-Money Laundering Specialist), CRCM (Certified Regulatory Compliance Manager), or equivalent are preferred.

• Minimum 10 years of experience in compliance, legal, or regulatory roles, with at least 5 years in a leadership capacity.

• Extensive knowledge of insurance regulations and standards in KSA.

Working Days and Hours:

• Working Days : Sunday to Thursday

• Time: 8: 00 AM till 5:00 PM

• Weekends: Friday and Saturday

About Orient Insurance PJSC:

Orient Insurance Company commenced operations in 1982 as a part of the reputed Al-Futtaim Group and has since recorded a progressively steady growth. The Company is counted among the leaders in the UAE insurance market. Orient Insurance Company has a paid-up capital of AED 500 Million which is the highest in the insurance industry in UAE. With head office in Dubai, the company serves its clientele through an extensive branch network in Jebel Ali, Abu Dhabi, Al Ain, Sharjah and Ras Al Khaimah in UAE, Muscat in Sultanate of Oman and Bahrain.

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Al Futtaim Private Company LLC - Custom Search locationMulti:(AE)