Country Compliance Officer (and MLRO) – Bahrain

Job description

JOB DESCRIPTION

The Company

Willis Towers Watson is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 40,000 employees serving more than 140 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.

The Business

The purpose of this role is to assist the business in the management of compliance in Bahrain, including handling all regulatory requirements of the Central Bank of Bahrain, monitoring regulatory compliance and internal compliance with company policy, training employees and supporting operations with day to day compliance matters.

The Role

Principal Duties/Responsibilities :

Guidance and advice on compliance with applicable laws and internal policies

·  Understand the local regulatory environment. Identify all applicable regulations and ensure procedures are in place to meet those. Develop and maintain an analysis of all applicable laws and regulations including licensing requirements and permissible and prohibited activities, and indicating how Willis ensures compliance with each requirement. Where appropriate develop a local compliance manual.
·  Act as the company Money Laundering Reporting Officer in addition to the company Compliance Officer and fulfil respective duties to the Central Bank of Bahrain.
·  Monitor regulatory developments and report any new or proposed regulation or legislation that may impact Willis to management and Regional Compliance Officer.
·  Identify and assess the compliance risks applicable to the business.
·  Assist the Management in ensuring that all Associates understand the Willis Excellence Model and that local operating procedures incorporate controls to ensure that the principles of the Willis Excellence Model are adhered to.
·  Assist the Management in ensuring that all Associates understand all other applicable Group polices (including Financial Crime, Anti Bribery & Corruption, Conflict Management and Complaint Handling policies and the Sanctions Protocol) and that local operating procedures incorporate controls to ensure compliance with all other Group policies.
·  Maintain records of all WEM templates and checklists. Maintain a written record of all WEM advice and exceptions granted.
·  Maintain records of all Third Party Producers to the business, track compliance with the requirements of the Anti-Bribery & Corruption policy, undertake payment reviews.
·  Provide guidance and advice, and where approve any changes to operating procedures and provide input into the development of new procedures resulting from new product developments and initiatives (eg Shaping Our Future Marketing, Willplace, Willis Commercial Network).
·  Provide guidance and advice to management in developing awareness of the need to adhere to the highest business conduct and ethical standards in relation to business activities.
·  Discuss promptly with management and Regional Compliance Officer any problems or concerns of a regulatory or compliance nature and agree the corrective action to be taken including responsibility, timelines and review date.

Training
·  Work with local management to ensure clear communication and understanding of all Willis policies and procedures and other regulatory information, and how these are addressed by local operating procedures.
·  Provide training on local regulatory requirements and Group policies including financial crime, Anti Bribery & Corruption, sanctions, managing conflicts of interests, and the Willis Client Bill of Rights and Global Policy Manual.
·  Ensure that all required training is completed and adequate records maintained.

Monitoring
·  Analyse completed self assessment file reviews, final inspections reports, internal audit reports, external audit reports, licensing authority examinations and other performance data to identify, weaknesses in internal controls and training needs. Recommend actions, if any, to be taken including responsibility and review date.
·  Report to Group Compliance and assist in the investigation of any suspected, alleged or actual breaches of legal or regulatory requirements or internal compliance policies and standards, and ensure that any established breach is appropriately resolved including corrective actions, responsibility, timelines and review date.
·  Monitor the Willis Gifts Policy, provide guidance on interpretations, provide training to Associates, and report any issues to Management and the Regional Compliance Officer. Maintain records of all gift queries and responses.
·  Develop corrective action plans and track implementation status. Identify and communicate additional action required by senior management where persistent issues are noted within the region.
·  Support completion of quarterly Controls Risk Self-Assessment.
·  Ensure that advertising and research material is reviewed from a regulatory compliance and reputational risk viewpoint with issues discussed with Group Compliance as required.
·  Monitor compliance will local regulatory requirements through the development of an annual formal review process appropriate for the business. Report to management and the Regional Compliance Officer all review findings. Develop corrective action plans and track implementation status.

Assist with Legal Issues
·  Act as the Legal Liaison with Group Legal in relation to legal matters arising and under the guidance of Group Legal deal with NDAs, Business Introducer agreements, SLAs etc. Maintain the legal agreements of the business.
·  Roll out revisions from time to time of the International TOBA and client fee agreements.

Reporting
·  Provide regular reports to Management and to the Regional Compliance Officer covering:
·  Actions taken to manage compliance risks
·  Serious or persistent compliance issues
·  Results of monitoring activity, including self-assessment file reviews
·  Results of internal or external audits and other compliance inspections
·  Regulatory developments and breaches
·  Other relevant matters

The Requirements

Qualifications: Degree level education.

Skills: Strong, clear communication; Personal confidence; IT Literate – knowledge of Microsoft packages.

Knowledge/Experience: Prior compliance experience preferred – financial crime and regulatory compliance experience desirable. Knowledge of insurance broking useful.