Lead, Operations Governance

at  Prudential Plc

Prudential’s purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people’s career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.

Qualification & Experience

• More than 10 years of experience in performing risk assessment of life and health products as well as deliver quality risk for different business and customer segments.
• Compliance, Audits and/or Governance experiences would be an advantage

Requirements

• Passion for change and continual improvement and ability to effectively lead/drive change
• Demonstrated ability in balancing business risk vis a vis efficiency and upholding FAIR guidelines to customers
• Strong knowledge of the principles Life & health insurance, risk and governance
• Versatile, self -motivated, persistent and action oriented
• Ability to work strategically and collaboratively with internal and external partners
• Strong interpersonal and communication skills

ROLE PURPOSE:

• To role requires the individual to assist the Head of Operations Governance in establishing an independent function dedicated to strengthening operational resilience across insurance operations, namely new business underwriting, issuance, policy administration, panel management, third party recovery and claims processing & adjudication.
• To support the Head of Operations Governance by (i) undertaking risk control oversight, (ii) providing independent quality checks, root cause and trend analysis on the effectiveness of operations governance, management and process controls, and (iii) increase overall risk alertness of the Operations Division.
• Together with the Head of Operations Governance work closely with different stakeholders across the organization such as Operations Risk Management, Groupwide Internal Audit, HOD of all Business Units (BUs) in Operations as well as external auditors and regulators to ensure sustainability in governance initiatives and sharing of best practices to optimize checks & controls, enhance quality of processes, prevent/contain losses from process leakages/potential fraud, avoid litigation/material complaints and provide up-stream insights.

ROLE DUTIES & RESPONSIBILITIES:

The Operations Governance Lead is accountable and responsible for:

• the day to day operations of the department and provide leadership in safeguarding accountability, fairness and transparency
• execution of the Operations Governance framework, maintain, update and monitor compliance adherence to ethical standards, best practices and regulatory requirements in safeguarding and protecting stakeholders’ interests
• execution of the Quality Checking (QC) framework and ensure regular review of relevance, perform regular QA of all transaction types processed by PACS, including STP cases, high risk & exception listing generated from AI analytics model, SOPs review and reporting to relevant stakeholders for findings with financial losses above stipulated threshold
• support the Head of Operations Governance in the organizing regular AI analytics review forums as part of continuous improvement to discuss performance metrics (such as KPIs, ‘red flag’ indicators), review and refresh improvement roadmap and update watchlist with rational e.g. FCs and/or customers

obtain, assess evidence and work closely with relevant stakeholders on compliance and/or business conduct breaches

• work with respective Head of BUs in reviewing system changes/business rules to improve AI data analytics for QA sample selection on risk based and identifying outliers/exceptions transaction
• active management of suspicious / fraudulent transactions/activities including and not limited to fraud involving internal stakeholders, financial consultant (FC), staff, business partners etc and formulate/implement robust actions plans to prevent future occurrence
• ensure active management of outliers alerted through data analytics on high frequency of single processor, customer, FC and external provider etc. and certify continuous review of relevance and effectiveness
• identify gaps and formulate training areas to internal stakeholders/staff to address any gaps with adverse impact to risk management
• recommend revision of SOPs to strengthen/tighten controls and gaps in processes
• notification of any relevant outsourcing arrangements on processing to external party(ies)
• support the Head of Operations Governance in the reporting of monthly management information (MI) required by the respective Committees/Board
• Build strong partnership with the Enterprise Risk Management & Compliance functions to work hand-in-hand in identifying and managing risks.
• Report incidents / compliance breaches in a timely manner and provide updates on the reported incidents/breaches to local Authorities, PCA, Board of Directors/Committees.

Support the Head of Operations Governance in the formulation of training programs designed based on QA findings to up-lift quality control, reducing errors and ensuring adherence to guidelines and stipulated SOPs.

Qualification & Experience

• More than 10 years of experience in performing risk assessment of life and health products as well as deliver quality risk for different business and customer segments.
• Compliance, Audits and/or Governance experiences would be an advantage.

Requirements

• Passion for change and continual improvement and ability to effectively lead/drive change
• Demonstrated ability in balancing business risk vis a vis efficiency and upholding FAIR guidelines to customers
• Strong knowledge of the principles Life & health insurance, risk and governance
• Versatile, self -motivated, persistent and action oriented
• Ability to work strategically and collaboratively with internal and external partners
• Strong interpersonal and communication skills.

Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time / fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.