Head of Compliance I KSA I Financial Services I Orient Insurance PJSC

Job Requisition ID: 177138 

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 establishing, leading, and maintaining an effective compliance framework to ensure the organization adheres to all applicable laws, regulations, and internal policies. The role plays a critical part in safeguarding the company’s integrity, particularly in alignment with Saudi insurance regulations and governance standards.

What you will do 

1. Compliance Strategy & Leadership

• Develop and implement the company’s compliance strategy and annual compliance plan.
• Lead and manage the compliance function, ensuring adequate resources and expertise.
• Promote a strong compliance culture across the organization.
• Report functionally to the Board/Audit Committee and administratively to senior management.

2. Regulatory Compliance

• Ensure adherence to regulations issued by Saudi Central Bank and other relevant authorities.
• Monitor regulatory changes and assess their impact on the business.
• Act as the primary point of contact with regulators.

3. Policy & Procedure Governance

• Develop, review, and update compliance policies and procedures.
• Ensure policies are aligned with local laws, including insurance and corporate governance regulations.
• Oversee implementation across all departments.

4. Risk & Compliance Monitoring

• Establish compliance monitoring programs and conduct regular reviews.
• Identify and assess compliance risks across underwriting, claims, sales, and operations.
• Ensure timely reporting and remediation of compliance issues.

5. Anti-Money Laundering (AML) & Financial Crime

• Oversee AML/CTF framework in line with Saudi regulations.
• Ensure effective Know Your Customer (KYC) processes.
• Investigate suspicious activities and report to relevant authorities when required.

6. Training & Awareness

• Develop and deliver compliance training programs for employees.
• Increase awareness of regulatory requirements and ethical standards.

7. Reporting & Advisory

• Provide regular compliance reports to senior management and the Board.
• Advise business units on regulatory matters and compliance risks.
• Support business initiatives by ensuring compliance requirements are embedded early.

8. Investigations & Ethics

• Lead internal investigations related to compliance breaches.
• Oversee whistleblowing mechanisms and ensure confidentiality and protection.

Required Skills to be successful

• Bachelor’s degree in Law, Finance, Business Administration, or related field (Master’s preferred).
• Professional certifications such as CAMS, CRCM, ICA Diploma, or equivalent are preferred.
• Minimum 10+ years of experience in compliance, with strong exposure to the insurance industry.
• At least 5 years in a leadership role within Saudi Arabia.
• Strong knowledge of Saudi regulatory frameworks, especially insurance and financial services.

What equips you for the role

• Strong knowledge of regulatory compliance and governance frameworks.
• Leadership and stakeholder management skills.
• High ethical standards and integrity.
• Excellent analytical and risk assessment capabilities.
• Strong communication and influencing skills.
• Ability to manage regulatory relationships effectively

Key Relationships

• Board of Directors
• Audit Committee / Risk Committee
• Senior Management
• Regulatory Authorities (e.g., Saudi Central Bank)
• External Auditors

Performance Indicators (KPIs)

• Compliance with regulatory requirements
• Timely submission of regulatory reports
• Number and severity of compliance breaches
• Effectiveness of compliance monitoring programs
• Training completion rates
• Regulatory inspection outcomes

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, Riyadh in Kingdom of Saudi Arabia and Bahrain.