Assistant Manager – Partnership Distribution Compensation Payment

3 weeks ago

Kuala Lumpur, Malaysia Prudential plc Full time

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.

Partnership Distribution Compensation and benefits is a key function within the Support function of PruBSN, covering the Bankatakaful partners, Islamic Financial Advisor (IFA), Corporate Group and Broker distribution channels. It provides the infrastructure upon which efficient payment/collection related services and accounting for compensation are provided to stakeholders, including Partnership Distribution channels, PBTB Finance, Bank partners, Islamic Financial Advisors, Corporate agents.

Key role and responsibility of the incumbent includes Banca partners, IFA, Corporate Agents compensation payment and GL related BAU matters, risk and governance of the operating processes within the department and implementation of key controls for identified areas. He/she is expected to demonstrate strong business acumen of the Insurance/Takaful industry whilst providing strategic direction to the department. A key requirement is good understanding of Partnership Distribution compensation structure (including Balance Scorecard), Takaful guidelines (MTA and Shariah Compliance) and other Regulatory guidelines, to ensure strategic initiatives undertaken are reinforced by implementations that are in adherence to key legislations.

The incumbent is also expected to demonstrate good networking ability whilst promoting a culture of collaboration, as the department is expected to work with various key functions in the Company. Given the evolving nature of technology in financial industry, continuous development is expected to ensure strategies are developed to keep the Company ahead of the curve in terms of service support the Partnership, IFA and Corporate Group distribution channels compensation.

1. Partnership Distribution commission and marketing expenses payment and accounting

Develop and implement key controls in bancatakaful commission cycle

Develop good operational procedures for commission/compensation management including standard operating procedures

Strong understanding of Bancatakaful, IFA, Group Business compensation & benefits business rules in terms of commission payment

Development and enhancement of the Distribution Channels Management Systems on commission and marketing expenses payment function

Involve in Bancatakaful commission related new and existing initiatives

Support new product development in regards to ensure business requirement, functional and UAT for Partnership Distributions are sign-off on timely, accurately and completely i.e. compensation packages payout process which inclusive of Basic Commission, BSC to ensure key finance/accounting related requirements are met

Ensure various Partnership Distribution team related projects in regards to compensation packages payout are timely, accurate, complete recorded in Finance GL

Participation for year end commission verification to ensure the computation of commission by system is correct

Proactive support Finance related initiatives such as IFRS 17, e-invoicing, SST implementation on areas related to commission and marketing expense

Ensure commission payout is accurate and timely

Ensure all accounting journals to be booked into Sun GL according to Finance cut off date T+2

Maintain an efficient and effectiveness of commission management i.e. commission control by monitor and ensure monthly financial closing within T+2

To perform reconciliation check on payout file including BSC KPIs

To ensure submission of Income tax - CP58 to the affected bank partners, IFA, corporate agents channels and IRB by relevant cut off date

To perform reconciliation check on marketing expenses payout

To update SOP Banca compensation payout

To follow-up all IT incident reported on partnership distribution commission payments and GL related matter

2. Development of analytics

Develop analytics on Bancatakaful, IFA, Corporate Agents compensation and benefits, providing the basis for key management decisions.

Develop Partnership Distribution Channels in regards to commission and marketing expenses analysis for management use

Support on existing forecast, projection, budgeting and business plan on commission related transaction, both local and regional reporting processes

3. Compliance to regulatory requirement

Develop good operational procedures for regulatory reporting requirements.

Ensure existing/new regulatory guidelines in terms of compensation and benefits management are adhered to

4. Risk management and procedures

Help establish and/or maintain risk management practices within the Bancatakaful. IFA, Corporate Agents payment, in line with the various risk and compliance guidelines

Actively manage processes to ensure adherence with regulatory guidelines.

5. Other ad-hoc activities deemed necessary to support Partnership Distribution division

As and when required, the candidate may be required to provide support to other functions within the Partnership Distribution/IFA/Corporate Group (non Agency Distribution related) division.

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