Yee Ling (Elynn) Chai

Key Achievements

• Best Employee Award 2024 (AXA XL Australia)
• AXA XL Global Legal & Compliance Recognition Award nomination 2024

Responsibilities

• Liaise with the Line 2 Risk team to provide second line defence oversight in Risk and Compliance matters.
• Proactively communicate regulatory changes to the business and lead adjustments to local compliance processes, such as APRA Prudential Standard CPS 511 and the upcoming CPS 230.
• Provide guidance on compliance inquiries related to Financial Crime, Data Privacy, and Licensing.
• Support assessment reviews mandated by regulators, such as APRA Prudential Standard CPS 234.
• Collaborate with local Working Groups to support projects and business development initiatives, including implementing a Governance Risk and Compliance system.
• Serve as a committee member on various internal committees, including the Delegated Governance Committee for onboarding Coverholders and Third Party Authority, the Risk Monitoring Committee, and the APAC Compliance team, as well as participating in external organisations like the Insurance Council of Australia.
• Provide the business with the latest legal and regulatory updates on topics such as AI and Sustainability.
• Conduct compliance and data privacy assessments for projects and organise training to enhance regulatory awareness, including the annual legal and compliance training session.
• Ensure effective internal controls through ongoing monitoring and manage incidents and breaches.
• Handle regulatory submissions and assist in preparing for meetings with regulators, such as APRA Prudential meetings.
• Oversee licensing management and policy reviews.
• Report to the local and divisional Senior Management Team, including preparing monthly compliance reports.
• Review contracts with third-party service providers to ensure compliance with internal and external requirements.

Key achievements

• Stepped up into a lead role to support a new manager and provide guidance to new team members during a structural change within the team.
• Utilised stakeholder engagement skills to lead cross-functional business areas to deliver critical compliance activities during a time of limited resourcing by facilitating an open and accessible environment.
• Proactively managed incident and issues to ensure compliance with RG78 - ASIC new breach reporting regime. Facilitated workshops, updated policies to raise incident management awareness and re-inforced the importance of reporting obligations, resulting in a reduction of open aged incidents by 50% within the first 10 days of the initiative.
• Identified and resolved a number of compliance issues within a short period after joining the organisation.

Responsibilities

• Liaised with different business areas, such as Claims, Quality Assurance, L1 Risk and Legal teams in responding to LCCC, APRA and ASIC investigations within the required regulatory timeframe.
• Maintained independence as Line 2 function and collaborated with L1 and L2 Risk teams to manage business controls in Governance, Risk and Compliance system.
• Assisted in Policies and Frameworks management, including reviewing, developing and ensuring the implementation of Incident, Issue and Breach Management Policy and Procedure and Compliance Management Framework.
• Facilitated the implementation of Responsible Manager Framework within the organisation and organised monthly forums to support the Responsible Managers in carrying out their roles and responsibilities.
• Monitored, communicated and implemented regulatory changes that impacted businesses such as RG 78 to both internal and external stakeholders such as Team leaders and Superannuation Trustee.
• Developed and delivered mandatory training programs and modules to provide compliance information to new and current employees.
• Nominated representative at various Financial Services Council's working groups including Life Regulatory Affairs, Life Code Compliance and Privacy.
• Reported current and emerging risks and communicated regulatory response progress to Executive members on a weekly basis.
• Monitored compliance of Life Code of Practice (LICOP) and managed relationships with Life Code Compliance Committee (LCCC).
• Facilitated monthly Risk Committee and quarterly Board meetings, including the preparation of risk reports for the Chief Risk Officer.
• Coordinated and completed data submissions to Regulators such as APRA and ASIC.
• Monitored and managed Licensing requirements, including Australian Financial Services Licence and Australian Credit Licence - successfully renewed 2 Annual Compliance Certificates
• Actively supported business areas in projects that involved regulatory change activities.
• Acted as Committee in weekly Incident Review Groups to review incidents, referring any breaches to the Breach Committee for determination and ensuring remediation tasks were monitored.
• Successfully completed an average of 2 Privacy Impact Assessments per month.
• Maintained and updated registers such as Delegations of Authority, Gifts & Entertainment and Conflict of Interests.

Key achievements

• Successfully supported the organisation in the implementation and adoption of a new technology system.

Responsibilities

• Successfully completed the data cleansing phase for the migration of the core technology system. This was a crucial task to ensure the integrity and accuracy of the data as it was being used for reporting and billing purposes.
• Supported the Project Management team in verifying and updating existing data by communicating with both internal and external stakeholders.
• Assisted the Finance team in developing a policies and procedures document to guide the employees in using the new systems.
• Developed and maintained Excel template spreadsheets for easy tracking of information.

Key achievements

• Negotiated a number of successful settlement agreements with claimants which saved the organisation at least $800,000 of litigation costs, whilst maintaining the company's reputation and ensuring customer satisfaction.
• Successfully defended the company against 5 invalid or unsustainable claims which saved the company of approximately $500,000.

Responsibilities

• Identified and evaluated risks faced by the business, including risks of non-compliance with Financial Services laws and Insurance Code of Practice.
• Implemented initiatives for ongoing development such as revising policy wording and product disclosure statements to meet the latest requirements of the compliance framework.
• Provided training to Customer Service and Business Developer Managers to facilitate understanding of policy coverages, ensuring that the Operations team complied with management systems, policies and procedures.
• Responsible for responding to the Ombudsman such as AFCA in relation to customer complaints and/potential breaches of regulations.
• Engaged with external counsel for litigation disputes.
• Collaborated with the Finance team to satisfy all audit requirements.
• Maintained the Claim Status Report, Complaints Register and Financial spreadsheet for presentation to internal stakeholders on a monthly basis to assist with business strategic decision making.

Key achievements

• Successfully completed numerous property settlements, including a simultaneous settlement that involved the sale of a residential home and purchase of a unit in a retirement village.

Responsibilities

• Prepared and reviewed:

a) contracts for sale and purchase of land

b) mortgage documents and

c) lease and agency agreements.

Key achievements

• Managed high volume off-the-plan development projects for approximately 15 projects simultaneously for developers such as Lendlease, SETIA and Oliver Hume.

Responsibilities

• Gathered and analysed sales transactions to prepare sales reports for presentation to developer clients on a weekly basis.
• Liaised with clients, banks, brokers and other parties to calculate settlement figures.
• Prepared transfer documents, stamp duty forms and settlement packages.

Key achievements

• Successfully completed property settlement on PEXA with approximately 15 settlements per month.

Responsibilities

• Successfully prepared/reviewed Contracts for sale and purchase of residential and commercial properties.
• Prepared all documentation to facilitate the transfer of property.
• Drafted letter of advice to advise clients on matters concerning property transactions such as capital gains tax, land tax, GST and stamp duty
• Ensured clients were updated throughout the conveyancing process.
• Liaised with Lenders and Mortgage Brokers to complete transaction details.
• Liaised with government entities such as State Revenue Office, Australia Taxation Office and Land Title Offices in relation to stamp duty lodgement, company and land title registration.