Hi, I’m
Irene Cheng
Chief Compliance Officer | Insurance and Takaful
Kuala Lumpur,Malaysia
Summary
Seasoned Compliance Officer with a Bachelor of Laws, instrumental in strengthening the company's compliance framework through standardized reporting methodologies. Successfully established the Shariah Compliance Function, demonstrating success in elevating compliance standards. Recognized leader with accolades from CEO Insight Asia. Focused on promoting ethical conduct and transparency through strategic partnerships with stakeholders and governing bodies, including involvement with Sub Committee 2 of the Joint Committee of Climate Change (JC3).
Experienced with regulatory compliance, policy development, and risk management. Utilizes in-depth knowledge to streamline compliance processes and ensure adherence to legal standards. Track record of implementing robust compliance programs that safeguard organizational integrity.
Overview
18
years of professional experience
Work History
Zurich Insurance MalaysiaKuala Lumpur, Kuala Lumpur
Chief Compliance Officer
05.2019 - 01.2025
Job overview
- In my role as Chief Compliance Officer at Zurich Insurance Malaysia, I led the establishment of an independent Compliance Function, enhancing visibility and capability.
- I am also a member of the Sub Committee 2 of the Joint Committee of Climate Change (JC3) - Governance and Disclosure since the establishment.
- In 2023, I was awarded by CEO Insight Asia as one of the top 10 Compliance Officers in Malaysia.
- I developed and standardized reporting methodologies at Local, Regional, and Group levels, strengthening compliance culture and Shariah Compliance Function.
- As a key member of the APAC Compliance community, I contributed to the company's overall compliance strategy and initiatives.
- Enhanced regulatory compliance by developing and implementing comprehensive policies and procedures.
- Streamlined internal processes for increased efficiency in compliance's risk management and regulatory reporting.
- Led successful audits and examinations, demonstrating the company''s commitment to transparency and accountability.
- Managed training programs to educate employees on essential compliance topics, promoting ethical behavior across the organization.
- Consistently updated knowledge of relevant laws, regulations, standards to ensure continuous alignment with current guidelines.
- Implemented a culture of continuous improvement within the compliance department by regularly reviewing processes, policies, and systems for potential enhancements.
- Actively participated in industry committees or associations for better understanding of trends affecting peers in similar roles.
- Evaluated emerging risks in the industry to proactively address potential challenges and maintain business continuity.
- Implemented robust monitoring systems to identify areas of concern and ensure timely resolution of identified issues.
- Conducted performance reviews against key metrics to evaluate the effectiveness of compliance program and identify any areas requiring attention.
- Leveraged data analytics tools for improved trend identification and risk assessment capabilities within the compliance program.
- Collaborated with legal counsel on matters related to enforcement actions, litigation, or settlement negotiations, protecting company interests.
- Managed a high-performing team of compliance professionals, setting clear expectations and providing ongoing support for career growth.
- Managed financial, operational and human resources to optimize business performance.
- Devised and presented Compliance plans and forecasts to board of directors.
AXA AFFIN Life Insurance
Head Of Compliance
05.2016 - 05.2019
Job overview
- In my role as Head of Compliance at AXA AFFIN Life Insurance in Malaysia, I have successfully implemented and updated various compliance policies and procedures to ensure regulatory adherence and risk mitigation.
- By establishing an independent Compliance Function, I have enhanced reporting structures, reinforced responsibilities, and improved relationships with key stakeholders.
- Collaborated with cross-functional teams to establish clear compliance guidelines and expectations for all departments.
- Reviewed documents, files, transcripts, and other records to assess compliance and potential risk.
- Managed investigations into potential violations of laws or regulations, ensuring swift resolution and corrective actions when necessary.
- Streamlined compliance processes by implementing efficient monitoring systems and tools.
- Enhanced overall business operations by continuously improving policies, procedures, and controls related to compliance requirements.
- Maintained effective working relationships with regulatory authorities, internal and external stakeholders and customers.
- Prepared records and data for regular audits.
- Formulated detailed recommendations based on audit findings to support annual planning and definition of goals.
- Delivered subject matter expertise for internal and external customers on compliance best practices and quality control.
- Monitored emerging trends in regulatory requirements, anticipating potential impacts on the organization''s operations.
- Strengthened company-wide awareness of relevant laws, regulations, and industry standards through targeted trainings, presentations, and ongoing communication efforts.
- Managed compliance efforts and reportings to Management and Board of Directors.
- Succeeded in maintaining a positive relationship with regulators through proactive engagement and timely responses to inquiries.
AmMetlife Takaful
Risk Management
12.2014 - 04.2016
Job overview
- In my role as Head of Risk Management at AmMetlife Takaful, I oversaw the integration process between Metlife and Amlife, streamlining policies and procedures, localizing risk management practices, and strengthening key relationships with stakeholders.
Etiqa Insurance Berhad
Enterprise Risk Management
08.2013 - 08.2014
Job overview
- In my role as Head of ERM at Etiqa Insurance Berhad, I spearheaded the establishment of the Enterprise Risk Management Function.
- I reviewed, updated, and monitored companywide composite risk ratings, ensuring compliance with regulatory expectations and requirements.
- Additionally, I created and implemented standard operating procedures to effectively manage supervisory issues and reporting requirements.
- Collaborated with executive leadership on the development of a robust enterprise risk management monitoring and reporting processes.
- Contributed to the development of enterprise risk management frameworks by collaborating closely with risk managers across the organization.
- Participated in the development of the company''s enterprise risk management framework, assisting with the identification and prioritization of key risks.
- Collaborated with management to develop effective strategies for addressing identified compliance risks and gaps.
HCBC Amanah Takaful
Vice President Compliance
11.2012 - 08.2013
Job overview
- In my role as Compliance Officer, I supported the Head of Compliance among others, in the establishment of an independent Compliance Function, enhancing visibility and capability.
- Identified opportunities to improve business process flows and productivity.
- Ensured regulatory compliance at all times by implementing robust internal controls systems coupled with proactive monitoring mechanisms.
ING Insurance Berhad
Compliance Manager, Enterprise Risk Management
01.2011 - 11.2012
Job overview
- In my role as Compliance Manager, I supported the Department Head in the establishment of an independent Compliance Function, enhancing visibility and capability.
- Maintained effective working relationships with regulatory authorities, internal and external stakeholders and customers.
- Areas of focus includes but not limited to the regulatory compliance, Anti Money Laundering & Counter Financing of Terrorism, Anti-Fraud, Whistleblowing; Privacy - PDPA, FATCA and preparing regular reporting such as Non-Financial Risk Dashboard.
- Played instrumental role in company-wide risk assessment efforts, supporting enhancements in business processes and controls.
- Evaluated customer complaints, processes, and all other aspects of operations to assess compliance.
- Reduced risk exposure for the company by identifying and addressing areas of noncompliance.
Allianz Life Insurance Berhad
Legal & Compliance
01.2007 - 12.2010
Job overview
- In my role as Compliance Officer, I supported the Head of Legal and Compliance in all matters in relations to legal and compliance issue within the organization.
- I am a self-motivated, with a strong sense of personal responsibility.
- Proven ability to learn quickly and adapt to new situations.
- Skilled at working independently and collaboratively in a team environment.
- Passionate about learning and committed to continual improvement.
- Managed time efficiently in order to complete all tasks within deadlines.
- Assisted with day-to-day operations, working efficiently and productively with all team members.
- Worked effectively in fast-paced environments.
- Demonstrated respect, friendliness and willingness to help wherever needed.
- Paid attention to detail while completing assignments.
- Strengthened communication skills through regular interactions with others.
- Adaptable and proficient in learning new concepts quickly and efficiently.
- Organized and detail-oriented with a strong work ethic.
- Resolved problems, improved operations and provided exceptional service.
Education
University of WalesUniversity Of Wales, Cardiff
Bachelor of Laws (LLB) from Law
Skills
Regulatory compliance management
Hobby
I love traveling and it is a form of practical life learning opportunity.
Timeline
Chief Compliance Officer
Zurich Insurance Malaysia
05.2019 - 01.2025
Head Of Compliance
AXA AFFIN Life Insurance
05.2016 - 05.2019
Risk Management
AmMetlife Takaful
12.2014 - 04.2016
Enterprise Risk Management
Etiqa Insurance Berhad
08.2013 - 08.2014
Vice President Compliance
HCBC Amanah Takaful
11.2012 - 08.2013
Compliance Manager, Enterprise Risk Management
ING Insurance Berhad
01.2011 - 11.2012
Legal & Compliance
Allianz Life Insurance Berhad
01.2007 - 12.2010
University of Wales
Bachelor of Laws (LLB) from Law