Company
Great Lakes Insurance SE
Location
London, United Kingdom
About Great Lakes Insurance SE:
As specialty provider of primary insurance services in the UK, Great Lakes Insurance SE, UK Branch is a substantial part of our parent, Great Lakes Insurance SE in Munich. Our interlocked business model is to seize opportunities closely connected to the reinsurance core business and innovation opportunities, in our role as an integral part of the Munich Re Group.
Job Purpose:
To further enhance excellence and the service quality within the Great Lakes UK Compliance department to its business stakeholders through the provision of specialist compliance knowledge and expertise, with a particular focus in primary insurance regulation and selected Compliance topics set out under the GLLB and GLLS Compliance Policies and Compliance Management System (CMS) framework.
As a Compliance Manager, your role involves providing specialist knowledge, practical solutions and monitoring of compliance topics, as well as contributing to an overall compliance culture.
The role reports to the UK Head of Compliance.
Key Responsibilities:
* Provide support to the Head of Legal & Compliance to develop, implement and maintain a compliant CMS, ensuring appropriate compliance with all relevant laws and regulations and Group standards.
* Provide support on delivery of the Compliance Plan as approved by the Company Board.
* Assume ownership and take responsibility for specific Compliance topics mentioned in the GLLB and GLLS’ compliance policy and provide advices on these to the business.
* Contribute to the further development of the CMS framework, including the development of new controls, enhancement of existing ones, and identify efficiencies and automatization opportunities.
* Support the development of training materials on a range of compliance topics and the wider regulatory environment.
* Perform compliance monitoring practices for agreed compliance topics, whilst adapting where necessary to the results of business change and projects.
* Monitor business performance on the identification, notification and handling of potential compliance breaches, considering if external regulatory breaches may have occurred and reporting and escalating such instances appropriately.
* Implement group-wide compliance norms, adapt them to GLLB and GLLS’ requirements and monitor the adherence to the policies with respect to selected Compliance topics.
* Perform legal and regulatory change impact analysis of regulatory publications to identify potential risks to the CMS, internal governance, rules and standards.
* Support stakeholders with the on-boarding of prospective new business opportunities, independently risk assess outsourcing exposures and ensure arrangements follow GLLB & GLLS Outsourcing and Third Party service requirements.
* Assist and advise on the Financial Sanctions risk(s) posed across multiple classes of insurance/reinsurance business, ensuring compliance with all internal standards and external legislation.
* Collaborate with second line departments and support annual risk and control assessments and assess the maturity of the CMS framework.
* Support the drafting and preparation of regulatory notifications, reporting and general communications with the regulatory authorities.
* Contribute towards the adjustment of the compliance function in the management of its services across GLLB and GLLS and alignment with the shaping of future internal governance requirements for both entities.
* Plus any additional duties and responsibilities that may reasonably be expected to be undertaken in accordance with the role.
Key Skills and Experience
* Professional experience in a compliance role within financial services.
* Working knowledge of the practices and expectations of the PRA and FCA; European and local legislation & directives, including Solvency II.
* Experience with maintaining an effective Outsourcing framework, preferably around delegated underwriting authorities (MGAs) and multi-layered distribution channels.
* Experience in assessing financial sanctions queries relating to complex (re)insurance coverages and via delegated outsourcing arrangements.
* Excellent understanding of the FCA’s business standards PRIN, SYSC, SUP, COBS, ICOBS, RPPD, PROD, COCON.
* Proven knowledge of the primary insurance regulatory environment including related conduct compliance risks.
* Excellent/good understanding of the compliance requirements for at least two core compliance topics.
* Good knowledge of Financial Crime legislation and experience in AML, sanctions, anti-bribery and fraud.
* Analytical, pragmatic thinker and solution orientated.
* Excellent internal and external stakeholder management.
Qualifications and Educational Requirements:
* Educated to degree level or qualified by experience.
* Professionally qualified as a Chartered Insurer or equivalent qualifications (or making significant progress towards this).
You will be rewarded with a great compensation package, on target bonus, 25 days annual leave with the option to purchase more along with private medical insurance and employers' contributory pension of 10%.
We are one of the few employers to offer fully paid 6months family leave for times when you need it the most.
If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!
All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.
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