Compliance Manager

Australian Compliance Institute; Sydney; Hybrid; AUD 150,000 - 210,000; Full time

Job summary

Great Lakes Insurance SE is seeking a Legal & Compliance professional to ensure GLA's direct general insurance operations meet all local regulatory obligations. You will take primary ownership of legal matters under the oversight of the Legal and Compliance Manager, with a reporting line to Germany and local GLA leadership.

The role focuses on implementing the Compliance Framework for Australasia, monitoring obligations, advising on Australian regulations, and coordinating governance and

Qualifications

• 5+ years in legal and compliance for general insurance.
• Law degree with practising certificate, desirable.
• Experience governance of a primary insurance business with compliance background.
• Solid understanding of Australian regulatory requirements for general insurance compliance.
• Strong commercial acumen with a solution-driven mindset.

Responsibilities

• Implement and maintain the Compliance Framework for Australasia.
• Monitor compliance obligations and internal controls performance.
• Monitor Australian legislation, regulations, draft bills and consultation papers.
• Advise on current, proposed and new legislation, prudential standards and ASIC guidelines.
• Represent GLA at industry forums including ICA and AFCA.
• Oversee oversight of Third Party Administrator (TPA) and MGA from a Compliance perspective.
• Oversee staff compliance training including Responsible Manager requirements.
• Produce quarterly Compliance reports for committees and senior management.
• Provide legal advice on development of products, changes to existing products, outsourcing, claims or disputes.
• Review contracts and agreements to protect GLA interests.
• Maintain contract library and litigation register of legal matters.
• Draft and review NDAs, Binding Authority Agreements, and Terms of Broker Agreements.
• Develop the legal framework to manage legal risks.
• Brief external counsel and represent in disputes.
• Support governance arrangements.

Skills

Legal & Compliance

Stakeholder management

English proficiency

German (advantage)

Education

Law degree + practising certificate

Job description

Great Lakes Insurance SE (GL) is an integrated insurance carrier of Munich Re Group. It is a white-label specialty provider and enabler for primary insurance in >100 countries and it enables primary insurance specialty business for Munich Re's Global Specialty Insurance (GSI) and primary insurance opportunities that are connected to the core business of Munich Re reinsurance. Great Lakes Australia (GLA) branch manages the Great Lakes business portfolio in Australia, with a focus on Delegated Authority (DA) business in cooperation with Australian MGAs.

This role responsible for ensuring GLA's direct general insurance operations satisfy all local regulatory compliance obligations and take primary ownership for all legal matters under the oversight of the Legal and Compliance Manager.

The role will report locally into the GLA Legal and Compliance Manager, with an additional functional reporting line into the Head of Legal (Germany).

Your Role

Compliance

• Implement and maintain the Compliance Framework covering the Group's operations in Australasia
• Implement a comprehensive monitoring and supervision program of all compliance obligations and performance of internal controls
• Monitor applicable Australian legislations, regulations, draft bills and consultation papers etc which may have an impact on GLA's business operations
• Provide advice on current, proposed and new legislation, prudential standard and ASIC regulatory guide and requirements including assisting with the development and review of compliance procedures
• Represent GLA at industry forums including the ICA and AFCA
• Co-ordinate GLA's oversight of its Third Party Administrator (TPA) and (Managing General Agent (MGA) from a Compliance perspective
• Oversee GLA's compliance training of staff and representatives including Responsible Manager training requirements to ensure compliance with industry, regulatory and internal educational needs
• Undertake annual compliance plan assessments to ensure design and operational effectiveness of business unit controls
• Produce quarterly Compliance reports for committees and senior management.

Legal

• Provide legal advice to GLA and related group entities in relation to the development of new products, changes to existing products, new business opportunities, outsourcing, claims and customer complaints or disputes
• Review, prepare or advise management on contracts and agreements to ensure GLA's interests are protected and commercial outcomes achieved.
• Maintain GLA's contract library and litigation register of legal arrangements and matters relevant to GLA.
• Draft and review agreements including Non-Disclosure Agreements, Binding Authority Agreements, Terms of Broker Agreements etc to ensure the commercial interests of GLA are protected
• Provide legal advice to management on all aspects of the conduct of GLA's direct and MGA insurance operations and structures in Australia
• Develop the legal framework to ensure legal risks are appropriately identified and managed
• Brief external legal counsel and represent the organisation in legal disputes
• Support in the oversight of GLA's governance arrangements

Your Profile

• 5+ years' Legal and Compliance experience in general insurance
• Legal qualification with a practising certificate, desirable.
• Experience in managing the governance arrangements of a primary insurance business with background in compliance.
• Refined understanding of the Australian regulatory requirements and general insurance compliance obligations
• Strong commercial acumen and business orientation with a solution-driven mindset to problem solving
• Ability to provide strategic and proactive advice to support business decisions
• Excellent stakeholder management skills; experience working with senior stakeholders and executives
• Strong written and oral skills in English, proficient knowledge in German would be advantageous

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