Compliance Assistant

Ascot Group; Greater London; On-site; GBP 60,000 - 90,000; Full time

Job summary

Ascot Group in the United Kingdom is seeking a Compliance professional to help implement the Compliance Framework across UK, Bermuda and Guernsey, and assist with the annual Compliance Plan.

You will collaborate with internal teams to update policies, procedures, and controls, perform monitoring and horizon scanning, and support regulatory reporting to Lloyd’s, PRA, FCA, BMA and GFSC. The role emphasizes integrity, proactivity and risk management within Ascot’s One Ascot culture.

Responsibilities

• Confirming systems and controls are in place to ensure Ascot's operations in the UK, Bermuda and Guernsey are compliant with Lloyd's, LIC, PRA, FCA, BMA, GFSC and other regulators' requirements.
• Working with the Compliance Team to support, understand and advise the business in a proactive, open, timely and transparent manner.
• Keeping abreast of regulatory activity across jurisdictions, ensuring all areas meet applicable requirements.
• Reviewing policies, procedures and systems to ensure efficiency and effectiveness.
• Completing internal logs, updating regulatory diary and carrying out administrative tasks.
• Assisting with the design and execution of the annual Compliance Plan and providing regular updates to the Compliance Manager.
• Embedding the Compliance Framework and related systems and controls.
• Providing regular progress updates against the annual plan.
• Assisting with Compliance Monitoring, providing assurance on key risks across various areas.
• Contributing to Horizon Scanning with logs, reports and gap analyses.
• Carrying out SM&CR requirements including drafting the framework and management map updates.
• Drafting governance papers for Board, Committee and other governance bodies.
• Ensuring LIC's Operating Model is complied with and coordinating risk reviews.
• Overseeing Lloyd's Timetable and FCA Returns calendar to ensure timely submissions.
• Maintaining EC compliance via ELR upkeep and related audits.
• Ensuring training on compliance matters is in place and kept up to date.
• Providing support on Compliance projects with cross-functional teams.
• Drafting/updating underwriting authority templates and handling renewals.
• Cooperating with Financial Crime to meet sanction and crime legislation.
• Collaborating with Conduct & Complaints to uphold consumer duties.
• Attending regulatory change seminars and market forums as required.
• Promoting a culture of proactive compliance and strong stakeholder relationships across Ascot.

Job description

Job Description

This is an opportunity to join Ascot Group - one of the world’s preeminent specialty risk underwriting organizations.

This is an opportunity to join Ascot Group - one of the world’s preeminent specialty risk underwriting organizations.

Designed as a modern-era company operating through an ecosystem of interconnected global operating platforms, we’re bound by a common mission and purpose: One Ascot. Our greatest strength is a talented team who flourish in a collaborative, inclusive, and entrepreneurial culture, steeped in underwriting excellence, integrity, and a passion to find a better way, The Ascot Way.

The Ascot Way guides our people and our organization. Our underwriting platforms collaborate to find creative ways to deploy our capital in a true cross-product and cross-platform approach. These platforms work as one, deploying our capital creatively through our unique Fusion Model: Client Centric, Risk Centric, Technology Centric.

Built to be resilient, Ascot maximizes client financial security while delivering bespoke products and world class service — both pre- and post-claims. Ascot exists to solve for our clients’ brightest tomorrow, through agility, collaboration, resilience, and discipline.

Job Purpose

To work closely with the Compliance Function in implementing the Compliance Framework, execute the annual Compliance Plan, and assist with related compliance activities within the Ascot Group, comprising of Ascot Underwriting Limited ("AUL"), Ascot Bermuda Limited ("ABL"), Ascot Underwriting Bermuda Limited ("AUBL"), Ascot Insurance Guernsey Limited ("AIGL") and Ascot Group Limited ("AGL").

Assisting the Function in providing regulatory and compliance advice across the Group companies, updating related policies, procedures, processes and controls on regular intervals. Collaborating closely with internal stakeholders and departments across the Ascot Group to complete compliance workstreams in a positive, efficient and timely manner.

Detailed Duties

Compliance Framework

• Confirming systems and controls are in place to ensure Ascot’s operations in the UK, Bermuda and Guernsey are compliant with the regulations or requirements from: Lloyd’s of London ("Lloyd’s");Lloyd’s Insurance Company ("LIC");The Prudential Regulatory Authority ("PRA");The Financial Conduct Authority ("FCA");The Bermudan Monetary Authority ("BMA");Guernsey Financial Services Commission ("GFSC");and Other regulators’ requirements.
• Working with the Compliance Team to support, understand and advise the business in a proactive, open, timely and transparent manner, balancing regulatory and commercial requirements.
• Keeping abreast of all regulatory activity across relevant jurisdictions, making sure all areas of the business meet applicable regulatory requirements.
• Reviewing policies, procedures and associated systems and controls to ensure they are working efficiently and effectively.
• Completing internal logs, updating regulatory diary and carrying out requisite administrative tasks.

Compliance Plan

• Assisting with the design and execution of the annual Compliance Plan and providing regular updates to the Compliance Manager about its progress.
• Assisting with embedding the Compliance Framework and all relevant systems and controls.
• Providing regular updates about progress against the annual Compliance Plan.

Compliance Monitoring

• Assisting with Compliance Monitoring, providing assurance and ongoing reporting of key compliance and business risks on a range of issues including: New broker applications and adherence to credit limits;Licensing restrictions and international trading requirements;Underwriting authority control and monitoring framework;and Other areas as required.

Horizon Scanning

• Contributing to Horizon Scanning activities with support from the wider Compliance Team, including: Completing horizon scanning logs and related reports;Assisting with gap and impact analysis;and Working with the Function to implement new regulations and requirements in a timely, effective and pragmatic manner.

SM&CR Framework

• Assisting with carrying out the requirements under SM&CR regulations including: Drafting and maintaining Ascot’s SM&CR framework;Maintaining updates to the Management Responsibilities Map;and Assisting with handling applications to Lloyd’s, the PRA and the FCA, as required.

Reporting And Governance

• Assisting with drafting appropriate Board, Committee or other governance papers for: Compliance Team Meetings;AUL Board;AUL Risk Committee;AUL Executive Committee;or ABL Executive Committee;Any other Board, Committee, governance bodies or meetings as required.

Lic

• Ensuring LIC’s Operating Modelis complied with, including: Supporting the LIC RD to carry out a monthly file review of LIC risks to monitor if the underwriters comply with the requirements of the LIC Underwriting playbook;Notifying and recording underwriting and process breaches;and Working closely with the Underwriting Teams, Secondees and non-secondees to undertake any remediation activities.

FCA And Lloyd’s Returns

• Ensuring relevant regulatory deadlines are entered within Ascot’s Regulatory Diary system and monitored periodically.
• Overseeing the Lloyd’s Business Timetable and FCA Returns Calendar to ensure any regulatory returns are completed and submitted in a timely and accurate manner.

Employers Liability Register ("ELR") Maintenance & Audit

• Acting as primary Compliance Team lead by ensuring Ascot’s ELR is up-to-date and reconciled with valid policy and claims.
• Overseeing and assisting with the annual ELR audit, including: Co-ordinating with external auditors;l Liaising with Operations and any other internal teams;and Overseeing and managing any associated remediation.

Training

• Ensuring that training and development regarding compliance matters is in place for all Ascot staff and adhered to.
• Reviewing and updating the content of training courses to ensure they are in-line with regulatory requirements.

Compliance Projects

• Provide support and input on Compliance projects working with cross functional teams and Group companies as determined by the Senior Compliance Manager or Head of Compliance.

Compliance

• Drafting new / updating existing underwriting authority templates for underwriters and completing the annual renewal process.

Financial Crime

• Where required working closely with the Financial Crime Team to help ensure Ascot remains compliant with all appropriate sanction and financial crime legislation.

Conduct & Complaints

• Where required working closely with the Conduct & Complaints Team to help ensure Ascot adheres to all relevant conduct risk and consumer duty requirements and continues to place needs of the customer at the heart of Ascot’s business.

Other

• Attending regulatory and legislative change-related seminars, webinars, conferences, and market forums if and when required.

Culture

• Supporting the promotion and development of a culture of proactive compliance within Ascot.
• Proactively engaging with the business to support and enable growth in a compliant manner across underwriting divisions.
• Supporting the development of an open and cooperative relationship with Lloyd’s, the PRA, the FCA, the BMA and other regulatory bodies.
• Developing positive relationships with, and working closely with key stakeholders within the Function, with Legal, Risk, Delegated Authority, Ops, IT, senior underwriters, their teams and the business.
• Maintaining a proactive, positive, and open working relationship with the Compliance Team and the Function.

Please be aware that Ascot Group’s job opportunities will be posted on our official careers page. All official communication comes from @ascotgroup.com email addresses, if you receive a job offer or recruitment communication from Ascot Group that you suspect might be fraudulent, do not hesitate to contact us directly to verify its legitimacy . We will never ask for payment or sensitive personal information during any stage of the recruitment process. Your privacy and trust are of utmost importance to us, and we strive to ensure that you have a positive experience with Ascot Group.