Compliance Manager

Munich Re; City of Westminster; On-site; GBP 60,000 - 75,000; Full time

Job summary

A leading insurance provider in London is seeking a Compliance Manager to oversee compliance activities and ensure adherence to regulatory standards. The ideal candidate will have relevant insurer experience and robust knowledge of FCA Conduct Risk requirements, contributing to a strong compliance culture within the organization.

Qualifications

• Relevant insurer experience working in a compliance/regulatory role.
• Knowledge of the Lloyd's market.
• Excellent understanding of FCA Conduct Risk requirements.

Responsibilities

• Ensure compliance with regulatory requirements.
• Provide compliance support to management and stakeholders.
• Identify and mitigate exposure to regulatory risk.

Skills

Compliance oversight

Regulatory issue identification

Training and mentoring

Understanding of FCA Conduct Risk

Education

Relevant degree or equivalent / ACII qualification

Job description

At Munich Re Specialty - Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this. At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals. Please see our website for more information.

Compliance Manager

We are looking for a Compliance Manager to join our London City Office onsite 2-3 days per week on a full time basis. You will assist in making appropriate arrangements for compliance activities throughout the organisation to meet Solvency II, FCA, PRA, Lloyd\'s and other applicable regulatory standards. You\'ll act as the function lead to provide Compliance oversight, support and challenge to MRSG Appointed Representatives, and other key third parties, working with subject matter experts within the Risk & Compliance function as appropriate.

Responsibilities

• Ensure on-going compliance with the requirements of Lloyd\'s, FCA, PRA, CBI, other relevant regulators, and Munich Re Group as required in conjunction with the Head of Compliance Advisory
• Act as the department lead for oversight, ensuring awareness of Group & regulatory requirements, being the point of contact for the escalation and reporting of any issues or events and provision of support where required
• Provide Compliance support to MRSG management and other internal stakeholders in respect of key third parties and ARs.
• Help to identify, and mitigate exposure to regulatory risk, this will include notifying and reporting and evaluating their impact on partners.
• Work collaboratively with the business, legal risk and compliance team members to ensure the best outcomes to resolve issues are implemented.
• Act as the function lead in ensuring policies and procedures meet all regulatory requirements in respect of oversight of ARs, introducers and Introducer ARs, including documenting annual regulatory required assessments.
• Provide training and mentoring support to junior members of the function.
• Where necessary assist the Compliance Conduct Risk Manager in providing oversight and support to the Delegated Authority team in understanding regulatory requirements.
• Support the Delegated Authority team in defining requirements to provide oversight to any ARs wishing to hold DUA arrangements with MRSG entities, including detailed risk assessments.
• Manage own workload to ensure internal and external deadlines are met, to agree any extensions with the Head of Compliance Advisory and/or Director of Risk and Compliance and to provide clear status updates on the progress of work and or status of issues.
• Attend Committee meetings/forums as and when requested and to take minutes of the meetings accordingly.
• Assist the Head of Compliance Advisory in alerting the Boards of any regulatory issues or concerns with projects or other subject matter areas
• Support in the review of applicable new and existing external and internal / Group requirements and ensure measures are put in place to comply and processes and procedures updated as necessary.
• Be involved in the periodic review and update of practices and procedures for MRSG entities
• Help drive forward good Conduct for the business to deliver the best outcomes for customers / policyholders.
• Understand all appropriate lines of escalation and the responsibilities of the Product Conduct Risk Strategy Group (PCRSG), Underwriting & Claims Sub Committee (UCSC), ExCo and Board for Conduct Risk.

Qualifications

• Relevant insurer experience working in a compliance /regulatory role, ideally experience working in both insurer and intermediaries
• Relevant degree or equivalent / ACII qualification or working towards one or qualified by suitable experience in similar roles.
• Knowledge/experience of working in the Lloyd\'s market
• Understanding of current regulatory environment.
• Understanding of the work of the other departments within an insurance organisation.
• Technical insurance knowledge in order to be able to question and challenge syndicate and intermediary staff.
• Experience of undertaking compliance based reviews on systems and controls.
• Experience of providing oversight to Appointed Representatives, third parties or DUA arrangements.
• Excellent understanding of FCA Conduct Risk requirements.
• Ability to identify regulatory and compliance requirements, provide practical context and support their implementation