Compliance Manager

Great Lakes Insurance SE; Greater London; On-site; GBP 60,000 - 80,000; Full time

Benefits offered by this job

25 days annual leave

Private medical insurance

Employers’ contributory pension of 10%

Fully paid 6 months family leave

Job summary

Great Lakes Insurance SE is looking for a Compliance Manager to enhance its compliance culture and manage compliance topics in the Greater London area.

You will be responsible for developing compliance systems, delivering training, and ensuring adherence to laws and regulations, reporting directly to the UK Head of Compliance.

The role offers a competitive salary, a bonus, and benefits including 25 days of annual leave and private medical insurance.

Qualifications

• Proven experience in developing and monitoring conduct risk framework.
• Several years’ experience in compliance roles in insurance.
• Strong analytical and pragmatic thinking abilities.

Responsibilities

• Develop and maintain a compliant Compliance Management System (CMS).
• Monitor business performance on potential compliance breaches.
• Support training and development of compliance culture.

Skills

Developing and monitoring a conduct risk framework

Experience in a compliance role within insurance

Knowledge of PRA and FCA rules

Understanding of primary insurance regulatory environment

Education

Educated to degree level or relevant apprenticeship

Professionally qualified as a Chartered Insurer

Job description

Together, we engage with everything we have and are, to help humankind act braver and better.

About Great Lakes Insurance SE

As specialty provider of primary insurance services in the UK, Great Lakes London Branch (‘GLLB’) is a substantial part of 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. Great Lakes Insurance SE operates from its headquarters in Munich, and via branch offices in UK, Ireland, Switzerland, Italy and Australia. Great Lakes Insurance UK Limited (‘GLLS’), regulated by Prudential Regulation Authority and the Financial Conduct Authority, is a fully owned subsidiary of Great Lakes Insurance SE and acts as the preferred facilitator of agency insurance business in the UK in the post-Brexit world.

About the role

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. You will contribute to providing excellent service quality within the Great Lakes UK Compliance department. 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 Compliance Management System (CMS), ensuring appropriate compliance with all relevant laws and regulations and Group standards.
• Maintain and develop systems and processes which support the core CMS elements like culture, risk analysis, norms management, whistleblowing channels, training and monitoring.
• Significantly contribute to the delivery of the Compliance Plan as approved by the Company Board.
• Assume ownership and take responsibility for specific Compliance topics and programs set out in the GLLB and GLLS’ compliance policy and provides specialist 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.
• Develop and deliver training materials on a range of compliance topics and the wider regulatory landscape.
• 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.

Competencies

Nimble learning (we think big) – you actively learn by tackling new problems and trying out new solutions, quickly learning from both successes and failures.

Collaborates (we lead the ‘we’) – you work together with others in your team, the department and wider business (where relevant) to meet shared commitments.

Optimises work processes (we grow with our clients) – you know the most effective and efficient processes to get things done and are constantly assessing how they can be improved.

Resourcefulness (we care and dare) – you find a way to get things done with the best use of the resources available to you, knowing when to ask for support from others, but also offering your support to others where you feel your expertise, knowledge and skills can add value.

Communicates effectively (we are clear and authentic) – you communicate clearly and appropriately with your audience. You also share ideas, learn from others and keep stakeholders informed about progress, problems, opportunities and solutions, soliciting feedback along the way.

Key Skills & Experience

• Proven experience in developing and monitoring a conduct risk framework including product governance for a portfolio mix of SME and retail insurances.
• Several years’ experience in a compliance role within insurance.
• Full working knowledge of the rules, practices and expectations of the PRA and FCA
• Proven knowledge of the primary insurance regulatory environment including related conduct compliance risks
• Understanding of the compliance requirements for at least two additional core compliance topics such as Prudential standards, SMCR, Financial Crime, Financial Sanctions.
• Analytical, pragmatic thinker and solution orientated
• Proven ability to manage internal and external stakeholders at different levels of seniority.
• Excellent organisational skills and communicator
• Experience with delegated authority models and multi-layered insurance distribution networks and channels (desirable)
• Experience in preparing reporting to key stakeholders including senior management and Boards as well as presenting on key topics.
• Experience in developing and reporting on Management Information suite including risk tolerances, key risk indicators and key performance indicators.

Desired Qualifications and Educational Background

• Educated to degree level, qualified by experience or relevant apprenticeship training
• Professionally qualified as a Chartered Insurer or equivalent qualifications (or making significant progress towards this).
• Knowledge of European legislation & directives (i.e Solvency II)
• Knowledge of German regulator BaFin and its regulatory standards.

Thought Leaders

You will demonstrate inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well.

You will treat your colleagues and sales and business partners fairly and with respect.

Regulatory & Conduct Requirements

• Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules

Benefits

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.

Diversity Equity & Inclusion

At Munich Re, embracing the power of differences is at the core of who we are. We believe diversity fosters resilience and innovation and enables us to act on our purpose of helping humankind act braver and better. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

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.