DA Auditor

ERGO Group AG; London; On-site; GBP 50,000 - 75,000; Full time

Job summary

A leading insurance provider is seeking an Audit & Assurance professional to ensure compliance with regulatory standards and contractual requirements. The role involves conducting audits of Outsourced Service Providers, preparing detailed reports, and collaborating with various stakeholders. This position offers a competitive salary and a comprehensive benefits package, including generous leave and medical insurance.

Benefits

25 days annual leave with option to purchase more

Private medical insurance

Employer's contributory pension of 10%

Fully paid 6 months family leave

Qualifications

• Expertise in audit processes and methodologies.
• Experience in compliance and regulatory requirements.
• Strong analytical and communication skills.

Responsibilities

• Conduct audits of Outsourced Service Providers (OSPs) to ensure compliance.
• Prepare and deliver audit reports with findings and recommendations.
• Collaborate with subject matter experts and stakeholders.

Skills

Understanding of MGA and TPA operations

Knowledge of regulatory environments

Strong report writing skills

Background in oversight and control

Knowledge of legal contracts

Job description

Company
Great Lakes Insurance SE
Location
London, United Kingdom

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 part of the Delegated Authority Audit & Assurance team the role is to provideunbiasedreasonable assurancethat Outsourced Service Providers (OSPs) arecomplyingwithcontractualandregulatoryrequirements, laws, and best practice.

The role includes organising and completing delegated authority oversight and control audits of Great Lakes OSPs which may cover Company Operations, Policy Sales and Underwriting, Claims Management, Product Governance, Compliance including Consumer Duty and Conduct Risk, Complaints Management, Finance, IT and other areas from a regulatory and contractual perspective.

The role will include audit preparation, on-site fieldwork, testing, drafting reports and tracking and analysis of audit findings. The aim is to assess the adequacy of systems and controls and adherence to agreed procedures in order to minimise the risk and exposure to Great Lakes and its policyholders.

Work will be carried out at various locations predominantly throughout the UK and the EU.

Key Responsibilities:

• Prepares, undertakes and delivers accurate and timely audits of Great Lakes OSPs as per the Delegated Authority Audit plan and audit methodology. Ensuring they are completed in a competent, through and professional manner adhering to the audit process with adequate evidence.
• Expertly handle the pre audit preparation process via discussions with subject matter experts (SMEs) in the Company, analysis and review of pre audit questionnaire responses and documentation provided by the OSP.
• Develop thematic OSP specific audit scopes and testing requirements.
• Complete operational file reviews and call listening for elements of the customer journey including Policy sales, Claims and complaints.
• Producing written Audit reports, formal findings and requirements for rectification following each audit in a clear, concise and timely manner for consideration by senior management and OSPs.
• Present audit findings to the OSP and SMEs.
• Ensure audit issues identified are followed up and satisfactorily addressed with the relevant stakeholders.
• Ensure that all audit activities are carried out with a strong emphasis on assessing and safeguarding consumer outcomes. This includes evaluating how delegated authority arrangements, policies, and practices align with the principles of Consumer Duty, identifying any risks to fair treatment of customers, and ensuring that outcomes meet the expectations set by regulations. Auditors will be expected to consider the impact on consumers during every phase of the audit, from planning and fieldwork through to reporting and follow-up actions.
• Works with external audit vendors where necessary to manage outsourced audits.
• Promotes inclusive collaboration with SMEs, business partners and other relevant stakeholders.
• Facilitate the delivery of feedback to the business when internal issues are found at audits, assisting in the tracking and review of identified actions.
• Advocates the audit methodology and Audit Manual to support the aim to have limited audit findings becoming overdue
• Aids the departmental quality assurance process.

Key Skills & Experience:

• Understanding of MGA and TPA operations;
• Knowledge of regulatory environments
• Strong report writing skills.
• Background in oversight and control;
• Knowledge of legal contracts (desirable)

Thought Leaders:

You are seen as an expert in your field and will be the ‘go to’ person for your area of specialism within Munich Re. You will be seen as a role model/mentor to others – identifying opportunities to share your knowledge with others.

You will demonstrate and role model 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:

Over the coming years, the branch will transition to a third country branch to continue to operate post Brexit. Therefore, in addition to the responsibilities set out above, the role/function will also become responsible for:

• Ensure compliance with Insurance Distribution Directive
• Satisfying all regulatory reporting requirements in collaboration with the reporting function
• Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules

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 paid6months family leave for times when you need it the most.

About us:

You will work in an environment where we think big: Change and culture are continuously role-modelled. We create and articulate a compelling and ambitious shared purpose, vision and direction. We pave the way towards success and see failure as learning

You are going to experience that we care & dare: We are empathetic. We know when to lead and know when to let others lead. We attract, grow and coach future leaders

We communicate in a clear & authentic way: We interact with a positive and humble spirit. We solicit feedback, ask and listen, learn and unlearn

You will grow with your clients: Whatever our role, we support business, in an efficient and effective way, to create value for our clients. We embrace new ways of working using digitalisation to deliver solutions

We lead the We: We have a passion for winning and growing as a team. We inspire people to be capable of joint performance. We create an inclusive environment where different thoughts, generations, cultures and experiences are valued and encouraged

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.