Delegated Authority Senior Audit Analyst

Chaucer; City of Westminster; On-site; GBP 55,000 - 75,000; Full time

Job summary

A leading insurance group in the UK seeks a Delegated Authority Senior Audit Analyst to manage and oversee audits of Coverholders and Delegated Claims Administrators. The role involves ensuring compliance with regulatory standards and engaging with internal and external stakeholders. Ideal candidates will possess strong analytical, organizational, and communication skills, along with relevant Lloyd's knowledge. This position offers an opportunity to contribute significantly to maintaining high governance standards within the company.

Benefits

Flexible working arrangements

Diversity and inclusion initiatives

Professional development opportunities

Qualifications

• In-depth knowledge of Lloyd's and London Market practices.
• Familiarity with audit methodologies and principles.
• Proactive and detail-oriented approach to risk management.

Responsibilities

• Lead coordination and monitoring of audit activities for compliance.
• Review and analyze audit reports, providing insights for improvement.
• Build relationships with internal and external stakeholders.

Skills

Analytical skills

Organisational skills

Communication skills

Interpersonal skills

Lloyd's and London Market knowledge

Tools

Excel

Word

Job description

The Delegated Authority Senior Audit Analyst plays a pivotal role in ensuring the robust oversight and effective management of audits conducted on Coverholders and Delegated Claims Administrators (DCAs). This position is integral to maintaining Chaucer's high standards of governance and regulatory compliance across its delegated authority arrangements.

• Audit Oversight & Management: Lead the coordination and monitoring of audit activities, ensuring audits are conducted in line with Chaucer's internal standards and external regulatory expectations. This includes managing audit schedules, tracking progress, and ensuring timely completion and reporting.
• Audit Analysis & Reporting: Review and interpret audit reports to identify key findings, trends, and areas of concern. Provide insightful analysis to internal stakeholders, supporting continuous improvement and risk mitigation.
• Stakeholder Engagement: Build and maintain strong working relationships with internal teams (Underwriting, Compliance, Claims, etc.) and external parties (Coverholders, DCAs, auditors). Act as a key point of contact for audit-related queries and communications.
• Audit Scoping & Planning: Contribute to the development and refinement of audit scopes, ensuring they are risk-based and tailored to the nature of the delegated arrangement. Review and assess audit proposals and quotes to ensure value and effectiveness.
• Performance Monitoring & Auditor Management: Support the selection of suitable audit firms and monitor their performance against agreed KPIs and service standards. Provide feedback and contribute to auditor performance reviews.
• Regulatory Compliance: Maintain a thorough understanding of relevant regulatory frameworks, including Lloyd's Minimum Standards, FCA Conduct rules (e.g., Consumer Duty), Financial Crime obligations, and broader compliance requirements. Ensure audit activities align with these obligations.
• Data & KPI Reporting: Assist in the preparation and presentation of audit-related KPIs and MI to senior management and governance committees, contributing to strategic decision-making and oversight.
• Conduct thorough analysis of audit reports for both Coverholders and Delegated Claims Administrators (DCAs), ensuring that any issues, risks, or areas of non-compliance are identified, escalated, and appropriately resolved.
• Assist the Delegated Authority Audit Manager in planning and scheduling audits, ensuring alignment with risk-based priorities and regulatory expectations.
• Oversee and maintain the audit schedule, tracking progress and ensuring timely execution and reporting of all planned audits.
• Ensure that Coverholders and DCAs are assigned to the correct audit cycle based on risk assessment, performance, and regulatory requirements.
• Collaborate with internal business units and market stakeholders to define the scope of individual audits and agree on appropriate recommendations and follow-up actions.
• Promote understanding and adherence to Chaucer's internal standards and applicable regulatory requirements among Coverholders and DCAs.
• Lead the scoping of audits for both Coverholders and DCAs, ensuring that audit objectives are clearly defined and tailored to the nature of the delegated arrangement.
• Review and approve audit quotes, ensuring cost-effectiveness and scope accuracy, and support the processing of related invoices.
• Contribute to the preparation and delivery of KPI and management information reporting to support governance and oversight.
• Assist in maintaining records of auditor performance, including feedback and outcomes, and participate in the evaluation and selection of new audit firms.
• Support the Delegated Authority Audit Manager in keeping audit scopes current, incorporating changes in regulation, market practice, or Chaucer's internal requirements.
• Deliver training and guidance on audit processes to internal teams and external stakeholders as required.
• Represent Chaucer at Lloyd's and other market forums, contributing to industry discussions and sharing best practices.
• Foster and maintain strong working relationships with internal departments, Coverholders, DCAs, and external auditors to ensure effective communication and collaboration.
• Regulatory Responsibilities: To have a clear understanding of regulatory requirements in terms of Delegated Authority, Conduct (including Consumer Duty), Compliance and Financial Crime.
• Analytical and organisational skills, with the ability to manage multiple audits and priorities simultaneously.
• Excellent communication and interpersonal skills, capable of engaging effectively with diverse stakeholders.
• In-depth knowledge of Lloyd's and London Market practices, particularly in relation to delegated authority.
• Familiarity with audit methodologies and principles, ideally within an insurance or regulatory context.
• A proactive and detail-oriented approach, with a commitment to continuous improvement and risk management.
• Knowledge of Lloyd's and London Market requirements.
• Relevant Lloyd's/London Market experience desirable.
• Excellent organisational skills.
• Good Excel and Word skills.
• Good communication skills.
• Chaucer is a leading insurance group at Lloyd's, the world's specialist insurance market. We help protect industries around the world from the risks they face. Our customers include major airlines, energy companies, shipping groups, global manufacturers and property groups.
• Our headquarters are in London, and we have international offices in Bermuda, Copenhagen, Dubai and Singapore to be closer to our clients across the world. To learn more about us please visit our website. Chaucer is committed to diversity, actively values difference and respects people regardless of the protected characteristics which are outlined in the Equality Act 2010 (UK legislation) as a result of the Equal Treatment Directive 2006 (EU legislation). A diverse workforce and an inclusive workplace are core to our success as a business and integral to our winning strategy and culture. We recruit from the widest available pool of talent, and our hiring, assessment and selection process is fair, free from bias and one which ensures we select the right person for the job, based on merit. We are committed to promoting a culture that actively values difference, and recognises that everyone has the right to be treated with dignity and respect throughout their employment. We are open to considering flexible working arrangements for all roles and encourage you to outline your needs during the interview process.