Financial Crime Analyst

Munich Re; London; On-site; GBP 40,000 - 60,000; Full time

Job summary

A leading insurance company seeks an experienced Financial Crime Analyst to enhance service quality in their Compliance department. The role involves conducting risk assessments, advising on sanctions, and supporting financial crime prevention efforts. Ideal candidates will have a strong background in financial crime regulations and excellent analytical skills.

Benefits

25 days annual leave with option to purchase more

Private medical insurance

Employers' contributory pension of 10%

Fully paid 6 months family leave

Qualifications

• Proven experience in a financial crime role, preferably in insurance.
• Strong understanding of financial crime regulations.
• Experience in conducting financial crime risk assessments.

Responsibilities

• Conduct financial crime risk assessments.
• Analyse financial crime control frameworks.
• Perform sanctions screening and provide advisory support.

Skills

Analytical skills

Problem-solving

Communication skills

Stakeholder management

Education

Educated to degree level

Professionally qualified in Financial Crime prevention

Job description

Company

Great Lakes Insurance SE

Location

London , United Kingdom

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.

Job Purpose:

To further enhance excellence and the service quality within the Great Lakes UK Compliance department we are seeking an experienced Financial Crime Analyst to join our compliance team on a fixed term contract. The successful candidate will focus on financial crime topics, including sanctions screening and advisory, supporting the company’s efforts to detect and prevent financial crime and monitor adherence to GLLB and GLLS Compliance and Financial Crime Policies and its Compliance Management System (CMS) framework.

The successful candidate will play a key role in supporting the company's financial crime prevention efforts by undertaking risk assessments, analysing control frameworks, and providing expert advice on sanctions-related matters, as well as contributing to an overall compliance culture. The role reports to the UK Head of Compliance.

Key Responsibilities:

• Conduct financial crime risk assessments to identify and evaluate potential vulnerabilities within the business.
• Analyse and assess the effectiveness of existing financial crime control frameworks, recommending improvements where necessary.
• Perform sanctions screening, ensuring compliance with relevant regulations and internal policies
• Provide advisory support to the business on financial crime queries, including sanctions-related issues.
• Advise on the Financial Sanctions risk(s) posed across multiple classes of insurance/reinsurance business, ensuring compliance with all internal standards and external legislation.
• Stay up to date with emerging financial crime trends, regulations, and best practices.
• Conduct fraud risk assessments in order to meet the required standard for Economic Crime and Corporate Transparency Act legislation by the implementation date.
• Assist in the development and delivery of financial crime training to relevant departments
• Support stakeholders with the on boarding of prospective new business opportunities, independently risk assess outsourcing exposures relating to financial crime risks and ensure arrangements follow GLLB & GLLS Outsourcing and Third Party service requirements.
• Implement risk based Financial Crime norms, proportionate to the risk, scale and complexity of GLLB and GLLS’ business and aligned with the Munich Re Group Norms framework.
• Support the Head of Compliance UK in ensuring compliance with financial crime legislation and regulations

General Duties and Tasks:

• Development and enhancement of Financial Crime processes in accordance with market practice to meet regulatory expectations.
• Escalate material compliance issues to the Head of Compliance in a timely fashion with analysis of impact, criticality and remedial options.
• Provide key contributions to the Head of Compliance report quarterly on the status of compliance topics.

Competencies:

Drives results (we think big) – you consistently achieve results even under tough circumstances, with the organisation’s performance in the front of your mind. You make good and timely decisions to keep things moving, using analysis, experience and judgement.

Business insight (we think big) – you can apply your knowledge of the business and the market to advance your business’ and wider organisation’s goals.

Collaboration (we lead the ‘we’) – you identify opportunities and bring the right people together to work on a common goal, encouraging diversity of opinion, whilst maintaining clarity and unity of direction.

Client focus (we grow with our clients) – you build and maintain strong client relationships (internal and external), listening to their needs and working with them to ensure value is created.

Cultivates innovation (we grow with our clients) – you create new and better ways for Munich Re to be successful e.g., generating ideas, creating efficiencies, harnessing new technology etc.

Courage (we care and dare) – you are willing to challenge the status quo and address difficult issues, saying what you believe needs to be said. You also continue to operate effectively even when things are uncertain and the way forward is unclear.

Persuades (we are clear and authentic) – you use clear and compelling arguments to gain the support, enthusiasm and commitment of others, whilst ensuring you take time to actively listen to the diversity of views and opinions.

Key Skills and Experience

Essential:

• Proven experience in a financial crime role, preferably within the insurance industry or financial services15.
• Strong understanding of financial crime regulations, including anti-money laundering, terrorist financing, and sanctions
• Experience in conducting financial crime risk assessments and analysing control frameworks
• Experience with sanctions screening processes and providing advisory support on sanctions-related matters
• Excellent analytical, problem-solving, and communication skills
• Ability to work independently and as part of a team
• Experience in assessing financial sanctions queries relating to complex (re)insurance coverages and via delegated outsourcing arrangements.
• Excellent internal and external stakeholder management.

Qualifications and Educational Requirements:

• Educated to degree level or qualified by experience
• Professionally qualified in Financial Crime prevention (or making significant progress towards this).

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.

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 6 months 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

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.