Senior Compliance Analyst

Munich Re; London; Hybrid; GBP 55,000 - 75,000; Full time

Job summary

Joining Munich Re offers an exceptional opportunity to support Risk Management and Compliance in a dynamic insurance environment. With responsibilities ranging from regulatory compliance to improving operational resilience, the position promises a vibrant workplace culture that prioritizes employee well-being and career development while emphasizing diversity and inclusion.

Benefits

Annual leave - 25 days per year plus bank holidays

Private medical insurance for employees and families

Hybrid working support

Professional qualification support

Gender-neutral family leave policy

Team social events

Qualifications

• Experience working in a regulated environment is essential, preferably within an insurance intermediary or company.
• In-depth understanding of the insurance market and placing process is necessary.
• Excellent organisational skills and a good eye for detail.

Responsibilities

• Be a first contact for general compliance queries, to resolve quickly and efficiently.
• Conduct horizon scanning to identify any regulatory change.
• Help manage the Senior Managers & Certification Regime Framework.

Skills

Interpersonal skills

Communication skills

Research and analysis

Detail-oriented

Tools

Microsoft products

Job description

Munich Re Speciality North America is a leading expert in understanding and connecting US coverholders and brokers to flexible and innovative insurance solutions. We are also a registered Lloyd’s Broker. As a wholly owned subsidiary of Munich Re, we have access to the expertise, products and risk appetite of one of the largest and most successful insurance groups in the world.

We are specialists in offering expertise in underwriting, broking and capacity management for US Excess and Surplus (E&S) lines insurance solutions. The unique combination of broking and underwriting divisions provides the ability to quote and bind risks through inhouse binding authorities, while providing customers with access to Lloyd’s, London Market companies, and Munich Re owned capacity in Germany and the US.

Why Join Us?

We are a responsible employer, with a reputation for innovation and adding value in the insurance distribution chain. As a wholly owned subsidiary of Munich Re, we have access to the expertise, products, risk appetite and career development opportunities of one of the largest and most successful insurance groups in the world. As our business continues to grow, we are committed to expanding our team and provide development opportunities to ensure we are always supporting our people in their career journey. Our talent pool makes us who we are, and our inclusive culture means we are looking to continue to build our team with broad expertise, diverse backgrounds, and ambitious employees. Being part of Munich Re Specialisty North America provides access to multiple health and wellbeing benefits, work-life balance initiatives (including hybrid working), financial wellbeing packages as well as training, development and career opportunities.

Purpose of This Position

The purpose of this position is to support the Risk Management & Compliance Support Department (“RMCS”) and MRS-NA BA’s Board of Management in advising the business and delivering key legal and regulatory obligations to ensure MRS-NA BA continues to meet its legal and regulatory requirements.

General Duties and Responsibilities

• Be a first contact for general compliance queries, to resolve quickly and efficiently
• Guide and assist the business in delivering the correct outcomes for our clients and important partners whilst ensuring the appropriate balance is struck between the commercial interests of MRS-NA BA; the goals of the FCA and the interests of our clients
• Conduct horizon scanning, notably UK and US regulation, to identify any regulatory change
• Work with the Head of Risk & Compliance and the business (including Munich Re Group businesses) to implement, embed and provide ongoing monitoring of legal and regulatory developments, identifying opportunities to collaborate with Munich Re Group businesses and use existing skills and processes wherever possible
• Be the subject matter expert and lead the project to implement additional regulatory requirements under the Senior Managers & Certification Regime for Enhanced Scope firms within the transitional period.
• Help manage the Senior Managers & Certification Regime Framework, support the RMCS team with the implementation of the FCA's rules on Operational Resilience as part of MRS-NA BA's transition to Enhanced Firm status, to ensure that all legal and regulatory obligations are met in a way that is proportionate and conducive to MRS-NA BA's commercial goals
• Be the subject matter expert, and lead the project to implement the FCA's upcoming rule changes on Non-Financial Misconduct
• Compile and deliver compliance training to the business (Executive Management included)
• Draft and maintain policies and procedures following regulatory obligations;·
• Help with the oversight and ongoing monitoring of Line One processes, identifying where remediation activity may ensure compliance with internal processes and regulatory obligations, and working with the business to implement these.
• Complete allocated tasks outlined in the Annual Compliance Plan.
• Assist the Head of Risk & Compliance in compiling the Compliance Monitoring Plan. Deliver compliance monitoring reviews (business unit and thematic)
• Help produce periodical internal reports to Committees of the Board of Management, and KPI monitoring to Group Compliance, and external reports to key stakeholders.
• Assist the team in managing the notification of data incidents and breaches, working with the Data Protection Officer to resolve the same.
• Annually review and where required, update Modern Slavery Act statement.
• Be a coach to help develop other team members; and attend market conferences as required to include Lloyd's, LIIBA, etc.

Other Duties & Responsibilites:

• To embrace and implement the core principles of Continuous Conversations; (Commitments, Feedback and Development) as part of daily activities and with other colleagues;
• In line with Continuous Conversations, establish and achieve development aspirations and needs through the setting of commitments and giving and receiving frequent, constructive feedback (referring to resources provided for support);
• To abide by the policies and procedures of MRS-NA BA.

Desired Skills & Experience:

• Experience working in a regulated environment is essential, preferably within an insurance intermediary or insurance company.
• In-depth understanding of the insurance market and placing process is necessary.
• In-depth understanding of the FCA handbook as it relates to solo-regulated insurance intermediaries is essential, in particular PRIN, SYSC, COCON, COND, FIT, TC, PROD, ICOBS and SUP;
• Excellent interpersonal and communication skills with the ability to influence decision makers;
• Able to research, analyse and interpret regulatory requirements, presenting findings and making recommendations that are both compliant and proportionate to facilitate decision-making.
• Can translate regulatory requirements into proportionate procedures;
• Conscientious, positive attitude and self-motivated, with excellent organisational skills and a good eye for detail.
• Experience with US surplus lines business is preferred but not essential;
• Knowledge of Microsoft products.

Annual salary will be dependent on the skills and experience of the successful candidate.

Annual leave - 25 days peryear(plus bank holidays), increases with length of service.

Health & Wellbeing – our offering includes private medical insurance for employees, their partners and their families, aDigital GP service andan annual allowance (currently £550)any activities which supports health and wellbeing.

Hybrid and remote working – to support your work balance we have introduced hybrid working. You will be provided with support to work from home up to a maximum of three days per week.

Flexible working hours – the opportunity to flex your working hours.

Professional Qualification Support –(discretionary)financial support covering the cost of professional qualifications, including institute membership, exams, study materials and completion bonuses.

Generous gender-neutral family leave policy - employees with 26 weeks’ continuous service at the Expected Week of Childbirth are eligible to receive 26 weeks full pay.

Team fun – warm and social culture with regular get togethers.

Diversity, Equity & Inclusion
At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. 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.

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.