Compliance Manager

Company
Great Lakes Insurance SE
Location
London , United Kingdom

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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 connected to the reinsurance core business and progress opportunities, in our role as an integral part of the Munich Re Group. Great Lakes Insurance SE operates from its headquarters in Munich, and with 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 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:

To further enhance excellence and the service quality within the Great Lakes UK Compliance department to its business stakeholders through the provision of specialist compliance expertise, with a focus in primary insurance regulation and selected Compliance topics set out under the GLLB and GLLS Compliance Policies and Compliance Management System (CMS) framework.

As a Compliance Manager, your role involves providing expertise, practical solutions and monitoring of compliance topics, and contributing to an overall compliance culture. You will report to the UK Head of Compliance. You will work on a Hybrid working model.

 

Responsibilities:

• Provide support to the Head of Legal & Compliance to develop, implement and maintain a compliant CMS, ensuring appropriate compliance with all relevant laws and regulations and Group standards.

• Provide support on delivery of the Compliance Plan as approved by our company Board.

• Assume ownership and oversee specific Compliance topics mentioned in the GLLB and GLLS’ compliance policy and provide advice 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.

• Help develop training materials on a range of compliance topics and the wider regulatory environment.

• Perform compliance monitoring practices for agreed compliance topics, whilst adapting 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.

• Implement group-wide compliance norms, adapt them to GLLB and GLLS’ requirements and monitor the adherence to the policies for 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 onboarding 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 preparation of regulatory notifications, reporting and general communications with the regulatory authorities.

• Contribute to 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.

 

General Tasks

• Development and enhancement of compliance processes in accordance with market practice to meet regulatory expectations.

• Participate and engage with mirror Key Functions to ensure GLLB & GLLS internal controls, regulated activities and outsourced arrangements are operating effectively.

• Escalate material compliance issues to the Head of Compliance in a timely fashion with analysis of impact, criticality and remedial options.

• Provide important contributions to the Head of Compliance report quarterly on the status of compliance topics.

• Ensure robust record keeping, compliance with GDPR law, enhance and uphold data security processes.

• Produce and deliver statutory and regulatory training for compliance topics to employees ensuring awareness of relevant legislation and practices.

• Provide compliance advisory to business stakeholders, especially where undertaking project work or business change improvement.

 

Competencies:

Drives results You achieve results even under tough circumstances, with the organisation’s performance in the front of your mind.

Decision quality You make quick decisions to keep things moving, using analysis, experience and judgement.

Customer focus You develop customer relationships, paying attention to their needs and adapting as this evolves.

Business insight You can apply your knowledge of the business and the market to advance your businesses and wider organisation’s goals.

Cultivate innovation You create new and better ways for Munich Re to be successful e.g., generating ideas, improving operational processes, harnessing new technology.

Persuades You use compelling arguments to gain the support, buy-in and commitment of others.

Manage ambiguity You continue to operate even when things are uncertain, and the way forward is unclear.

Courage To step up to address difficult issues, saying what you believe needs to be said. You are willing to challenge and recognise opportunities to do so.

 

Experience:

Essential

• Professional experience in a compliance role within financial services.

• Working knowledge of the practices and expectations of the PRA and FCA; European and local legislation & directives, including Solvency II.

• Experience maintaining an Outsourcing framework around delegated underwriting authorities (MGAs) and multi-layered distribution channels.

• Experience assessing financial sanctions queries relating to complex (re)insurance coverages and via delegated outsourcing arrangements.

• Excellent understanding of the FCA’s business standards PRIN, SYSC, SUP, COBS, ICOBS, RPPD, PROD, COCON.

• Knowledge of the primary insurance regulatory environment including related conduct compliance risks.

• Excellent/good understanding of the compliance requirements for at least two core compliance topics.

• Knowledge of Financial Crime legislation and experience in AML, sanctions, anti-bribery and fraud.

• Analytical thinker.

• Excellent internal and external stakeholder management.

• Knowledge of German regulator BaFin and its regulatory standards.

 

Qualifications and Educational Requirements:

• Educated to degree level or qualified by experience.

• Professionally qualified as a Chartered Insurer or equivalent qualifications (or making 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 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.

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

 

Regulatory & Conduct Requirements:

In addition to the responsibilities set out above, the role will be responsible for: 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%.

About Us

Here at Munich Re we want to offer our staff the opportunity to grow in an exciting, driven and diverse working environment. We believe that your enthusiasm to apply your outstanding knowledge crafts the future, the future of our clients, of Munich Re and of course your own.

Munich Re is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all our employees.