Insurance Compliance Auditor

Wheatcroft Sims Associates
16 Apr 2017
16 May 2017
Contract Type
Full Time

Position: Insurance Compliance Auditor

Location: Nottingham

Salary: £30,000

Position Overview

The primary purpose of the role is to assist in the development, implementation and oversight of the company’s Delegated Authority Control Framework.

Essential Job Functions:

Assist the Delegated Authorities Supervisor in ensuring the appropriate and timely performance of due diligence on new and existing material third party organisations; assisting in the preparation and management of appropriate contractual arrangements; preparing, agreeing, delivering and following-up on a program of in depth audits of all the activities of material third party organisations that undertake underwriting and claims management activities.

More specifically assist with the:

  • Co-ordination of agency applications and renewal processes including carrying out appropriate due diligence checks on all agency applicants;
  • Issue relevant contract documentation to accepted agents and ensure that files and data are kept up to date;
  • Contribute to the ongoing development and remit of the company due diligence process and procedures;
  • Assist with the creation of a documented risk based approach for the identification of third parties to be audited;
  • Work with the business according to an annual cycle to identify those third parties falling within scope and create an audit plan and budget for all parties within the defined scope, for agreement by the Risk and Compliance Committee;
  • Assist with the delivery of the audit plan within the agreed budget;
  • Liaise with underwriters and other departments to ensure the smooth administration of delegated authority business including audit arrangement and delivery;
  • Ensure all audits have a written report containing where necessary agreed recommendations, and that these reports are issued to business owners within agreed timescales;
  • Ensure that all recommendations are properly followed through by the business owner, and reporting on any failures to the Risk and Compliance Committee;
  • Gain an understanding of the product specification process to facilitate new scheme and product loadings.

Qualifications and Experience

  • Educated to A-level standard, preferably with a relevant financial/audit/insurance qualification.
  • Monitoring/audit and/or compliance experience, preferably within Financial Services/General Insurance sector.
  • Demonstrate a positive enthusiastic approach and willing to undertake continuous professional development in order to maintain a sound knowledge of the industry and regulatory environment.

Key Competencies

  • Understanding of audit principles and practices.
  • Understanding of insurance/reinsurance and practices.
  • Awareness of the FCA and PRA rules and guidance in relation to General Insurance, as well as other regulatory/legislative subject matter such as data protection.
  • Ability to understand and evaluate processes and assess whether they fulfil regulatory and business requirements.
  • Prepared to undertake a wide range of tasks.
  • Demonstrate good attention to detail together with the ability to consider the bigger picture.
  • Good communication skills.
  • Able to work as an individual or as part of a team.
  • Ability and willingness to travel in the UK and overseas.

NOTE: This job description is not intended to be all-inclusive. Employee may perform other related duties as negotiated to meet the on-going needs of the organisation.

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