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Risk Assurance & Compliance Consultants - Monitoring and Policy & Guidance

Scottish Friendly
Closing date
27 Jul 2021

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At Scottish Friendly we want to attract the best talent to help us achieve our vision: to be a leading UK mutual insurer through innovation, efficient customer services and responsible capital management. Scottish Friendly is one of the most progressive mutual life insurance offices in the UK with over 150 years' worth of history in the financial services market. Based in Glasgow, Scottish Friendly is a dynamic and rapidly expanding financial services group dedicated to the efficient provision of a wide range of financial products and services. We employ circa 220 staff and we are growing.

As a friendly society, we don't have any shareholders, so all profits are used for the benefit of the customers. Our people are enthusiastic and passionate about saving and investing.

If you're inspired to join us, and have the necessary qualities, then this could be the opportunity you've been looking for.

The Roles

Scottish Friendly is a growing business and we are proud of the significant growth delivered over the last five years through our strategy of organic growth, mergers and acquisitions and business process outsourcing.

We operate a 'three lines of defence' model. These roles sit within our Risk Assurance and Compliance `second line of defence` function - this function is key in helping the Scottish Friendly Executive Management team and Board to understand how regulatory and conduct risks are being managed across the entire business.

The risk assurance and compliance team have a wide range of responsibilities and the candidate will be expected to have a good all-round knowledge of the regulatory and conduct risks facing a life insurance and pension provider. We are currently recruiting for a Risk Assurance & Compliance Consultant (Monitoring) and Risk Assurance & Compliance Consultant (Policy & Guidance). The main responsibilities are:

Policy and Guidance
  • Interpret new regulations, undertake impact assessments and advise/support the business with implementation.
  • Prepare updates to the Executive Management team on regulatory change affecting business processes.
  • Provide input regarding management and controls required for key business change initiatives
  • Lead the annual review of conduct/compliance policies.
  • Maintain and develop relationships with key business areas whilst retaining the independent status required of an assurance function.
  • Assist the Compliance Manager in key business developments.
  • Assist with the submission of FCA authorisation applications.
  • Contribute to departmental and company-wide projects.

  • Support the delivery and execution of the Risk Assurance and Compliance Monitoring Plan by conducting regular reviews across various areas of the business.
  • Develop risk and control assessment reporting procedures.
  • Work with business managers to improve control effectiveness and agree any action required.
  • Interpret and apply relevant regulatory guidance to the business areas and provide pragmatic alternative solutions and support to the business where standards are deemed to be `non-compliant`.
  • Present findings and reports including recommendations for relevant remedial actions, in a clear, accurate and consistent manner.
  • Maintain appropriate and sufficient records to support and evidence the approach and outcomes of monitoring and risk assurance activity.
  • Maintain and develop relationships with key business areas whilst retaining the independent status required of a monitoring and assurance function.
  • Assist other Monitoring Consultants in the delivery of their work.
  • Assist the Compliance Manager in development of the annual Compliance Monitoring Plan.
  • Contribute to departmental and company-wide projects.

You will have at least 3 years' experience of having worked within the compliance function of a life insurance company and be able to demonstrate a solid understanding of relevant FCA and PRA regulations. Previous experience of working in a Financial Crime Team with an understanding of fraud, AML, Sanctions, Anti-Bribery & Corruption is preferable. Knowledge of Life, Pensions, Savings and pure protection products is essential. You will be educated to degree level or professionally qualified, or hold additional qualifications related to financial services and compliance/risk (e.g. CISI compliance diploma).

We offer a competitive financial package and excellent benefits including generous pension, cycle to work, healthcare, access to EAP. We will consider full or part-time candidates for this role and are able to offer extremely flexible working hours. At the moment most of our roles are currently home-based.

We are an equal opportunities employer. We believe diversity brings benefits for our customers, our business and our people. We welcome applications from all individuals regardless of age, gender, disability, sexual orientation, race, religion or belief.
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