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Insurance Compliance & Risk Manager

Closing date
24 Dec 2021

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Contract Type
Full Time
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RELOcruitment has the pleasure of assisting the recruitment needs of aspecialist professional services and technology firm, which works in partnership with leading insurance, highly regulated and global businesses to manage risk, operate their core business processes, transform and grow. Our multi-national blue-chip entity has a global team of more than 3,700 professionals which operate across the UK, Ireland, the US, Canada & Bermuda.

They are now growing their Insurance Services Compliance team and have an immediate opening for a Compliance & Risk Manager to work closely with the Compliance Director with a remit of leading and developing the growing compliance function for the division.

Ideally, with 5+ years compliance management experience within the general insurance Industry, you will be ambitious, driven and looking for a role and a company that can offer both personal and financial growth over time, as well as opportunity to travel. The role offers hybrid office / home working with a minimum of 2 days based in their City of London offices.

Share options after 2 years' service is a further welcome perk.

The current Director champions internal progression and development and is looking for somebody who shares his values and long-term visions. It really is a great opportunity to join a strong team.

Purpose of Function:

To support and oversee the day to day management of the Insurance Services UK compliance team and activity within the UK. Key responsibility is to deliver, maintain and help comply with regulatory Compliance and Risk framework and oversee the Intermediary Services' network of Appointed Representatives (ARs) and support with UK and oversees Insurance Services companies.

Key Accountabilities and Performance Standards:
  • To enhance, monitor and maintain adequate and appropriate systems and controls to ensure all regulated entities and Appointed Representatives meet its regulatory requirements;
  • To manage the regulatory requirements of company stemming from the FCA rules relating to General Insurance and Consumer Credit Broking activities.
  • To oversee the compliance monitoring plan for the Intermediary Services, each AR monitoring plan and to ensure it is managed in accordance with the company objectives. To also provide meaningful MI to the Compliance Director and the other Board Directors/Risk Committee members.
  • To provide advice and hold responsibility for the management of any parts of the FCA compliance plan or notification letters received from the FCA. To report progress to the Board members of the regulated company on a regular basis.
  • To produce the quarterly compliance and risk report and present this to the regulatory Boards and to present a high-level report to the Insurance Services Board members.
  • To analyse the risk register, produce exception reporting highlighting all red and amber risks on the dashboard to the respective regulatory Board.
  • To support the compliance team to produce the risk pack and develop the risk framework, including the risk register and dashboard. To then present this to the Risk Committee representing Insurance Services compliance.
  • To perform risk assessments and analyse current risks and to identify any potential risks with a view to proactively support the risk owners to mitigate the risk. Performing risk evaluations working with each principal risk owner within each regulated entity with primary focus on the risks associated with the AR estate.
  • To evaluate all previous handling of risks and comparing potential risks with the criteria set out by Risk Committee in line with regulatory and legal requirements.

Skills and Competence:

High level interpersonal skills - ability to build successful, mutually beneficial business relationships; Leadership skills; People Management; Influencing and negotiation skills; Strong communication skills in a variety of mediums including written; presentation and oral skills; Problem solving; Planning, organisational and measuring skills. Technical Compliance and risk knowledge are a prerequisite. To proactively manage the risk dashboard and document all controls and required oversight.

Essential Qualifications/Desirable Experience:
  • 5 years' management experience in a compliance and risk function within the general insurance sector.
  • Understanding of technical regulatory rules and how changes affect the wholesale and retail market.
  • Be competent to review and approve financial promotions and understand how to oversee ARs.
  • Be a role model for the compliance team and support the Compliance Director with the running of the team and department.
  • Working towards or holding a Compliance or Insurance related qualification is desirable. A Risk background is preferred as the candidate must have excellent quantitative and analytical skills, along with the ability to apply those skills across a variety of business processes.
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