Our client, a global insurer is seeking a seasoned compliance professional to lead their established compliance function. The role will have oversight of compliance pursuant to the UK FCA Handbook and other relevant regulatory requirements including Data Protection.
This opportunity will work closely with the Chief Compliance Officer (COO) to implementing and managing compliance and regulatory processes in the insurance environment. Therefore an in depth understanding of the regulatory environment surrounding the insurance industry is essential.
Key responsibilities include:
- Manage the assessment and oversight of regulatory compliance risks: Against business limits/tolerances/metrics agreed with ExCo within appetites set by the Board Monitoring business performance against regulatory compliance risk
- Oversight of any required remedial action
- Oversee a compliance monitoring framework that includes oversight of first line compliance monitoring effectiveness (under the Internal Control Framework) and production of thematic reviews (gap analysis) against new and existing FCA rules and expectations
- Independent oversight of the Compliance Advice function to mitigate potential for conflicts of interest (by the independent Compliance Monitoring function)
- A focal point for the dissemination of FCA regulatory information and provision of training to relevant staff and to assist them in the understanding of the regulatory environment;
- Horizon scanning of all relevant regulatory developments, both domestic and emanating from overseas
- In conjunction with the Risk Function ensure that adequate and effective compliance systems and controls, including appropriate exception, breach and incident reporting with a resolution process are in place and understood by all relevant staff
- To monitor and report on compliance with all regulatory deadlines
- To implement and maintain effective controls and procedures to identify and appropriately manage conflicts of interest
- To provide regular periodic reports assessing the status of compliance risk, general compliance issues and providing recommendations for any changes to current procedures and systems
- To report to the Board and senior management all material compliance breaches, setting out appropriate remedial action
- Responsibility for the policies and procedures countering financial crime and ensure that they meet regulatory requirements at all times
- Identify inefficiencies and suggest functional changes to allow for more effective use of compliance resources
- Assist global compliance team with policy review, development and coordination with training
- Assist with roll out of training program
- Support in development of compliance onboarding for new employees
- Assist in establishing coordinated communication and relationship building with regulatory bodies (FCA, PRA)
- Support European entities in responding to and managing regulatory interventions
- Coordinate compliance efforts with internal audit - become involved in specific audit planning and implementation
- Assist coordination of global FCPA/UK Bribery Act program including training and due diligence
- To undertake testing and monitoring in accordance with the annual Compliance Plan and make appropriate recommendations to strengthen the compliance controls.
- Assist in coordination of common compliance platform among European compliance teams
- Identify areas of coordination within which to create a common framework across the group to include harmonized efforts in managing regulatory and compliance issues and developments
- Reporting into the relevant stakeholders to keep informed of compliance status in region
- Reporting into appropriate Board/Committee as agreed/directed by senior management
Qualifications & Experience required -
- Relevant practical experience of leading a compliance function, some of which will have been gained within the insurance sector
- Tertiary level education desirable
- Relevant Professional Membership and qualifications desirable
- Experience of operating with and influencing c-suite stakeholders
- Understanding of market practice and the approach of regulators
- Solid technical knowledge of FCA, PRA and SII requirements including but not limited to ICOBs, PERG, Value Measures, GIPP and Consumer Duty
- Solid technical knowledge SM&CR
- Solid technical knowledge Data Protection and financial crime
- Previous experience managing and fostering teams
- Collaborative in approach
- Pragmatic with strong commercial acumen
Eames Consulting is acting as an Employment Agency in relation to this vacancy.
