This is an extremely hands on role and the successful candidate will be responsible for advising the Directors on anything Compliance-related. It is therefore imperative that candidates have had, and have demonstrated, ownership and accountability for the compliance and DUA oversight functions, rather than assisted, supported or managed it.
The Compliance Department plays a key role in supporting the Business. It has responsibility for the co-ordination and implementation of policies, procedures and business standards to ensure compliance with the financial regulator, commercial agreements (i.e. principal insurers delegated authority arrangements), legislation and the business model/framework.
The role is extremely wide, yet some of the duties will include:
- Ownership of the delegated underwriting agreements and joint ownership with the Claims Manager of the delegated claims handling agreements,
- Liaising as necessary with principal insurers in the renewal, expiry or termination of agreements and facilitating run off arrangements on terminated contracts
- Monitor and advise the Business on all relevant legislative and compliance developments impacting on the Business and the Company, providing expert compliance advice, guidance and support
- Analyse business practices and review against any new directives ensuring that all regulatory related literature, procedural and systems manuals and policies are reviewed regularly and are up to date
- Continually monitor the adequacy of internal processes, procedures, systems and record keeping to ensure compliance with regulation and legislation.
- Maintain an audit framework which is suitable for the Business and undertake audits and reviews in accordance with the audit programme, individual underwriter reviews in accordance with agreed objectives as necessary, and make recommendations for improvement ensuring that suitable solutions are implemented to address gaps or weaknesses identified
- Facilitate annual Lloyd’s attestations and annual syndicate audits.
- Ownership of the Complaints Process and responsible for the handling and oversight of all complaints (including under the delegated complaints handling agreement with Insurers) ensuring that they are identified, investigated, and appropriately actioned and resolved. Undertake root cause analysis as necessary and provide regular and ad hoc reports to the business and timely complaint returns to Insurers.
Previous experience must have been gained in compliance / audit within an Insurance or similar financial services role with a working knowledge of the FCA Handbook, the Financial Services and Markets Act and other UK relevant legislation. Knowledge of Lloyd’s Market practices will be a distinct advantage.
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