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Compliance Manager

Job description

My client, a specialist professional services and technology firm is looking for a Compliance and Risk Manager to support and oversee the day to day management of the compliance team and activity within the insurance arm of the business.

Your objective is to deliver, maintain and help comply with regulatory Compliance and Risk framework and oversee the business's network of Appointed Representatives (ARs) and support with UK and overseas insurance services companies.

You will be building strong relationships with the key stakeholders, including CEO's, Directors and Managers of the firm's Appointed Representatives. You will work closely with the FCA, FOS, Lloyd of London, PRA, FSCS, CII and other useful organisations such as MGAA and BIBA.

Key duties include;

  • To enhance, monitor and maintain adequate and appropriate systems and controls to ensure all the business's regulated entities and Appointed Representatives meet its regulatory requirements
  • To manage the regulatory requirements stemming from the FCA rules relating to General Insurance and Consumer Credit Broking activities
  • To oversee the compliance monitoring plan, 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 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
  • Supporting the group with the overall business continuity plan and AR audit and monitoring functions to ensure that staff are competent to perform their roles and that they are following the procedures and processes correctly
  • Respond to any appropriate documents published by the FCA, Lloyds of London and the FOS in relation to general insurance activities. Provide information to the business on the developments of the FCA consultation documents, draft rules published and final rules and how they relate to the company business
  • Identify changes to the business strategy and processes as a result of FCA regulations and changes

Skills & Experience Required;

  • You will have a clear understanding of the implications of IDD, GDPR, Brexit and the importance of applying the Training and Competence across the network of ARs
  • Have a sound understanding of the MGA model specifically in relation to the regulatory oversight of appointed representatives and a understanding of the outcomes from the FCA's Thematic review
  • A detailed understanding of the FCA rules such as PRIN, ICOBS, SYSC, PROD and SUP Supervision
  • Management experience in a compliance and risk function within the general insurance sector
  • Have a sound understanding of technical regulatory rules and how changes affect the wholesale and retail market
  • Able 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

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