| Job Information |
Compliance Officer (Insurance)
The Compliance Officer is responsible for managing the day-to-day regulatory relationship with the GFSC, including timely submissions of all regulatory returns and fees.
The Compliance Officer will manage the following high-level functions:
- Compliance and regulatory reporting including maintaining a Compliance Monitoring Programme, collating report packs and presenting to the board
- Ensure compliance with the Group risk framework including managing a risk forum, risk register and reporting incidents
- Ensure customer outcomes are monitored to promote customer service improvements, including managing a “customer outcome forum” to consolidate, monitor and discuss complaints in the business areas.
Responsibilities:
- To ensure that the company complies with relevant statutory, legislative and regulatory requirements and has a robust control framework in place
- Assisting the Risk and Compliance Committee (“RCC”) and business areas to understand their regulatory risks and obligations and have sufficient knowledge to make informed decisions regarding plans/actions to mitigate any risks
- Assisting the Head of Finance in advising the Board and RCC on all aspects of GFSC regulatory risk and compliance
- Managing regulatory visit and requests for information
- To advise and escalate to the HOF and Group Risk any breaches or ‘near misses’ regarding any material aspects of GFSC regulatory compliance
- To oversee or, where applicable, manage, any projects arising from changes to regulatory rules or guidance, or the identification of any rule breaches requiring e.g. systems or process changes or customer remediation
- Accountable for proactively managing a positive, influential and interactive relationship with the GFSC and, where appropriate, other industry bodies
- Assisting the HOF to keep the Board, RCC and senior management up to date with regulatory change and news
- To work with the key managers in the business to understand compliance and build working relationships to champion compliance as adding value to the business through continuous improvement and assist in embedding a compliance culture
- To work with and provide reassurance to the key managers in the business around Treating Customers Fairly (TCF), conduct risk and other regulatory initiatives
- Developing, maintaining and continuously improving a Conduct Management Framework to manage, monitor and mitigate conduct risk relevant to the company
- Advising senior management on the regulatory implications of business strategies to ensure that the company remains compliant with the relevant requirements and standards of the regulatory system.
- Ensuring that the company acts within the GFSC regulations and principles.
- Builds proactive business-partner relationships with internal groups
- Provides ongoing compliance support to work with the business areas in improving processes, documentation, policies, products, marketing and training and competence.
- Provides support and ongoing advice for relevant the company and its employees on how to manage regulatory risks and compliance and, balance these with the business needs of the operation
- Ensuring that the compliance function acts as a strong second line of defence that is supportive, enabling and independently challenging to the firms’ systems and controls in respect of regulatory risk management.
- Ensuring delivery of compliance monitoring and completion of actions; compliance oversight, advice and guidance; management of conflicts of interest; horizon scanning and regulatory change; regulatory returns and applications
- To report compliance with policies, procedures and standards of corporate governance.
- Where relevant, to assist in the implementation of and compliance with all company policies, procedures and standards including but not limited to Health Safety and Environment, Human Resources, Data Protection, Risk Management.
- To embed, through compliance, the agreed values and culture of the company and ensuring that customers’ interests are at the heart of the business.
- Provide leadership within a framework of prudent and effective controls which enable risk to be assessed and managed to fit within the Board’s agreed risk appetite.
Candidate requirements:
Experience
- Experience operating in or managing a financial services compliance team.
- General Insurance experience
- Prudential and Conduct regulation experience
- Experience in developing and successfully delivering compliance projects/plans and the compliance elements of business strategies.
- Educated to degree level or equivalent
- Professional qualifications / accreditation
Skills/Knowledge
- Managing & coaching people.
- Expert knowledge of GFSC and working knowledge of FOS, FCA, FSCS and The Equality Act.
- Experience of delivering compliance plans and projects.
- Planning and organisational skills, including the co-ordination and delivery of business change and continuous improvements.
- A positive “can-do” attitude
- Ability to see big picture – and concentrate on key compliance issues and take pragmatic approach on both major and minor issues.
- To keep up to date with regulatory themes/hot topics – and deal with these in proactive way.
- Excellent at building relationships with good interpersonal and communication skills, able to influence local managers and staff effectively.
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