Compliance Manager

About Great Lakes Insurance SE:

As a specialty provider of primary insurance services in the UK, Great Lakes Insurance SE, UK Branch is a substantial part of our parent, Great Lakes Insurance SE in Munich. Our interlocked business model is to seize opportunities closely connected to the reinsurance core business and innovation opportunities, in our role as an integral part of the Munich Re Group. Great Lakes Insurance SE currently operates from its Head Quarter in Munich, and via branch offices in UK, Switzerland, Italy and Australia.

In the UK, Great Lakes is currently undergoing the authorisation process from the Prudential Regulatory Authority and Financial Conduct Authority for a Third Country Branch and a Subsidiary. These two entities will secure our future in the primary insurance service market in a post-Brexit world, by enabling us to continue writing our existing business.

Job Purpose:

To further enhance excellence and the service quality within the Great Lakes UK Compliance department to its business stakeholders through the provision of specialist compliance knowledge and expertise, with a particular focus in primary insurance regulation and selected Compliance topics set out under the GLLB and GLLS Compliance Policies and Compliance Management System (CMS) framework.

As a Compliance Manager, your role involves providing specialist knowledge, practical solutions and monitoring of compliance topics, as well as contributing to an overall compliance culture.

The role reports to the UK Head of Compliance.

Key Responsibilities:

1. Provide support to the Head of Legal & Compliance to develop, implement and maintain a compliant CMS, ensuring appropriate compliance with all relevant laws and regulations and Group standards.
2. Provide support on delivery of the Compliance Plan as approved by the Company Board.
3. Assume ownership and take responsibility for specific Compliance topics mentioned in the GLLB and GLLS' compliance policy and provide advice on these to the business.
4. Contribute to the further development of the CMS framework, including the development of new controls, enhancement of existing ones, and identify efficiencies and automation opportunities.
5. Support the development of training materials on a range of compliance topics and the wider regulatory environment.
6. Perform compliance monitoring practices for agreed compliance topics, whilst adapting where necessary to the results of business change and projects.
7. Monitor business performance on the identification, notification and handling of potential compliance breaches, considering if external regulatory breaches may have occurred and reporting and escalating such instances appropriately.
8. Implement group-wide compliance norms, adapt them to GLLB and GLLS' requirements and monitor the adherence to the policies with respect to selected Compliance topics.
9. Perform legal and regulatory change impact analysis of regulatory publications to identify potential risks to the CMS, internal governance, rules and standards.
10. Support stakeholders with the onboarding of prospective new business opportunities, independently risk assess outsourcing exposures and ensure arrangements follow GLLB & GLLS Outsourcing and Third Party service requirements.
11. Assist and advise on the Financial Sanctions risk(s) posed across multiple classes of insurance/reinsurance business, ensuring compliance with all internal standards and external legislation.
12. Collaborate with second line departments and support annual risk and control assessments and assess the maturity of the CMS framework.
13. Support the drafting and preparation of regulatory notifications, reporting and general communications with the regulatory authorities.
14. Contribute towards the adjustment of the compliance function in the management of its services across GLLB and GLLS and alignment with the shaping of future internal governance requirements for both entities.
15. Plus any additional duties and responsibilities that may reasonably be expected to be undertaken in accordance with the role.

General Duties and Tasks:

1. Development and enhancement of compliance processes in accordance with market practice to meet regulatory expectations.
2. Participate and engage with mirror Key Functions as required to ensure GLLB & GLLS internal controls, regulated activities and outsourced arrangements are operating effectively.
3. Escalate material compliance issues to the Head of Compliance in a timely fashion with analysis of impact, criticality and remedial options.
4. Provide key contributions to the Head of Compliance report quarterly on the status of compliance topics.
5. Ensure robust record keeping, compliance with GDPR law, enhance and uphold data security processes.
6. Produce and deliver statutory and regulatory training for compliance topics to employees ensuring adequate awareness of relevant legislation and practices.
7. Provide compliance advisory to business stakeholders, especially where undertaking project work or business change improvement.
8. Actively promote a positive compliance culture within Great Lakes.

Key Skills and Experience:

1. Professional experience in a compliance role within financial services.
2. Working knowledge of the practices and expectations of the PRA and FCA; European and local legislation & directives, including Solvency II.
3. Experience with maintaining an effective Outsourcing framework, preferably around delegated underwriting authorities (MGAs) and multi-layered distribution channels.
4. Experience in assessing financial sanctions queries relating to complex (re)insurance coverages and via delegated outsourcing arrangements.
5. Excellent understanding of the FCA's business standards PRIN, SYSC, SUP, COBS, ICOBS, RPPD, PROD, COCON.
6. Proven knowledge of the primary insurance regulatory environment including related conduct compliance risks.
7. Excellent/good understanding of the compliance requirements for at least two core compliance topics.
8. Good knowledge of Financial Crime legislation and experience in AML, sanctions, anti-bribery and fraud.
9. Analytical, pragmatic thinker and solution-oriented.
10. Excellent internal and external stakeholder management.

Qualifications and Educational Requirements:

1. Educated to degree level or qualified by experience.
2. Professionally qualified as a Chartered Insurer or equivalent qualifications (or making significant progress towards this).

Benefits:

You will be rewarded with a great compensation package, on target bonus, 25 days annual leave with the option to purchase more along with private medical insurance and employers' contributory pension of 10%.

We are one of the few employers to offer fully paid 6 months family leave for times when you need it the most.

About Us:

You will work in an environment where we think big: Change and culture are continuously role-modelled. We create and articulate a compelling and ambitious shared purpose, vision and direction. We pave the way towards success and see failure as learning.

You are going to experience that we care & dare: We are empathetic. We know when to lead and know when to let others lead. We attract, grow and coach future leaders.

We communicate in a clear & authentic way: We interact with a positive and humble spirit. We solicit feedback, ask and listen, learn and unlearn.

You will grow with your clients: Whatever our role, we support business in an efficient and effective way, to create value for our clients. We embrace new ways of working using digitalisation to deliver solutions.

We lead the We: We have a passion for winning and growing as a team. We inspire people to be capable of joint performance. We create an inclusive environment where different thoughts, generations, cultures and experiences are valued and encouraged.

At Munich Re, embracing the power of differences is at the core of who we are. We believe diversity fosters resilience and innovation and enables us to act on our purpose of helping humankind act braver and better. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don't meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.