A Leading Insurance Brokerage is currently recruiting for an exciting opportunity to join as a Product Governance Manager within their UK&I Retail Broking business.
The role is based in the City of London with hybrid/remote working arrangements offered.
You will develop business relationships with and work alongside Senior Management, as well as other key stakeholders, providing the support necessary to ensure that the respective pillar/client segment/product line has appropriate and effective: understanding; interpretation; and application of regulatory expectations across its product governance obligations at first line.
You’ll support the business in the assessment of proposed new products, to be approved by the Product Governance Committee and embed product governance principles and practice within the business, assisting in the development and delivery of appropriate process training.
Finally you will also be the primary point of contact for supporting development of our approach to Information Requests, FVAs, Product Reviews/Approvals, Distribution Impact Assessments and other related activities as advised by Senior Management and in line with any other additional guidance.
Key Accountabilities
- Maintain up to date Product Governance risk profile of in-scope teams in liaison with Senior Management and Compliance.
- Produce accurate data which supports conduct risk MI and the delivery of supporting information to the Product Oversight Group and Pillar Forums.
- Participate in specific initiatives/projects to conduct research, review and consider more effective controls.
- Design and implementation of internal policies and procedures to improve product governance across the business.
- Together with Senior Management, ensure products and propositions are crafted with the client in mind and offer fair value.
- Regularly reviews Operating Entity policies and procedures (e.g. OPMs, including OPM supplements) to ensure that, from a Product Governance perspective, they remain fit for purpose.
- Interpret instructions and issues arising, and then implements actions according to policies and procedures.
- Review all existing policies and procedures relating to Product Governance and update accordingly.
- Support in monitoring product related risks to the business.
- Review and comment on new products and changes to existing products against the Product Governance framework.
- Track recommendations from the Product Oversight Group and Pillar Forums to make sure actions are completed and detailed.
- Work with key stakeholders to embed good governance and ensure that they deliver their POG requirements in a timely manner.
- Conduct and detail a cycle of fair value assessments against the product range.
- Build strong and effective relationships across the business to promote a positive image of the Product Governance Team and efficiently support and deliver work activities.
- Maintain awareness of organisational structures and activities, in order to understand business dynamics, pressures and needs.
- Maintain awareness of regulatory developments and supports the business in assessing impacts and improving controls where necessary.
Skills & Experience
- Knowledgeable about regulatory expectations with regard to Product Governance and the implementation of appropriate systems and controls across different business profile types.
- Commercial awareness and focus on the application of regulation within the insurance broking industry.
- Broad knowledge and understanding of insurance, principles, products and services.
