This exciting and rapidly growing Insurance market MGU is recruiting for a Risk and Compliance Officer to govern and oversee both the new and existing MGA's under their management.
The Risk and Compliance Officer will report to the Group CRO and will be responsible for the MGU providing operational, technological and regulatory infrastructure, allowing the MGAs to focus on Underwriting, Sales and Distribution.
THE ROLE:
- The RCO is responsible for ensuring that the organization adheres to all relevant regulatory requirements and internal policies within the insurance sector.
- This role involves developing and implementing compliance programs, providing guidance on regulatory matters, and monitoring compliance activities across the company.
- The Compliance Lead will play a crucial role in maintaining the organisation's integrity, ensuring its operations align with regulatory standards, and mitigating potential risks.
This is an exciting role for an experienced Compliance specialist who enjoys working across multiple workstreams in a fast-paced collaborative environment.
A LITTLE MORE ABOUT WHAT YOU WILL BE DOING
Regulatory Compliance:
- Monitor and interpret UK and German regulatory developments, including those from the Financial Conduct Authority (FCA) and the IHK. German regulatory developments will be supported by external advisors.
- Ensure the company’s compliance with all relevant laws, regulations, and internal policies including the oversight and continual improvement of our Fair Value Assessment Process.
- Manage compliance with policies, and procedures to meet regulatory requirements.
Compliance Strategy & Planning:
- Executing the company's compliance strategy, ensuring alignment with business objectives.
- Lead the development of risk-based compliance monitoring plans and initiatives for the MGU.
Advisory:
- Provide expert advice to senior management and MGAs on compliance and regulatory issues, including upcoming changes to legislation.
- Act as the key point of contact with regulators and ensure timely communication and reporting.
Training & Development:
- Develop and deliver training programs to educate employees on compliance obligations and ethical standards.
- Promote a culture of compliance and ethical behaviour throughout the organisation.
Monitoring & Reporting:
- Oversee and conduct compliance audits, fair value assessments and risk assessments to identify potential areas of vulnerability.
- Prepare and present compliance reports to the executive team and board of directors, highlighting key risks and the status of ongoing compliance initiatives.
- Implement corrective actions where necessary to address compliance gaps.
Incident Management
- Investigate compliance breaches or incidents, working with relevant departments to resolve issues and implement preventative measures.
- Manage the process for handling regulatory investigations and ensuring proper documentation and reporting.
WHAT YOU’LL BRING
- Relevant certifications in compliance, risk management, or related fields are advantageous (e.g., ICA Advanced Certificate in Compliance).
- Minimum of 5-7 years of experience in a compliance role within the insurance industry (Ideally Broking/MGU)
- Proven track record of dealing with UK regulators such as the FCA and PRA.
- Practical experience of the Consumer Duty regulations
