Compliance Oversight Manager

Job Description

Context for the Role:The Ardonagh Advisory segment is a large, complex and diverse business covering the full range of regulated activities to clients and customers for all general insurance lines (both commercial and personal) using all types of distribution methods.Purpose of the Role:A second line of defence role responsible for the oversight of business areas, with a particular focus on Ethos firms.

• To support and challenge business management so that all regulatory risks which (may potentially) impact the business are identified, assessed and have appropriate controls to manage and mitigate, which are appropriately monitored.
• To provide independent risk and compliance support across the allocated primary business areas, whilst facilitating an excellent working knowledge of regulatory risk requirements within the business through strong communication and training.
• To ensure that there is on-going assurance of and adherence to Group Policies and Business Standards.

Key Role Accountabilities:

• Maintain an in-depth/practical understanding of risk and regulatory requirements (for example conduct requirements), and their application and be able to apply to the businesses needs;
• Foster good working relationships with internal stakeholders and promote a strong and positive risk and compliance culture;
• Working in unison with colleagues across the Ardonagh Risk & Compliance community to provide advice, guidance and challenge to support the business in the application of risk and regulatory requirements;
• Assist the business by providing support to embed the Risk & Compliance Framework (Decision Focus Next (DFN) including the Ardonagh Accountability Framework alongside the reasonable steps framework) and ensure compliance with policies and business standardsare assessed and maintained;
• Work with the business first line to ensure risks and controls are identified, validated and documented within DFN;
• Working in unison with colleagues across the Insurance Broking Risk & Compliance function providing advice, guidance and challenge to the business in their population and assessment of risks and controls within DFN
• Communicate relevant regulatory information to business areas in a clear and concise manner and provide oversight of any resulting actions;
• Act as a point of contact for risk and compliance queries and take steps to ensure consistent stances are adopted across the function and segment;
• Maintain appropriate oversight of 1st line of defence controls with particular regard to Quality Assurance, Complaints (including the FOS relationship), Training & Competence, Conflicts of Interest management, and breach reporting;
• Assist in identifying key regulatory implications for projects and provide risk, regulatory and compliance support to ensure that projects are compliant;
• Second line oversight of breach and risk event reporting and remediation;
• Contribute to internal and external reporting where required;
• Analyse relevant MI to identify gaps in risk and compliance issues and undertake root cause analysis where appropriate to highlight underlying trends and identify and track actions as appropriate;
• Escalate all issues and risks as appropriate and, in particular, regulatory risks that are out of appetite;
• To undertake any other tasks as may reasonably be required including ad-hoc investigations;
• For appointed representatives, where relevant, oversight of first line of defence controls for onboarding, monitoring and reporting of risk and adherence to standards;
• As required, assist in the review and approval of financial promotions and other communications to ensure compliance with the standards and requirements of relevant regulation and codes of practice;
• As required, assist in the co-ordination of regulatory reporting (e.g. RMARs and standing data) and regulatory applications (firms and/or SMCR) for the relevant business area and/or across the segment and support on information/data collation for any FCAon-site/thematic work;
• Where necessary work with the allocated Risk & Compliance Oversight Manager (whom will hold responsibility for integrations and disposals oversight on due diligence across the function) on any mergers, acquisitions and disposals work;
• Drive the closure and oversight of monitoring actions arising from Compliance Monitoring reviews.

Qualifications & Experience:Extensive knowledge of the FCAs rules (all areas relevant to general insurance intermediation) with prior experience of interpreting and applying this knowledge into a general insurance product lifecycle.Relevant industry qualifications or considerable experience in the regulation of general insurance intermediation.

• Functional Knowledge/ technical knowledge:
  • Current and actively maintained knowledge of the regulatory environment.
  • Working knowledge of the FCA handbook.
  • Basic knowledge of overseas jurisdictions regulatory regimes, e.g. Crown dependencies.
  • Good knowledge of broking operations and processes
  • Competent in the use of Decision Focus Next and able to train/coach others in its application.
• Business Expertise:
  • Effective written and oral communication skills required.
  • Ability to build strong relationships needed for working across varied business units.
  • Able to build and manage relationships with internal and external stakeholders
• Driving continuous improvement and innovation:
  • Analytical skills.
  • Problem solving skills.
  • Able to present information in a concise, efficient and professional manner to senior leaders.
  • Action oriented.
• Building relationships:
  • A level of gravitas and credibility that enables support, guidance and challenge of senior leaders in the business.

Essential:

• High level of knowledge of working in a regulated environment related to general insurance.
• Strong organisational skills and attention to detail
• Strong written and oral communication skills
• Initiative, proactivity, enquiring approach, resourcefulness
• Adaptability, ability to embrace and respond positively to change
• Analytical and investigative skills, logical reasoning and problem-solving skillsindividually and collaboratively
• Ability to work under pressure
• Ability to quickly learn and work with new processes and systems
• Ability to train others on systems and processes
• Integrity and assertiveness when dealing with complex / business critical issues

Microsoft Powerpoint, Excel and Word skills to an intermediate level.