Title: Compliance Officer Industry: Insurance (Broker) Salary: Up to £65,000 Location: London/Hybrid
Introduction
To provide efficient and effective support to the Compliance Manager and the wider Risk & Compliance team. To assist in the implementation of an effective Compliance systems and controls regime for the UK regulated entities. Responsibilities
Assist the Head of Advice and Guidance providing timely advice and guidance on all matters relating to compliance ensuring records of all advice and guidance given are maintained
Provide day to day advice and guidance on all aspects of regulation including the FCA Handbook including SYSC and ICOBS as well as Lloyd’s market standards
Liaise with the Business Support Unit as needed in relation to Counterparty relationship matters and Compliance issues generally
Monitor developments in international sanctions and trade licence requirements, analysing such developments and assessing the impact of them on the activities of the Group’s UK regulated entities
Assist in formulating recommendations to address changes in the international sanctions and trade licence arena, agreeing appropriate reaction to those changes with the Chief Risk Officer and communication resultant updated information and/or amended business practices to Business Divisions affected
Perform pre-bind screening of transactions relating to high-risk territories
Investigate potential due diligence screening matches referred by the Business Support Unity or Business Division personnel, assessing likely impact to trading activities and risk appetite of the Group’s UK regulated entities and providing appropriate advice/decision on proposed trading relationship
Assist with oversight of the effectiveness of the company’s financial crime monitoring systems
Assist with the review and sign off financial promotions and other marketing material, including branded on-line facilities and maintaining a register of all approvals
Assistant with the review, negotiation and agreement of TOBAs with Market Counterparties and other contractual trading arrangements or agreements with external parties, including Non-Disclosure Agreements
Managing Broker of Record transfer agreements, liaising with Business Divisions as appropriate
Develop and maintain a suite of relevant Compliance management information for onward reporting to Group’s governance committees and the Boards
Contribute to the Regulatory Horizons Scanning through analysing, recording, and communicating latest regulatory trends
Communicate the trends to the Risk & Compliance Team and to the business affected by them
Attend the industry conferences discussing regulatory trends and industry matters and provide updates to the Head of Advice & Guidance
Review company compliance training material, liaise with the L&D department with regards to any updates/changes necessary
Undertake any other responsibilities that may become necessary for the proper performance of the role
Knowledge/Skills/Qualifications
Awareness of current regulatory and legal measures applying to financial crime, including fraud, money laundering, sanctions and tax evasion
Demonstrable knowledge of sanctions scanning systems
Ability to evaluate and improve effectiveness of financial crime frameworks
Familiarity with Lloyd’s market, its principles, practices, and operational infrastructure
Sound knowledge of conduct risk in insurance
Awareness of current UK regulatory trends, conversant with the FCA Handbook
Experience with TOBAs, non-disclosure agreements, broker transfer agreements
Key Competencies
Ability to think critically, research and offer solutions to complex problems, reach sound decisions
Excellent stakeholder management, collaborative and communicative
Excellent written and oral communication skills
Well organised and motivated
CII qualifications – DipCii preferred
Minimum 5 years of experience in a Compliance role within the insurance industry, ideally in a broking firm
