Purpose of Role/Job Overview
The purpose of this role is to be responsible for assessing and understanding all regulatory compliance obligations, and the development of policies, procedures, and internal controls to keep the risk of failing to meet these obligations at tolerable levels.
This role offers excellent opportunities to develop a career in Compliance within the insurance industry and work towards well sought-after qualifications with the Chartered Institute of Insurance.
The ideal candidate will have a good eye for detail, be able to multitask and prioritise their own workload, as well as the ability to work to tight deadlines and have highly developed organisational skills.
Rewards for the successful candidate
The successful candidate will benefit from the support of an experienced Head of Compliance and a knowledgeable Underwriting team, collectively focused on a high-performance culture with a drive to improve efficiency and service delivery excellence.
Tasks and objectives
Responsible for supporting the Head of Compliance, dealing with various compliance-related tasks and requests, including but not limited to:
* Managing daily workflow and queries from the business, brokers and insurers efficiently
* Providing outstanding customer service to contribute to good relationships with brokers and insurers
* Building effective working relationships with all internal teams, especially Underwriting, Sales and Accounts
* Liaising with internal and external stakeholders: brokers, customers, insurers, underwriters and senior managers
* Timely, accurate and efficient processing of information into the database and filing systems
* Developing excellent insurance knowledge and demonstrate competency by completing mandatory training
* Maintaining market knowledge by attending industry webinars, seminars, and events
* Contributing to horizon scanning for relevant laws and regulatory requirements
* Handling general enquiries to the Governance mailbox in line with agreed processes and SLAs
* Creating, maintaining, and reviewing bespoke internal policies and procedures
* Contributing to wider business activities, including ad-hoc operational duties and audits to support the team
* Carrying out specific projects e.g. ad hoc research and report writing
* Attending meetings and diary meetings for the Compliance team when required
* Answering incoming calls, taking messages and re-directing calls as required
Support the Junior Compliance Assistant
* Providing support in respect of agency management, broker compliance and third-party due diligence
Product Oversight and Governance (POG) Framework
* Providing technical assistance for POG Framework for its products, including annual reviews
* Monitoring and managing approvals records and archive previous version documents to retain good audit trails
* Comparing document mark-ups with clean copy documents to ensure accuracy or highlight differences
* Providing technical assistance for quality assurance monitoring projects as specified by the Head of Compliance
* Monitoring and managing documentation version control
Compliance Support for Insurers
* Assisting with the annual and ad-hoc due diligence requests from insurers
* Assisting with binder renewals, including accuracy of compliance details and POG expectations
* Assisting with Lloyd’s compliance requests, including updates on Atlas and annual submissions
* Assisting with insurer audits, including pre-audit preparation and sourcing information
* Monitoring and managing insurer Conduct MI returns are delivered in line with requirements, within deadlines
* Draft and administer technical endorsements for binders
Complaints and Breaches
* Monitoring and managing complaints log, the Compliance Dashboard and root cause analysis
* Managing data protection breaches log and identify unforeseen risks through root cause analyses
Qualifications
Essential
* Minimum of three A-Levels (A-C grade) or equivalent with at least one A-Level in Business Studies, Maths, English or an analytical subject
* Minimum of five GCSE’s (A*-C grades, to include Maths and English) or equivalent
Desirable
* Cert CII or equivalent
* Degree in Business Studies, Maths, English or an analytical subject
Skills/Abilities
* Calm professional manner
* Ability to manage time effectively, set priorities and meet deadlines
* IT literate with experience of Word, Excel, PowerPoint, and database software
* Excellent verbal and written communication skills
* Ability to learn, adapt to change and work well in a small company environment
* Ability to apply tact and discretion when dealing with confidential information
* Comfortable working with senior people, both internally and externally
* Ability to learn and understand insurance policy wordings and be able to interpret wordings in relation to claims scenarios
Competencies
* Good understanding of FCA regulations and the UK insurance market
* Working knowledge of SME commercial and personal lines insurance
* Good knowledge of insurance law as applicable including the Insurance Act
Experience
* Minimum of 5 years relevant experience in the insurance industry
* Minimum of 3 years in a Compliance focused role
Personal Attributes
* Personable, approachable, and amiable
* Hard working and tenacious
* Good organisational skills