Compliance Manager in London

This is an opportunity to join Ascot Group - one of the world’s preeminent specialty risk underwriting organizations. Designed as a modern-era company operating through an ecosystem of interconnected global operating platforms, we’re bound by a common mission and purpose: One Ascot. Our greatest strength is a talented team who flourish in a collaborative, inclusive, and entrepreneurial culture, steeped in underwriting excellence, integrity, and a passion to find a better way, The Ascot Way.

The Ascot Way guides our people and our organization. Our underwriting platforms collaborate to find creative ways to deploy our capital in a true cross-product and cross-platform approach. These platforms work as one, deploying our capital creatively through our unique Fusion Model: Client Centric, Risk Centric, Technology Centric. Built to be resilient, Ascot maximizes client financial security while delivering bespoke products and world class service — both pre- and post-claims. Ascot exists to solve for our clients’ brightest tomorrow, through agility, collaboration, resilience, and discipline.

Job Purpose: Implement the compliance framework and related compliance activities within the Ascot Group, comprising of Ascot Underwriting Limited (“AUL”), Ascot Bermuda Limited (“ABL”), Ascot Underwriting Bermuda Limited (“AUBL”), Ascot Insurance Guernsey Limited (“AIGL”) and Ascot Group Limited (“AGL”). Provide regulatory and compliance advice, execute the annual compliance plan across the Group companies, review and update the related policies, procedures, processes and controls on regular intervals. Collaborate with internal departments and across Group companies to execute projects related to the Compliance Function (“Function”) and the Group.

Detailed Duties:

• Assist the Senior Compliance Manager with the following:

• Confirm systems and controls are in place to ensure Ascot’s operations in the UK, Bermuda and Guernsey are compliant with the regulations or requirements from:

• Lloyd’s of London (“Lloyd’s”);
• Lloyd’s Insurance Company (“LIC”);
• The Prudential Regulatory Authority (“PRA”);
• The Financial Conduct Authority (“FCA”);
• The Bermudan Monetary Authority (“BMA”);
• Guernsey Financial Services Commission (“GFSC”); and
• Other regulators’ requirements.

Compliance Framework:

• Assist with the design of an annual Compliance Plan. Execute the annual Compliance plan with support and assistance from the Compliance Team.
• Embed the compliance framework and all relevant systems and controls.
• Draft and provide regular updates about progress against the annual compliance plan.

Employers Liability Register (“ELR”) maintenance & audit: Act as primary Compliance Team lead by ensuring Ascot’s ELR is up-to-date and reconciled with valid policy and claims. This will require liaising with Ops, MI and other internal teams. Assist with the annual audit process, liaising with external auditors, and any associated remediation.

SM&CR framework: Carry out the requirements under SMCR regulations to draft and maintain Ascot’s SM&CR framework, including advising on the allocation of functions and prescribed responsibilities, maintaining updates to the Management Responsibilities Map (“MRM”) and handling all applications to Lloyd’s, the PRA and the FCA, as required.

Horizon Scanning: Conduct Horizon Scanning with the assistance of the Compliance Assistant, creating gap and impact analysis, work with the impacted business areas to implement new regulations and requirements in a timely, effective and pragmatic manner.

LIC: Ensure LIC’s Operating Model (“LOM”) and related internal processes and procedures are complied with. In particular:

• Perform an advisory role in relation to compliance with the LOM and any other associated requirements under the LIC Underwriting Playbook.
• Monitor Ascot’s secondees performance against LIC’s objectives, provide them with IDD specific training, oversee their CPD requirements.
• Notify and record underwriting and process breaches.
• Keep abreast of upcoming changes that may impact internal processes with a view to implementing them in time.

FCA and Lloyd’s Returns: Oversee the business timetable from Lloyd’s and returns calendar from the FCA to ensure returns are submitted in a timely and accurate manner.

Training: Ensure that training and development regarding compliance matters is in place for all Ascot staff and adhered to. Review the content of training courses to ensure they are in-line with the updated regulatory requirements.

Compliance Projects: Provide support and input on Compliance projects working with cross functional teams and Group companies. Assist with ad-hoc tasks such as liaising with internal and external auditors or regulators, carrying out an assessment of requirements for new classes of business introduced within Ascot and providing support to the Senior Compliance Manager and the Head of Compliance as required.

Culture: Support the promotion and development of a culture of proactive compliance within Ascot. Proactively engage with the business to support and enable growth in a compliant manner across underwriting divisions. Support the development of an open and cooperative relationship with Lloyd’s, the PRA, the FCA, the BMA and other regulatory bodies. Develop positive relationships with, and work closely with key stakeholders within the Function, with Legal, Risk, Delegated Authority, senior underwriters, their teams and the business. Maintain a proactive, positive, and open working relationship with the Senior Compliance Manager and Head of Compliance to ensure there are no gaps in the division of responsibilities. All matters of concern must in the first instance be escalated to the Senior Compliance Manager.

Management: Manage 1 (one) or more direct reports from the Compliance Team. Direct line management responsibility includes training, support and feedback. This also includes conducting annual appraisals, setting objectives, provision of feedback. Proactively develop the Compliance Team’s skills and experience through ongoing advice and feedback (both formal and informal) and leading by example. Work with the Senior Compliance Manager to develop a responsive, proactive, professional and skilled Compliance Team.

Reporting and Governance: Draft appropriate Board, Committee or other governance papers on range of compliance or regulatory matters as required. This includes the provision of papers for the: AUL Board, AUL Risk Committee, AUL Executive Committee, ABL Executive Committee, Any other Board, Committee, governance bodies or meetings as required. When required, attend any Boards, Committees, governance bodies or meetings to represent the Compliance Team.