Distribution Assurance Officer in Bristol

As the Distribution Assurance Officer you will be part of the 2LoD oversight and governance of the regulatory and business risks relating to our business partner relationships in accordance with a risk‑based methodology and plan, to maintain the regulatory compliance and market reputation of ARAG UK. Working closely with key internal stakeholders, the Distribution Assurance Officer will identify risk, evaluate impact and plan an appropriate risk assessment strategy, which may include a full on‑site review of the business partner’s controls. The Distribution Assurance Officer will evaluate findings, identify recommendations and effectively communicate output to business partners and internal stakeholders. Working with internal stakeholders, they will ensure recommendations and actions are actively progressed and risk is managed. The role is an important function for providing positive challenge to ensure that we are minimising risks and maximising opportunities to drive customer awareness, understanding and accessibility of our products in partnership with our BPs and in line with our regulatory responsibilities.

Key responsibilities

• Work closely and collaboratively with internal stakeholders and analyse business data to identify risk associated with our business partner and distributor arrangements and, using a risk‑based methodology, assist the Distribution Assurance Manager to plan an assessment strategy appropriate to the level of risk presented.
• Complete reviews and analysis of ARAG UK business partners and distributors in accordance with the risk‑based distribution oversight methodology. This will include, amongst other things:
• reviewing the distributors compliance policies and processes
• carrying out website audits
• auditing call centre activity
• In accordance with the risk‑based methodology review internal activity and data to identify risks specific to the business partner or distributor.
• Liaise with the key account managers and business partner to evaluate findings, identify recommendations and produce a report for internal and external circulation.
• Test the controls in place to ensure that sales and claims activity is conducted and complies with the regulatory requirements imposed by the FCA and PRA. Work closely and collaboratively with the business partner and internal stakeholders to agree actions and monitor progress, escalating where appropriate to ensure risks are managed.

Additional responsibilities

• Understand the business strategy, market trends and regulatory changes to ensure the business partner oversight approach remains aligned.
• Review the Sales/Claims journey to ensure that ARAG customers receive the service we intend.
• Review Bordereaux, MI and Policy Wordings to evaluate the Business Partner’s processes around quality/accuracy and maintain the customer journey throughout.
• Provide feedback to the Business Partner Trainer and Technical Academy Manager on the business partners training needs in order to improve compliance and customer outcomes.
• Manage the implementation of actions identified during business partner and distributor reviews.
• Respond to queries from the Distribution Assurance Administrator in respect of reviews and analysis carried out.
• Report, both in writing and verbally as appropriate to business account managers and senior account management.

Essential experience

• Working in the financial services or legal industry, in either a compliance, audit, or QA function.
• Evidence of auditing and feedback experience.
• Understanding of the UK regulatory framework for financial services, in particular the FCA, including ICOBS, IDD & PROD Manual.
• Experience of influencing and effective collaboration with functions and stakeholders outside of immediate control.
• Strong communication and relationship building skills including inspiring trust and influencing; constructively challenging points of view; communicating information in a clear and commercial manner; adapting style and content for different audiences.
• A tenacious and effective approach to exceeding targets (both individually and through a team).
• Evident passion for area of expertise, delivery and sharing of best practice.
• Business acumen (including good understanding of internal and external markets and best practice) and strong commercial awareness.
• Drives delivery when working with ambiguity and change.

Desirable skills

• Evidence of effective problem solving and decision‑making skills.
• Evidence of ability to analyse and interpret data from customer, and financial and operational data.