DA Assurance Technician

Together, we engage with everything we have and are, to help humankind act braver and better.

About Great Lakes Insurance SE and its branches and subsidiaries:

As specialty provider of primary insurance services in the UK, Great Lakes London Branch (“GLLB”) is a substantial part of Great Lakes Insurance SE in Munich. Our interlocked business model is to seize opportunities closely connected to the reinsurance core business and innovation opportunities, in our role as an integral part of the Munich Re Group. Great Lakes Insurance SE operates from its headquarters in Munich, and via branch offices in UK, Ireland, Switzerland, Italy and Australia. Great Lakes Insurance UK Limited (“GLLS”), regulated by Prudential Regulation Authority and the Financial Conduct Authority, is a fully owned subsidiary of Great Lakes Insurance SE and acts as the preferred facilitator of agency insurance business in the UK in the post-Brexit world.

About the role:

This role supports both the Audit and Assurance Teams of the wider Delegated Authority Audit & Assurance Team.

Audit

To assist in the provision of unbiased reasonable assurance that Outsourced Service Providers (OSPs) are complying with contractual and regulatory requirements, laws, and best practice. The role includes organising audits of Great Lakes OSPs,. Audits will include audit preparation, on-site fieldwork, drafting reports and tracking and analysis of audit findings with the aim of reviewing information to check adequacy of internal systems and controls and adherence to agreed procedures in order to minimise the risk and exposure to Great Lakes and its policyholders. Work will be carried out at various locations throughout the UK and Europe depending on the location of the OSP.

Assurance

To champion a new Delegated Authority Assurance function intended to undertake assurance activities to strengthen Great Lakes oversight and control of DA relationships. The function ensures delivery of important feedback to the business through additional data capture and detailed analysis of information captured by Audit and reviews undertaken by both Great Lakes and its Outsourced Service Providers (OSP). It will also add value to the business via involvement in existing processes and ensure extensive quality control of the audit process. Agents and Third Party Claims Administrators may manage business in the UK, written by Great Lakes UK including its Subsidiary, and around the world, written by Great Lakes SE and its associated Branches.

Key Responsibilities:

Audit

• Assist with annual audit planning and reporting where required.
• To maintain audit systems and undertake data quality checks of such systems.
• To support the preparation and delivery of accurate and timely audits of Great Lakes OSPs as per the DA Audit plan and audit methodology, including supporting and conducting fieldwork where directed and required. Ensuring that audits are completed in a competent, through and professional manner adhering to the audit process with adequate evidence.
• Supporting in the production of written Audit reports following each audit in a clear, concise and timely manner for consideration by senior management and OSPs.
• Ensure audit issues identified are followed up and satisfactorily addressed with the relevant stakeholders.

Assurance

• Escalate overdue audit findings and support the aim to reduce and avoid findings becoming overdue.
• Contributes in the delivery of feedback to the business when internal issues are found at audits, assisting in the tracking and review of identified actions.
• Collates relevant data to support and assists in the production of all regular MI reporting to the required Boards and Committees at both Great Lakes UK and Great Lakes SE level as requested, and that distribution audiences for all reporting is kept up to date.
• Contributes in undertaking trend analysis on audit findings and discusses with relevant SMEs to consider rectification on a wider business level.
• Monitor and record the results and progress of audits performed by Great Lakes partners of approved Delegated Authority Arrangements, and externally validated reports of OSPs.
• Undertake Quality Assurance Reviews as part of the Quality Assurance and Improvement Programme of the Great Lakes Delegated Authority Audit Pillar.
• Participate in the ‘on-boarding’ of potential new Agents / Coverholders and or TPAs (due diligence) when required.
• Assist in the auditing of Sub-Third Party Service Providers (Sub-Agents or Sub-TPSPs) when required. This will include the carrying out audit fieldwork both onsite and remotely as required, this includes travel and opportunities for overseas travel

General, regulatory & conduct:

• Provide support to colleagues within the Team or other business units or external resources for ad hoc requests, or longer-term projects in carrying out the Great Lakes strategy as requested.
• Any additional duties and responsibilities that may be reasonably expected to be undertaken in accordance with the role as requested by the Head of Delegated Authority Audit and Assurance or the Assurance Manager.
• Provide support to colleagues within the Team or other business units or external resources for ad hoc requests, or longer-term projects in carrying out the Great Lakes strategy as requested.
• Satisfying all regulatory reporting requirements in collaboration with the reporting function when required.
• Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules.

Key Skills & Experience:

Required Skills

• Strong report writing skills.
• Good spoken and written skill
• Be prepared to Travel (both within UK and outside of UK), up to 10% of role when required.
• Understanding of MGA and TPA operations;
• Background in oversight and control
• Knowledge of regulatory environment
• Knowledge of legal contracts
• Data analytics experience

You will be rewarded with a great compensation package, on target bonus, 25 days annual leave with the option to purchase more along with private medical insurance and employers\’ contributory pension of 10%

We are one of the few employers to offer fully paid 6months family leave for times when you need it the most.

About us

You will work in an environment where we think big: Change and culture are continuously role-modelled. We create and articulate a compelling and ambitious shared purpose, vision and direction. We pave the way towards success and see failure as learning

You are going to experience that we care & dare: We are empathetic. We know when to lead and know when to let others lead. We attract, grow and coach future leaders

We communicate in a clear & authentic way: We interact with a positive and humble spirit. We solicit feedback, ask and listen, learn and unlearn

You will grow with your clients: Whatever our role, we support business, in an efficient and effective way, to create value for our clients. We embrace new ways of working using digitalisation to deliver solutions

We lead the We: We have a passion for winning and growing as a team. We inspire people to be capable of joint performance. We create an inclusive environment where different thoughts, generations, cultures and experiences are valued and encouraged

At Munich Re, embracing the power of differences is at the core of who we are. We believe diversity fosters resilience and innovation and enables us to act on our purpose of helping humankind act braver and better. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.

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