Insurance Compliance Analyst: Regulatory & Risk Steward

About Great Lakes Insurance SE: As a 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 the 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: As a Compliance Analyst, your role involves coordinating the key tasks of the compliance function in an efficient manner, harnessing automation opportunities, and supporting practical solutions and monitoring of compliance topics. You will also develop your existing specialist compliance knowledge through regulatory research and contribute to further enhancing the overall compliance culture. The role reports to the UK Head of Compliance, but connects and supports the whole department in meeting shared goals and performance expectations.

Key Responsibilities:

• Assist and support the Head of Compliance in developing, implementing, and maintaining a compliant CMS framework, ensuring full adherence to all applicable laws, regulations, and Group standards.
• Assess and develop existing or new compliance topics and appropriate risk controls.
• Act as the primary coordinator for key compliance processes by planning and administering timely input to critical compliance reports, regulatory returns, regulatory enquiries and audit requests to both internal and external stakeholders.
• Perform legal and regulatory change impact analysis of regulatory publications to identify potential risks and necessary changes to the CMS, internal governance, rules and standards.
• Prepare applications and necessary changes for roles and responsibilities under the Senior Managers & Certification Regime (SMCR). Maintain and keep up to date essential governance documentation for the Company.
• Monitor and report on the status of the Norms (Company policies and procedures) universe and ensure adherence to the Norms Directive.
• Support the development and provide technical input to Compliance Norms, which are legally and regulatory compliant and aligned to Group expectations.
• Support the business in the identification, notification and handling of potential compliance breaches, considering if external regulatory breaches may have occurred and reporting and escalating such instances appropriately.
• Assist in the preparation of advice on Conduct Risk(s) exposure across our Delegated Authorities and retail lines of insurance business, ensuring compliance with external regulatory requirements.
• Assist in the preparation of advice on the Financial Sanctions risk(s) posed across multiple classes of insurance/reinsurance business, ensuring compliance with all internal standards and external legislation.
• Collaborate with second line departments and support annual risk and control assessments and assess the maturity of CMS compliance risks.

Competencies:

• Nimble learning (we think big) – you actively learn by tackling new problems and trying out new solutions, quickly learning from both successes and failures.
• Collaborates (we lead the ‘we’) – you work together with others in your team, the department and wider business (where relevant) to meet shared commitments.
• Optimises work processes (we grow with our clients) – you know the most effective and efficient processes to get things done and are constantly assessing how they can be improved.
• Resourcefulness (we care and dare) – you find a way to get things done with the best use of the resources available to you, knowing when to ask for support from others, but also offering your support to others where you feel your expertise, knowledge and skills can add value.
• Communicates effectively (we are clear and authentic) – you communicate clearly and appropriately with your audience. You also share ideas, learn from others and keep stakeholders informed about progress, problems, opportunities and solutions, soliciting feedback along the way.

Key Skills & Experience:

• Experience in a compliance role with financial services.
• Working knowledge of the practices and expectations of the PRA and FCA.
• Proven knowledge of the primary insurance regulatory environment including related conduct compliance risks.
• Understanding of the compliance requirements for at least two core compliance topics such as Prudential standards, Conduct risk, SMCR, Financial Crime, Financial Sanctions.
• Analytical and solution orientated.
• Proven ability to manage internal and external stakeholders at different levels of seniority.
• Excellent organisational skills and communicator.
• Experience with delegated authority models and multi-layered insurance distribution networks and channels (desirable).

Desired Qualifications and Educational Background:

• Qualified by experience or relevant apprenticeship training.
• Professionally qualified as a Chartered Insurer or equivalent qualifications (or making significant progress towards this).

Thought Leaders:

You will demonstrate inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well. You will treat your colleagues and sales and business partners fairly and with respect.

Regulatory & Conduct Requirements:

Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules.

Benefits:

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 6 months family leave for times when you need it the most.

Diversity, Equity & Inclusion:

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. 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.