At a Glance
- Tasks: Lead compliance initiatives and ensure adherence to regulatory standards in a dynamic insurance environment.
- Company: Join Munich Re, a global leader in insurance and reinsurance with a commitment to innovation.
- Benefits: Enjoy a competitive salary, generous leave, private medical insurance, and a 10% pension contribution.
- Other info: Opportunity for career growth in a supportive and collaborative team environment.
- Why this job: Make a real impact on compliance and governance while working in a diverse and inclusive culture.
- Qualifications: Experience in compliance within insurance and knowledge of PRA and FCA regulations required.
London, England, United Kingdom
Company: Munich Re
Together, we engage with everything we have and are, to help humankind act braver and better.
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 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.
As a Compliance Manager, your role involves providing specialist knowledge, practical solutions and monitoring of compliance topics, as well as contributing to an overall compliance culture. You will contribute to providing excellent service quality within the Great Lakes UK Compliance department. The role reports to the UK Head of Compliance.
Key Responsibilities:
- Provide support to the Head of Legal & Compliance to develop, implement and maintain a compliant Compliance Management System (CMS), ensuring appropriate compliance with all relevant laws and regulations and Group standards.
- Maintain and develop systems and processes which support the core CMS elements like culture, risk analysis, norms management, whistleblowing channels, training and monitoring.
- Significantly contribute to the delivery of the Compliance Plan as approved by the Company Board.
- Assume ownership and take responsibility for specific Compliance topics and programs set out in the GLLB and GLLS' compliance policy and provide specialist advice on these to the business.
- Develop and deliver training materials on a range of compliance topics and the wider regulatory landscape.
- Perform compliance monitoring practices for agreed compliance topics, whilst adapting where necessary to the results of business change and projects.
- Monitor business performance on the identification, notification and handling of potential compliance breaches, considering if external regulatory breaches may have occurred and reporting and escalating such instances appropriately.
- Implement group-wide compliance norms, adapt them to GLLB and GLLS' requirements and monitor adherence to the policies with respect to selected Compliance topics.
- Perform legal and regulatory change impact analysis of regulatory publications to identify potential risks to the CMS, internal governance, rules and standards.
- Support stakeholders with the onboarding of prospective new business opportunities, independently risk assess outsourcing exposures and ensure arrangements follow GLLB & GLLS Outsourcing and Third Party service requirements.
- Assist and advise 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 the CMS framework.
- Support the drafting and preparation of regulatory notifications, reporting and general communications with the regulatory authorities.
- Contribute towards the adjustment of the compliance function in the management of its services across GLLB and GLLS and alignment with the shaping of future internal governance requirements for both entities.
Key Skills & Experience:
- Proven experience in developing and monitoring a conduct risk framework including product governance for a portfolio mix of SME and retail insurances.
- Several years' experience in a compliance role within insurance.
- Full working knowledge of the rules, 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 additional core compliance topics such as Prudential standards, SMCR, Financial Crime, Financial Sanctions.
- Excellent organisational skills and communicator.
- Experience with delegated authority models and multi-layered insurance distribution networks and channels (desirable).
- Experience in preparing reporting to key stakeholders including senior management and Boards as well as presenting on key topics.
- Experience in developing and reporting on Management Information suite including risk tolerances, key risk indicators and key performance indicators.
Desired Qualifications and Educational Background:
- Educated to degree level, qualified by experience or relevant apprenticeship training.
- Professionally qualified as a Chartered Insurer or equivalent qualifications (or making significant progress towards this).
- Knowledge of German regulator BaFin and its regulatory standards.
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, 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; 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.
You can request an adjustment by speaking to your Talent Acquisition contact.
Director, Regulatory Affairs & Quality in London employer: Munich Re
As a leading insurance provider in Greater London, we pride ourselves on fostering a dynamic work culture that values collaboration and innovation. Our employees benefit from comprehensive professional development opportunities, competitive remuneration, and a supportive environment that encourages growth and transformation. Join us to be part of a team that is dedicated to making a meaningful impact in the insurance industry while enjoying the vibrant lifestyle that Greater London has to offer.
StudySmarter Expert Advice🤫
We think this is how you could land Director, Regulatory Affairs & Quality in London
✨Join Compliance Communities
Get involved in compliance and risk communities — both online and offline. Look for forums, LinkedIn groups, or even local meetups where compliance pros hang out. You never know who might drop a job opportunity your way!
✨Attend Industry Conferences
Keep an eye out for compliance and risk management conferences and workshops in your area. These events are a goldmine for networking, and they often have job boards or recruiters on-site looking for new talent. Plus, it’s a chance to learn what's trending in the field.
✨Leverage Your University Career Services
If you’ve recently graduated or are still studying, head over to your university's career services. Many companies, including those in compliance, actively recruit fresh talent through these services, so make sure you tap into that resource.
✨Showcase Your Knowledge Online
Start writing articles or blog posts about compliance topics that interest you. Share them on platforms like LinkedIn to demonstrate your knowledge and passion. This not only builds your presence in the field but can also catch the attention of companies like Munich Re looking for candidates who are engaged and informed.
We think you need these skills to ace Director, Regulatory Affairs & Quality in London
Some tips for your application 🫡
Show Your Understanding of Compliance:In the compliance-risk field, it's super important to showcase your understanding of regulations and risk management frameworks. Highlight any relevant coursework, certifications (like ICA or AML), or even projects that demonstrate your knowledge and commitment to this area. We want to see how you can navigate this complex landscape!
Quantify Your Achievements:When detailing your experience, try to quantify your achievements. For example, if you've previously worked on a project that improved compliance metrics or reduced risk exposure, give us the numbers! This data-driven approach really stands out to hiring managers in compliance-risk roles.
Tailor Your CV to Reflect Relevant Skills:Make sure your CV highlights skills that are particularly relevant to compliance, like attention to detail, analytical thinking, and report writing. Ensure these are easy to spot – consider using bullet points to break down your responsibilities and achievements for maximum impact!
Craft a Motivating Cover Letter:In your cover letter, let us know why you’re excited about the compliance-risk role at Munich Re. Share what motivates you about compliance, and how you believe you can contribute to our mission. This is your chance to showcase not only your skills but also your passion for this important field!
How to prepare for a job interview at Munich Re
✨Master the Regulations
Brush up on key compliance regulations relevant to the industry you're applying to. Familiarising yourself with specific laws and frameworks used in your field will give you an edge during technical questions. Show that you’re not just aware of them but can also apply them—think real-life scenarios!
✨Show Your Analytical Skills
Compliance roles really focus on analytical skills, so be prepared for case studies or situational questions during the interview. We've got to demonstrate how we approach risk assessments or compliance audits, possibly drawing on examples from past experiences or university projects. Bring some thoughtful case scenarios to discuss!
✨Know Your Tools
Get comfortable with commonly used compliance software and tools. Familiarity with platforms like RSA or MetricStream can really impress during your interview, as it shows you're ready to hit the ground running. If you’ve had any experience with them, make sure to highlight that!
✨Align with Company Culture
Since it's a full-time position, show your long-term commitment and interest in the company’s mission and values. Dive into how your ethics and professional philosophy align with Munich Re’s stance on compliance. A shared vision can really resonate with interviewers looking for fit as much as skill!
