Head of UK Compliance

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General

Job Description & Person Specification
Job Title:
Head of UK Compliance & Regulatory Affairs

Division:
General Management – Risk & Compliance

Reports To:
As per Beazley\’s organisation chart

Key Relationships
Internal:
Global Compliance:
Group Head of Compliance; Heads of EU and North America Compliance; UK Compliance teams (Regulatory Affairs and Advisory); Global Compliance SLT; Global Compliance function; Group DPO; Group Head of Legal Risk.

2nd Line
:
Group CRO; 2nd Line SLT; Group Heads of ERM; Operational Risk; Insurance Risk; Financial Crime Risk and 2nd Line Assurance and their teams. Group CRO\’s Business Manager; Group Risk and Regulatory Committee; Regulatory Review Committee.

BFL
: BFL CEO, CFO, CRO and CUO; Other BFL SMFs; BFL Management Committee (BFMC); Wholesale Management Committee (WMC); BFL Risk Committee and Board.

Group Shared Service Functions

• Operations: including Procurement; Conduct & Complaints; HR Operations (SM&CR); Corporate Governance (BFL Company Secretary); CISO; Head of IT; Head of Data; Head of Operational Resilience; Change Committee;
• Finance central functions including Capital Management; Investment Management; Finance business partners to Compliance as applicable
• People & Sustainability: including BFL Business Partners as applicable; SM&CR Lead;
• Underwriting: including Heads of Exposure Management and Ceded Re; Climate SMEs;
• Claims: Chief Claims & Litigation Officer; Head of First Party Claims (BFL SMF18); Head of Claims Business Management.

UK branches
of Beazley entities
:
Management teams of UK branches and their SMFs; BIdac UK SMF16.

External

• Supervisory teams and senior management at the PRA; FCA as required.
• Lloyd\’s Account Manager and senior Lloyd\’s executives for Market Oversight, Governance and Exposure Management; other Lloyd\’s SMEs, senior managers and stakeholders as relevant /required.
• Lloyd\’s Europe (LIC) executives.
• Lloyd\’s trade associations: LMA & LUA.
• External legal counsel and Beazley-preferred consultants.

Job Summary
BFL\’s Head of UK Compliance & Regulatory Affairs (SMF16) is responsible for ensuring BFL maintains a Compliance function that is fit for purpose, maintaining and developing practices, processes, systems and controls within a framework that enables adherence to all applicable laws and regulations by BFL staff and Group shared services teams supporting BFL\’s business. The role holder is specifically responsible under SM&CR for the maintenance of BFL\’s MRMs and training and reporting related to the individual conduct rules.

Day-to-day, the role holder will oversee the Regulatory Affairs & 2nd Line Conduct and Advisory teams comprising the Compliance function for BFL, ensuring they are resourced to discharge their responsibilities to the business and that they provide accurate regulatory advice, enabling safe commercial decisions and solutions.

Representing Compliance at the Group Risk and Regulatory Committee as required, the WMC, and other Group Committees from time to time, the role holder will be a member of the BFMC and will attend the BFL Risk Committee and Board on request. The role holder will be the primary SMF for interface with the FCA and any BFL Conduct matters that require regulatory liaison. This role is subject to the FCA Conduct Rules.

Supporting the BFL CRO in the discharge of their responsibilities as required.

SM&CR Statement of Responsibilities (SMF16).

Code and Controlled Function

Statements of responsibilities

SMF16: Compliance Oversight

Prescribed Responsibilities
Accountable and responsible for:

• Responsibility for compliance with the requirements of the regulatory system about the management responsibilities map (b1)
• Responsibility for the firm\’s obligations in relation to individual conduct rules for training and reporting (shared) (c )

Overall Responsibilities

• N/A

Other Responsibilities

• Compliance Framework: Ensures that Beazley Furlonge Ltd (BFL) has at its disposal a fit for purpose compliance framework that is compliant with all PRA, FCA, Lloyd\’s of London and other applicable regulatory regimes\’ regulatory requirements.
• Horizon Scanning: Oversees the process of horizon scanning for BFL and its overseas businesses, ensuring BFL\’s executive management and the business have access to the information they need to comply with regulatory requirements or plan for mandatory change.
• Compliance Monitoring and Testing (CMT): Coordinates with the 2nd Line Assurance team to ensure the annual assurance plan adequately covers BFL\’s needs for CMT.
• Training: Responsible for developing an annual training plan outside of the PRs above that targets areas of regulatory importance where the business requires training to support adherence to regulatory requirements.
• Advisory: Oversees the provision of technical compliance advice to the business to enable compliance with all applicable regulations and rules.
• Regulatory Affairs: Oversees the administrative support of BFL\’s supervisory and Lloyd\’s relationships.

Detailed Responsibilities

• Compliance Framework: Contribute to the annual review and development of the Global Compliance Framework including those sections particular to BFL. Oversee the annual review of all Compliance-owned policies protocols and frameworks, maintain them up-to-date with regulatory expectations and best practice.
• Leadership & Management: Develop the strategy for the BFL Compliance team, including for the development of talent, ensuring a competent, diverse, and dynamic function for the UK. Support the Group Head of Compliance in the development of the Birmingham office and identifying opportunities for automation and strategic use of tools and services.
• Branch SMF16s: Line management of the BIdac UK branch SMF16.
• Centres of Expertise (CoEs): Coordinate closely with the CoEs in Data Protection, Financial Crime and Legal Risk in relation to BFL\’s needs and requirements.
• Compliance Plan: Work with the Group Head of Compliance to develop the annual Global Compliance plan in relation to BFL\’s focus areas and deliverables.
• Horizon Scanning: Oversee the maintenance and development of the Horizon Scanning framework as it applies to BFL, including the effective use of tools and services to assist all three lines of defence to stay aware of relevant legal and regulatory developments in all applicable territories for BFL. Ensure high quality, insightful reporting on emerging regulatory policy to BFL committees and, on a quarterly basis, the Group Change Committee where mandatory regulatory change is anticipated.
• Regulatory Engagement:
• In close coordination with the BFL CRO and BFMC, develop an effective annual engagement strategy for approval by the BFMC and the BFL Board
• Working closely with the BFL CRO and his Risk Management team, oversee the day-to-day management of supervisory engagement with the PRA and FCA, and market oversight by Lloyd\’s by the BFL Regulatory Affairs & Conduct team. This to include attendance at, and participation in, the monthly Lloyd\’s engagement meetings and quarterly PRA supervisory meetings; escalation of any regulatory concerns or directions to the BFL CEO, the BFMC and keeping the Group Head of Compliance and Group CRO informed as appropriate.
• Oversight of fit for purpose processes to:
• Make and maintain records of all regulatory interactions;
• Field and track regulatory information requests with relevant parts of the business;
• Coordinate multi-stakeholder activity;
• Ensure Compliance-owned regulatory returns are filed on time and accurately.
• Prepare executives for their regulatory interactions;
• Ensure the correct discharge of all regulatory processes including all relevant notices, applications and filings under SM&CR
• Maintenance of all external regulatory registers
• Training: Oversight of effective processes to develop and deliver an annual training plan targeting areas where the business requires support to strengthen regulatory compliance across BFL.
• Advisory: Oversight of the provision of high- quality, accurate, technical compliance advice, with the instruction of external advisors where appropriate to ensure the business can comply with all applicable laws rules and regulations. Support the work of the Conduct Review Group and the first line Conduct & Complaints team with regard to achieving good customer outcomes and meeting expectations under Consumer Duty.
• Control Environment: Working closely with BFL\’s Risk Management team, contribute to the assessment of the BFL Regulatory Compliance KRI against appetite and its ongoing development. Contribute to the correct operation of, maintenance and development of all Compliance -owned controls for BFL.
• Reporting: Oversight of the production of high-quality formal reporting to all applicable committees and Boards for BFL Compliance. Attendance at committees and Boards as required to present BFL Compliance reporting and provide advice guidance and answer questions from Committees and Board members on Compliance matters.

General
It is important that within all your interactions both internally and externally you adhere to Beazley\’s core values – Being Bold, Striving for Better, and Doing the Right Thing – as they contribute to an internal environment of teamwork and promote a positive brand image and experience to our external customers. We also expect Beazley employees to:

• Comply with Beazley procedures, policies and regulations including the code of conduct which incorporates the PRA and FCA Conduct.
• Undertake training on Beazley policies and procedures as delivered by your line manager, the People & Sustainability or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system.
• Display business ethics that uphold the interests of all our customers
• Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs.
• Comply with any specific responsibilities necessary for your role as outlined by your line manager, the People & Sustainability or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas. This may include, amongst others, Beazley\’s underwriting control standards, Beazley\’s claims control standards, other Beazley standards and customer relationship management.
• Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system. These may include membership of any Beazley committees or working groups.

Person Specification
Skills And Abilities

• Highly organised with excellent prioritisation skills;
• Succinct and clear communicator, both verbal and written;
• Comprehensive knowledge of Lloyd\’s processes and PRA / FCA handbooks;
• Solid stakeholder management skills, interacting professionally and with credibility;
• Ability to challenge, negotiate with, influence and persuade both internal and external parties;
• Strong people management skills;
• Good attention to detail with the ability to oversee the production of high-quality correct advice;
• Solution-oriented: good commercial sense.

Knowledge And Experience

• Prior SMF16 experience with an insurer is a pre-requisite;
• Experience with a Lloyd\’s Managing Agent, required;
• Extensive experience with formal committees, Boards, and formal governance and reporting, required
• Regulatory relations experience at an insurance organisation, required;
• Experience of working at pace in a global business environment, preferred;
• Good understanding and experience of managing compliance with Solvency II /Solvency UK key requirements and expectation of insurers, required;
• Strong knowledge of property and casualty insurance, preferred;
• Proven management experience, required.

Aptitude and Disposition

• Calm under pressure, maintains perspective at all times; inspires confidence;
• Self-motivated with the ability to work autonomously;
• Highest degree of integrity/discretion;
• Works effectively under pressure, to deadlines and handling unforeseen circumstances;
• Firm but diplomatic;
• Approachable with a strong emphasis on developing pipeline talent;
• Team player;
• Flexible and pragmatic;
• Able to manage a changing environment (both internal and external).