Manager - Regulatory Assurance

JOB PURPOSE

The primary focus of the Regulatory Assurance team is to provide reassurance to the Senior Management (inc. Boards / Exec Committees, Audit and Risk Committees), that regulatory requirements are being met.

This entails conducting risk based assurance reviews, both routine and thematic, to assess the extent to which line management complies with regulatory procedural requirements and relevant internal control standards put in place to ensure the Company meets external legal and regulatory requirements.

The Regulatory Assurance Manager (RAM) will be responsible for the management of their direct reports and ensuring adherence to the compliance departments Regulatory Assurance plan and procedures; leading themed and regular assurance reviews as well as supporting business units with recommendations in resolving actions and outcomes from monitoring / assurance reviews that will cover regulated businesses.

The RAM will ensure collaborative working by supporting team colleagues and being an ambassador for all functions within the wider Risk & Compliance division.

KEY ACCOUNTABILITIES/DELIVERABLES

All members of the Regulatory Assurance team are expected to help facilitate a strong compliance culture throughout the Company, and maintain an effective relationship with management and staff within businesses assisting them at all times to comply with FCA standards and other regulatory and legal relevant requirements.

- Conducting risk based assurance reviews, both routine and thematic, to assess the extent to which the business complies with the appropriate regulatory requirements (e.g. FCA Rules and Principals) and that the business are following procedural requirements and relevant professional standards;

- Assist and drive completion of the regulatory Assurance plan.

- Assist in the adherence and reporting of the Risk Universe and Compliance management information.

- Assist in delivering, developing and implementing an effective compliance culture.

- Support and lead regular reviews of the business units, key business processes and the activities of the Company to ensure continued adherence to and effective implementation of policies, procedures and regulations.

- Develop, liaise and monitor other members of the Regulatory Assurance team, and liaise with the wider Risk & Compliance teams to ensure consistency and effective dissemination of best practice across the Company.

- Ensure prompt escalation of significant compliance issues to the Regulatory Assurance Director.

- Take responsibility for the day to day output of direct reports conducting regular performance reviews and ensuring adherence to the Monitoring team's job objectives

- Contribute to the development of regulatory procedures by identifying areas of weakness and making suggestions for improvement.

- Produce accurate monitoring reports and ensure any issues identified from monitoring activities are addressed in a timely manner. This includes maintaining appropriate records of all assurance activity.

- Support the maintenance and updates to the Assurance Plan and reporting against objectives and SLA's.

- Keep up to date with industry knowledge to ensure appropriate competency levels are maintained.

- Be familiar with the business and current regulatory and compliance initiatives in a way that is likely to meet the Financial Conduct Authority compliance requirements applying to

- Carry out duties following internal policies and procedures in accordance with applicable laws, rules, regulation, good governance and shared values, in particular, putting clients at the heart of our business.

- Take all reasonable steps to ensure the part of the business for which you are accountable for demonstrably complies with applicable laws, rules, regulation, good governance and shared values, in particular, putting clients at the heart of our business. If shortcomings are identified take responsibility for remedial action planning, and action in conjunction with the relevant experts within the firm.

PERSON SPECIFICATION

Qualifications

- Must hold or be willing to work towards Cert CII

Technical Knowledge

- A thorough understanding of the FCA Handbook and professional standards.

- Detailed technical knowledge and experience of the UK regulatory framework and markets as it applies to insurance brokers, the wholesale markets and underwriting.

- An understanding of the wider impact of regulation on consumers and businesses.

Experience

- Insurance experience desirable

- Commercial awareness and the ability to take a pragmatic approach in understanding and applying regulatory requirements, including the understanding of confidential issues and the use of discretion.

- An understanding of the compliance risks facing insurance brokers.

- Proven ability to evaluate the adequacy and effectiveness of financial, operational, regulatory and technology controls.

- Experience of the UK regulatory framework and markets as it applies to insurance brokers, the wholesale markets and underwriting.

Skills/other

- Knowledge of business processes & procedures and the ability to offer solutions to the Company where issues exist.

- Being able to learn and understand new subjects quickly, and deliver high quality output within tight deadlines.

- Able to meet core skills as documented within the Compliance team skills matrix as appropriate to the role

- Strong organisational skills and ability to enjoy working well under pressure

- Attention to detail

- Persuasive and credible influencing and negotiating skills

- Advocates client service as a core discipline

- Takes a hands-on practical problem-solving approach to achieving business outcomes and to ensuring that the right business culture and behaviours are being pursued.

- Ability to deal constructively with uncertainty and ambiguity.

- Exceptional verbal and written communication skills and good active listening skills, including the ability to:

- distil complex issues into succinct messages;

- present confidently and concisely to a variety of internal and external stakeholders at all levels; and

- deliver clear and persuasive messages and capable of robust dialogue.

- Open minded investigative skills

- Be able to look at the bigger picture, always striving to think ahead and take a proactive approach, judging when it is appropriate to extend above & beyond any usual process.

- Able to work in a team and share best practice, ensuring others feel motivated to work hard for the sake of the business and other team members.

- Motivated to work hard for the sake of the business.

- The ability to work under own initiative and in many different and challenging environments in a fast growing business while recognising when to ask for guidance.

- The ability to take a pragmatic/commercial approach in understanding and applying regulatory requirements.

- Awareness of the regulatory requirements in respect of 'advised' and 'non-advised' sales, and in particular evidencing the standards and knowledge required in respect of giving advice and making recommendations to customers