Head Of Compliance

Company
Munich Re Specialty Group
Location
London , United Kingdom

At Munich Re Specialty Group (MRSG), individuality and intellectual curiosity is a key driver for our success and innovation. We believe that leveraging a variety of perspectives and backgrounds, and empowering all employees to make an impact, will motivate us to perform at our best and give us a competitive edge. We know there is always more work to be done, but we’re committed to building a strong and inclusive culture where everyone is welcomed and valued for their “own expression of self-identity”.

About us

MRSG is part of the Munich RE group. We are known for our dedication to excellence and quality of service provision across both primary and reinsurance.

As well as operating in the Lloyd’s of London market, we conduct our business via a global network of service companies, with offices located in the UK, Ireland, the United States, Asia, including Singapore, Labuan and Dubai.

Our group of companies provide solutions covering Casualty, Marine & Cargo, Aerospace, Cyber, Political Violence, Trade Credit and Property, Contingency and Yacht. Our purpose is to inspire our clients and people with the confidence and freedom to explore, create and build – to enable people and businesses to thrive.

Head of Compliance

In relation to MRSL and MRSI UK:-

• Responsibility for firms’ performance of its obligations under senior management regime
• Responsibility for the firm’s performance of its obligations under the certification regime
• Responsibility for the firm’s policies and procedures for countering the risk that the firm might be used to further financial crime
• Responsibility for the firm’s obligations for conduct rules training and reporting
• Responsibility for compliance with the requirements of the regulatory system about the management responsibilities map

Additionally, in relation to MRSL:-

• Responsibility for the firm’s performance of its obligations under Fitness and Propriety (in the PRA Rulebook) in respect of its notified non-executive directors

Overall Objective

• To ensure compliance with applicable laws and regulations, including monitoring of projected changes in applicable laws and regulations and plans to introduce new regulations
• To ensure compliance with Munich Re Group business policies and guidelines
• To work collaboratively, proactively and effectively alongside colleagues within the Legal, Risk and Compliance Function to ensure strong overall governance in the business and value-adding support
• To ensure that Munich Re Syndicate Limited (‘MRSL’) and the Munich Re Specialty Group (‘MRSG’) intermediaries comply with Lloyd’s / PRA / FCA rules and regulations, Munich Re Group guidelines and any other applicable regulatory requirements on a day-to-day basis.
• To carry out the function of a board member for Munich Re Specialty Insurance UK (MRSIUK) and a member of the executive management and other nominated committees of other entities (including but not limited to MRSL). Collectively with other Board members, advise, govern, oversee policy and direction, and assist with the support and oversight of MRSG business activities. For additional GSI4 businesses, ensure the business is compliant with all regulatory and other requirements through effective assurance, monitoring and reporting.

The Role

• To satisfy MRSL SMF16 requirements
• To lead the management and implementation of the Compliance and Financial Crime Polices owned by the function
• To design and deliver the Compliance Advisory Business Plan, to monitor progress against the plan and provide timely and appropriate reporting to MRSG and legal entity committees and boards and Munich Re Group Central Compliance.
• Monitor and manage any conflict of interest across the business; specifically identify potential sources of conflicts of interest and promptly address these accordingly
• To be responsible for the assessment and management of regulatory, compliance and conduct risk across the business, driving good industry practices. To lead the development and implementation of procedures which are necessary in order to manage this risk to within stated risk appetites. To work with the ERM function to support the development and implementation of the Risk Appetite Statements and associated measures specifically for regulatory, compliance and conduct related risks
• To be responsible for the management of the FCA’s and PRA’s Risk Assessment/Thematic visits including the subsequent actioning of any regulatory requirements.
• Provide assurance to the relevant governance on the appropriateness of the Internal Control Framework and its effective implementation across the business
• To monitor any potential breaches of Lloyd’s byelaws, PRA/FCA requirements and other applicable regulations.
• Lead the development of training courses tailored to the needs of the various Boards, ExCos and relevant Committees to enhance their oversight of the various regulatory, compliance and conduct related matters as appropriate. Advise, educate, and train employees on matters that are associated with applicable laws and regulations
• To support implementation and embedding of the Legal, Risk and Compliance Target Operating Model. Work closely with LR&C colleagues and other key stakeholders on new business and change initiatives
• Manage regulatory engagement and reporting to regulators as required
• To ensure that relevant regulatory updates from e.g. Lloyd’s / PRA / FCA are reviewed and that appropriate areas in the business are informed and action is taken by them as necessary
• Understand all appropriate lines of escalation and the responsibilities of the Product Conduct Risk Strategy Group (PCRSG), Underwriting & Claims Sub Committee (UCSC), ExCo and Board for Conduct Risk.
• Must continue to be “fit and proper” to execute the duties of a director and comply with the requirements of Lloyd’s Byelaws and Codes of Practice.
• Help drive forward good Conduct for the business to deliver the best outcomes for customers / policyholders

In addition, as a Senior Manager:

• You must take reasonable steps to ensure that the business of the firm for which you are responsible is controlled effectively
• You must take reasonable steps to ensure that the business of the firm for which you are responsible complies with the relevant requirements and standards of the regulatory system
• You must take reasonable steps to ensure that any delegation of your responsibilities is to an appropriate person and that you oversee the discharge of the delegated responsibility effectively.
• You must disclose appropriately any information of which the FCA or PRA would reasonably expect notice
• You must take reasonable steps to understand how the business of the firm, for which you are responsible, can impact customer outcomes and ensure said business contributes to good customer outcomes being delivered throughout the customer journey.

What we are looking for

• Solid knowledge and understanding of UK regulatory environment including the PRA and FCA. Knowledge of other jurisdictions is an advantage
• Significant London Market insurance experience working in a compliance / regulatory role, preferably within the Lloyd’s market.
• Ability to foster and demonstrate a collaborative work ethos within the Legal, Risk and Compliance function and with other parts of the Group, actively promoting close and harmonious working relationships across the business
• Must be able to evidence strong stakeholder management skills in a challenge and support capacity, and demonstrate flexibility as required.
• Must have a good change mindset and demonstrate ability to thrive and bring team along in a change environment
• Must demonstrate accuracy, attention to detail and a diligent approach to work
• Must be able to work on own initiative, have strong management and organisational skills and be business orientated
• Excellent oral and written communication skills, including previous evidence of preparing presentation and board reports, appropriate and relative to the recipient audience
• Ability to develop strategic views for a department and motivate the team to achieve the goals
• Excellent influencing and negotiating skills – achieving consensus solutions while delivering challenging goals
• Ability to develop strategic views for a department and motivate the team to achieve the goals

Qualifications

• University Degree and/or relevant professional qualification

Your career with us

At MRSG, you’ll find the flexibility, development and support you need to excel your career combined with a competitive salary and a benefits package that promotes wellbeing and work-life balance, on top of the standard features that include a non-contributory pension, private medical care, life assurance and more!

Diversity & Inclusion

Creating an inclusive environment is a crucial part of the Munich Re culture, and we are committed to our Diversity & Inclusion Policy. We also seek to provide a fair and supportive work environment which provides learning and development opportunities for all.

Working together, we are an employer of choice by building the workforce for today and the future.We make it happen. Together.

Push Boundaries. With us. | Munich Re