Senior Manager, Regulatory Risk
Purpose of Role
To provide expert subject matter advice and guidance to the business on regulatory developments. To identify, analyse and coordinate my client’s responses to relevant UK and European regulatory developments (not HR, legal or taxation developments). To support the Head of Regulatory Risk and Affairs in liaison with relevant regulators and trade bodies, ensuring that open, honest and constructive relations are maintained.
Key Duties
Regulatory Compliance policy and Minimum Standard content
Maintain the currency and technical accuracy of insurance-specific compliance-related policies, processes and tools, to support my client.
Regulatory Risk team technical advice and knowledge management
• Identify, own and manage the regulatory risks involved in running the business, in line with my client's risk framework. Pro-actively identify and analyse sources of key new or revised [prudential/conduct] regulations and statements of policy at UK and EU level in order to assess the potential impact on my client and ensure key internal stakeholders are appropriately informed of relevant issues on a timely basis;
• Provide expert [prudential / conduct] advice and guidance to the business on technical matters pertaining to upstream regulatory initiatives (excluding HR, legal and taxation);
• Coordinate my client’s responses to regulatory [prudential/conduct] consultations, and support the effective delivery of these views to the regulators and other relevant fora;
• Chair the Upstream Risk Conduct Working Group, bringing relevant regulatory [prudential / conduct] issues to the attention of the Forum, and cascading relevant matters back to the Compliance function;
• Contribute material and relevant regulatory [prudential/conduct] matters to the Compliance reports to the Board, Board Risk Committee and Risk Management Committee.
External relationship management
• Manage and maintain an open, honest and constructive relationship with relevant regulators and trade bodies, including the Association of British Insurers (ABI), Competition and Markets Authority (CMA) and European Insurance and Occupational Pensions Authority (EIOPA);
• Facilitate the timely provision of information to and from the above regulators / trade bodies;
• Represent Direct Line Group on key external fora in order to achieve the Group’s agenda and seek to influence the regulatory debate; and
• Brief Approved Persons and the business on relevant prudential/conduct issues/themes prior to all formal engagements with the above bodies.
Key stakeholder relationships and networks
• Provide clear and timely communication on regulatory [prudential/conduct] matters to other parts of the Risk Compliance function and Group Internal Audit (GIA). Ensure areas and themes of concern are raised to the attention of the Risk Assurance team and GIA, so that their programme of assurance work is appropriately informed and directed towards areas of higher compliance risk; and
• Ensure the smooth handover of prudential/conduct developments to the Compliance Advice and Guidance team as regulations come into force.
Management, training and development
• Day to day management of a team of 3 Regulatory Risk professionals.
• Maintain appropriate levels of technical expertise and ensure that the team undertakes all mandatory and relevant training; and mentor, coach and actively support the technical and personal development of Compliance professionals within the Regulatory Risk team.
Key skills Experience
• Demonstrable compliance experience within insurance, preferably general insurance
• Up to date regulatory knowledge affecting the development and distribution of insurance products
• Strong analytical skills to identify key areas of impact from regulation
• Strong communication skills with the ability to influence and build effective relationships. Ability to speak at the most senior level and to attend external forum.
• Knowledge of EU regulatory environment would be an advantage, not essential
• Prior management experience would be an advantage, not essential
If you are interested in the position and genuinely meet the criteria please get in touch.
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