Overall Purpose of the Role
To undertake a range of compliance responsibilities including advisory activity with BMS Group’s [BMSG] Specialty Business with a view to ensuring that Business Unit(s) [BU];
* Implement Regulations in a timely, efficient and operationally sound way;
* Where applicable, monitor and deliver good customer outcomes;
* Meet commercial goals and objectives while operating within regulatory risk appetite, adhering to relevant policies and procedures with exceptions appropriately managed and resolved, and;
* Enjoy open, trusted and mutually beneficial relationships with the compliance function.
To preserve the separation between advisory and monitoring roles there is no monitoring responsibility or activity carried out by the role holder.
Responsibilities & Accountabilities
* Act as trusted advisor on Regulatory matters to the UK Specialty business, working alone or with others advising and guiding the businesses.
* To undertake horizon scanning activity with a view to identifying new and amended regulatory requirements; to determine applicability; and reach agreed solutions with the Business, ensuring they are implemented and embedded in an effective and timely way.
* To advise BU’s on the impact of strategic changes and initiatives including new teams, product lines, services and distribution methodologies and assisting with formulating compliant responses.
* To assist in onboarding new teams, ensuring that existing processes are properly implemented and new ones developed as required.
* To assist the business in resolving ad-hoc regulatory issues as they arise including complaints, audit findings & breaches.
* To assist the business in analysing, interpreting and formulating actions in response to the results of Quality Assurance activity undertaken in Line 1, 2 and 3.
* To meet with the UK Business leadership & team(s) outside of regulatory implementation and query resolution to understand business strategy, goals and issues and identify matters that may impact Regulatory profile.
* To co-operate with Line 2 & 3 audit functions as required in carrying out their activity.
* To co-operate with the UK Risk function in their efforts to ensure that Regulatory Risk is appropriately identified, measured, reported on and controlled.
* To assist in the design and delivery of Regulatory training.
* To assist the Head of Financial Crime implementing policies and procedures, remediating breaches and resolving queries.
* To assist the Global Head of Compliance in producing reports for relevant Boards and Committees of same.
* To assist in preparing responses to Regulatory enquiries (including s.165 / s.166 requests and Dear CEO letters).
* To otherwise act as a UK Regulatory subject matter expert and point of referral for the Compliance team; and support, coach and advise other members of the Compliance team towards achieving their objectives.
Key Stakeholders include:
* Group Head of Compliance
* BMS Group UK CEO, other SMF and AP holders
* UK Business Operations and Risk functions
* Compliance Analysts
* Regulators
Experience Required:
* Extensive compliance experience gained within the FCA environment and the London market.
* Working knowledge of International regulatory requirements and financial crime.
* Thorough understanding of the FCA's Sourcebooks as applying to Insurance Intermediaries.
Personal Skills Required:
* Forward thinker and planner; proactive and uses own initiative.
* Positive team player, willing and able to assist with the full range of team activities and all levels of staff.
* Gains clear agreement and commitment from others by persuading, convincing and negotiating.
* Able to balance commercial and regulatory requirements.
* Experience in presenting and discussing information in a logical, professional and objective manner (keeping issues as simple as possible) and managing discussions to effectively build consensus and drive actions.
* Strong project management and team working skills.
* Fast learner, able to absorb information quickly and share understanding.
* Able to pick up new systems, regulation and ways of working quickly.
* Ability to communicate simply, concisely, clearly and effectively (both written & verbal).
* Able to build trusted and open relationships with all levels of management.
* The ability to understand a wide range of business processes and systems.
* Good organiser, able to prioritise and meet deadlines.
* Attention to detail and accurate record keeping.
* IT skills as required.