The Compliance lead role is an exciting opportunity and pivotal to Outsourcing as we grow. Reporting into the Risk Manager, you will ensure that we remain compliant in the services we provide to our Regulated clients and provide the level of support required to ensure that we deliver all contractual obligations. The role leads a modern, risk-based and technology-enabled compliance function that is embedded across the business, supporting rapid product and operational change while ensuring safe growth and strong regulatory, ethical and customer outcomes. This is a broad and challenging role and essential that the successful candidate is flexible whilst maintaining a positive outlook.
The Role:
1. Identify, Plan and Apply
1. Develop, implement, embed and maintain an efficient and independent Compliance Function within Outsourcing GB.
2. Maintaining up to date mapping of the regulatory framework applicable to the Relevant Business, determining the effect of any changes, assessing the adequacy of internal policies, procedures and controls in view of the changes and briefing relevant business and Compliance stakeholders.
3. Oversee horizon scanning for regulatory developments and reporting any new or proposed regulation or legislation that may impact the Relevant Business to relevant business and Compliance stakeholders.
4. Awareness of the threat landscape, geopolitical, technology and reputational risk impacting regulatory requirements.
5. Assess whether policies and procedures, systems and controls fully address regulatory or compliance strategic requirements applicable to the Relevant Business. Develop, implement, embed and maintain an efficient Compliance framework of policies and procedures, systems and controls.
6. Work closely with the Business first line of defence to identify, manage and mitigate various regulatory risks.
7. Identify compliance training needs within Outsourcing and lead the development and delivery of compliance training ensuring appropriate business input.
8. Culture shaper, encourage risk management and resilience culture and be a risk-based decision partner.
9. Create and deliver an annual Compliance Plan as required for Outsourcing clients including an annual compliance report
10. Champion Compliance at all levels, support and provide pragmatic risk-based advice and counsel to all appropriate stakeholders as well as provide effective challenge and oversight.
11. Engage in the business risk assessment process, providing support in the identification of compliance and regulatory risks, using commercial awareness to provide challenge so that such risks are appropriately understood and managed.
12. Provide guidance and advice to business management in developing appropriate 'tone from the top' and awareness of required business conduct and ethical standards, including the Code of Conduct.
2. Support
13. Provide technical regulatory advice and support to the Relevant Business and other stakeholders in understanding their responsibilities and obligations under relevant WTW policies and regulatory requirements. Engage with operational areas to assist with formulating compliance best-practice procedures that are balanced to meet the needs of the business, the customers and regulators.
14. Compliance Function ad-hoc strategic or operational projects as requested.
15. Record keeping in line with regulatory requirements and/or WTW policies and procedures.
16. Investigate suspected, alleged or actual breaches of regulatory requirements or WTW Compliance policies and procedures within the Relevant Business and ensure resolution. Develop corrective action plans and track implementation status for revisions of other compliance-related controls.
3. Monitoring and Testing
17. Oversee the program of testing activities in respect of Outsourcing GB in line with the annual Compliance Plan of Regulated clients and on an ad-hoc basis, ensuring that remedial action is taken, and material issues, incidents and breaches are escalated to relevant stakeholders.
18. Collate and deliver accurate and appropriate compliance metrics and information to appropriate stakeholders in Outsourcing and Regulated clients. Compile and deliver compliance records or information requested by internal/external auditors.
19. Evidence ongoing compliance supporting ongoing product iteration (fast paced product change and innovation cycles).
4. Engagement
20. Maintain effective relationships with regulators and relevant supervisory authorities or self-regulating bodies and Regulated clients; ensure timely submission of accurate regulatory reporting; respond to regulatory information requests and enquiries. Reporting of issues and breaches to applicable regulators where requested or required.
21. Represent WTW in relevant industry or similar associations or groups as appropriate.
22. Act as a professional, trusted and transparent Business Partner to Outsourcing and other stakeholders.
23. Ensure quality and proactive engagement at all levels, by. attending relevant meetings, and supporting the business in meeting its regulatory obligations. Partner with management and foster a collaborative approach to embedding ‘compliance culture’ throughout the business and to support the Three Lines of Defence model.
24. Foster close relationships with other Functions including Legal, Risk and Internal Audit.
5. Continuous Improvement
25. Regulatory foresight: anticipates and manages complex risk.
26. Confident in continually re-assessing status quo with the ability to conduct compliance risk assessments and process improvements.
27. Monitor and enhance the effectiveness of the compliance control frameworks.
28. Collaborate with the overall Quality Standards team (. Continuous Process Improvement, Technical function, Complaint Hub) for a coordinated compliance approach]
29. Support compliance transformation and improvement initiatives across business functions.