Compliance Monitoring Manager

Overview

This role forms part of the Group Compliance function’s leadership team and will be responsible for the Compliance Monitoring sub‑team. It will be a core part of delivering and developing the Chaucer group compliance framework across the various jurisdictions in which it operates.

Responsibilities

• Design, implement and oversee the annual Compliance Monitoring plan, providing independent assurance to senior management and the Board that regulatory risks are effectively managed and the business operates within its regulatory obligations.
• Lead and develop a team of compliance monitoring specialists delivering assurance via risk‑based reviews, thematic reviews and controls testing.
• Oversee the planning, execution and reporting of monitoring work to senior management and governance committees.
• Track and effectively remediate compliance monitoring findings, working closely with business owners and group functions to ensure appropriate controls improvements are made where required.
• Act as a central point of liaison between 1st and 3rd lines of defence within the Group.
• Coordinate effectively with the Internal Audit and Risk functions to ensure effective coverage of key issues and avoid duplication.
• Produce high quality management information on compliance monitoring performance and trends.
• Maintain and develop compliance monitoring processes & methodologies.
• Manage and develop Compliance team members supporting their career paths.
• Develop and maintain strong relationships with relevant Chaucer departments.
• Mandate mandatory obligations yet not mandatory for carrying out the role (as listed below).

Mandatory Mandate

• Track and manage all regulatory changes, industry developments, and statutory changes across jurisdictions.
• Ensure review and interpretation of all applicable statutory and regulatory regulations and conduct monitoring reviews of internal policies and procedures to ensure compliance.
• Pro-actively identify any compliance deviations or deficiencies and provide remedial measures to those responsible.
• Assist with the establishment, development and continuous improvement of the company’s system of risk assurance and control.
• Assist with and significantly contribute to the outcome of the company’s governance reviews, assurance audits and all other control and assurance engagements.
• Ensure all internal projects with a compliance monitoring element are fully updated and protected with all required control measures throughout the project lifecycle.
• Assist in the development, design, implementation, maintenance and continual improvement of proposed, precautionary and reactive compliance monitoring processes.
• Co‑ordinate, develop and conduct all company and individual risk assessments to provide a baseline for the company’s compliance risk management in the business.
• Support the team in interfacing with other business lines and internal departments.
• Monitor and analyze the effectiveness of the company’s risk controls across business lines and business activities.
• Report to management on governance processes, regulatory changes and monitoring findings.
• Act as members of the risk and compliance sub‑committees constituted under the risk and control framework and volunteer initiatives.
• Nearly all activities in the Compliance and Control function are monitored through a formal performance monitoring system and mandatory reporting.
• Provide assistance to the current manager and, if required, take on additional duties on a temporary basis.
• Prepare and deliver the quality of assurance evidence to the management and required committees.
• Look for root causes of compliance and risk anomalies and monitor corrective actions.
• Maintain a compliant professional stone‑profiling mechanism.
• Conduct monitoring reviews of the compliance environment when there is an operational change.
• Co‑ordinate and monitor compliance performance monitoring initiatives across different business lines.
• Assist in developing independent reports and assisting with business improvement action plans.
• Provide resources through training and provide guidance for the training of existing staff to keep up with monitoring changes in the regulatory framework.
• Deliver a comprehensive compliance monitoring framework and assurance of its effectiveness to compliance, controls and policies sub‑committee.
• Participate in critical response activities and divert risks to the compliance monitoring action team.
• Spend time reviewing and auditing the operational policies and rules.
• Prepare reports for executive committees.
• Assist with the reporting and assistance on any external or internal audits involving a compliance monitoring function.
• Prepare and provide market view insights for the management board, managers and other stakeholders.
• Assist your team to build connections with other localised teams (risk & controls) of different grouped entities.
• Maintain all data of the company in a proper but accessible repository.
• Maintain a clear process for communication between the compliance monitoring team, internal audit and extract and analysis data for routine reports.
• Mandate mandatory obligations yet not mandatory for carrying out the role.
• Track and manage all regulatory changes, industry developments, and statutory changes across jurisdictions.
• Assure internal audit management team of all monitoring work undertaken and why it is important.
• Carry out operational research activities that deliver timely answers.
• Support the compliance monitoring team with the depth of research including systemic assessment and decision‐support tools.

Qualifications

• Degree or better (or equivalent) in a related discipline.
• London insurance market compliance experience & complaints handling experience.
• Experience of UK insurance regulatory regime.
• Lloyd’s Managing Agency experience.
• Management / supervisory experience.
• Familiarity with risk management issues.

Key Competencies

• Competent within the specific job role, aware of all technical requirements and able to apply these in a pragmatic manner.
• Flexible and quick to learn – able to undertake tasks and projects outside immediate role as required.
• Understanding of the key business issues that affect the profitability and growth of the business and able to take appropriate action to maximise success.
• Capacity to perceive the impact and implications of decisions and activities on other parts of the organisation.
• Ability to think strategically within area of responsibility, whilst taking into account the bigger picture and consequences to the wider business context.
• Ability to develop high standards of team spirit through effective management techniques.
• Leads by example and communicates with all team members on areas of role responsibilities.
• Empowers more junior compliance staff to perform at the highest level through direction, delegation and effective management.
• Ability to ensure work produced by more junior compliance staff is to the prescribed quality standards.
• Readiness to make decisions, state opinions, take action or commit oneself based on factual information and sound judgment.
• Shows genuine interest in others and seeks to build good working relationships based on co‑operation, support and trust.
• Can be relied upon to ‘deliver’ and be consistent with decisions.
• Ability to maintain social, organisational and ethical norms in job related activity.
• Ability to create and maintain a level of appropriately directed activity.
• Shows drive, stamina and the capacity to work hard.
• Ability to express ideas or facts in a clear and persuasive manner.
• Convince others to own expressed point of view.
• The ability to describe one’s intentions, thoughts, feelings and experiences verbally, in a manner appropriate to the needs of the listener.

Equality, Diversity and Inclusion

Chaucer is committed to diversity, actively values difference and respects people regardless of the protected characteristics as outlined in the Equality Act 2010. We ensure a fair, bias‑free hiring process based on merit.

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