- Be the dedicated function to take part in and add value to Great Lakes' existing Onboarding and Due Diligence reviews ensuring completion in a detailed and consistent manner following regulatory expectations.
- Manage and monitor the internal issues log, collaborating with Subject Matter Experts (SMEs) to rectify and resolve issues.
- Offer end-to-end findings management, working with ABMs, Claims and SMEs to proactively manage upcoming audit findings, to specifically avoid overdue audit findings.
- Analyse the holistic audit results of direct OSPs across Great Lakes (underwriting, claims and agency audit) reporting results back to the business.
- Manage the Quality Assurance and Improvement Programme of the Great Lakes Delegated Authority Audit pillar.
- Manage all reporting formats and management information for DA Audit & Assurance Department to all relevant Boards, Executive Management Committees and other regular standing committees throughout Great Lakes.
- Design, manage and implement the Assurance Teams role in Great Lakes' Due Diligence (DD) process with relevant Heads of Department and Head of DA Audit and Assurance.
- Consider, analyse, and report on the suitability of potential new business and partners.
- Ensure the new function aligns its review to the DA Audit Scope, ensuring that adequate controls are in place from the start of the relationship with the OSP.
- Discuss, agree, and formalise the review process, outcomes and follow up requirements, reporting to new business committees and escalation procedures / decision making with relevant Heads of Departments.
- Design, manage and implement a formal process to feedback potential weaknesses in Great Lakes' own processes identified in DA Audits with sign off from Head of DA Audit and Assurance. Ensures such issues are discussed and required actions designed and agreed with relevant SMEs.
- Considers any QA Gaps in the business that could prevent ongoing internal issues reporting to Head of DA Audit and Assurance.
- Logs and tracks identified issues and actions and reports status to COO function quarterly.
- Undertake trend analysis of Internal Issues and ensure the business is fulfilling its regulatory requirements in terms of required oversight.
- Works with the DA Audit team and Head of DA Audit and Assurance to review and consider overdue audit findings in existing processes.
- Agree with DA Audit a process to Manage the further escalation of overdue audit findings.
- Working in detail with SMEs to understand the delays in closing audit findings, manage the process to rectify issues and close overdue or potentially overdue findings.
- Facilitate inclusive collaboration with SMEs to aid the understanding of findings and the issues/risks they present to the business.
- Assists in providing clarity of division of audit oversight and BAU oversight within the business. Uses Internal Issues process to highlight potential oversight gaps in BAU processes.
- Designs a method in which to obtain details of and track completion of all reviews taking place on DA business across the business (DA Audit, Claims Audits, Product, Complaints, underwriting etc). Discussing with SMEs an approach of logging all findings in one place with a view to report on the wider review of oversight activities taking place in the form of audits/reviews.
- Completes trend and root cause analysis on all audit findings and discusses with relevant SMEs to consider rectification on a wider business level with the Head of DA Audit and Assurance.
- Conducts investigative quality assurance reviews on the Audits undertaken and feedbacks results to Head of DA Audit and Assurance and individuals where requested.
- Increase data quality as well as analytical capabilities to provide additional management information (MI) and insights to internal stakeholders to complement business as usual oversight and monitoring.
- Designs and completes business and board reporting with sign off from Head of DA Audit and Assurance.
- Establish and maintain effective and collaborative working relationship with colleagues, business partners and relevant stakeholders.
- Provide support to colleagues or other business units or external resources for ad hoc requests, or longer-term projects in carrying out the Great Lakes strategy as requested.
- Any additional duties and responsibilities that may be reasonably expected to be undertaken in accordance with the role as requested by the Head of DA Audit & Assurance or by the wider Senior Management Group of Great Lakes.
- Experience of insurance delegated authority models and environments.
- Knowledge of the insurance regulatory environment and detailed working knowledge and application of regulatory guidance and rules.
- Report creation and writing skills.
- Fluent using Microsoft Packages.
- Team player and individual, always prepare to share knowledge.
- Adopt a flexible style, being able to collaborate, advise and challenge.
- Ensure compliance with Insurance Distribution Directive.
- Satisfying all regulatory reporting requirements in collaboration with the reporting function
- Liaising with all relevant regulatory bodies in the UK, creating a highly credible reputation and strong, collaborative relationship.
- Ensuring compliance with Munich Re's Code of Conduct and the FCA Conduct Rules.
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Assurance Manager - London, United Kingdom - Munich Re
Description
About Great Lakes Insurance SE:
As specialty provider of primary insurance services in the UK, Great Lakes London Branch ("GLLB") is a substantial part of Great Lakes Insurance SE in Munich. Our interlocked business model is to seize opportunities closely connected to the reinsurance core business and innovation opportunities, in our role as an integral part of the Munich Re Group. Great Lakes Insurance SE operates from its headquarters in Munich, and via branch offices in UK, Ireland, Switzerland, Italy and Australia. Great Lakes Insurance UK Limited ("GLLS"), regulated by Prudential Regulation Authority and the Financial Conduct Authority, is a fully owned subsidiary of Great Lakes Insurance SE and acts as the preferred facilitator of agency insurance business in the UK in the post-Brexit world. About the role: To design, implement, manage and champion a new Delegated Authority Assurance function intended to undertake assurance activities to strengthen Great Lakes oversight and control of DA relationships. The function will ensure delivery of important feedback to the business through additional data capture and detailed analysis of information captured by Audit and reviews. It will also add value to the business via involvement in existing processes and ensure extensive quality control of the audit process. You will directly report into Head of agency Audit. You will work on a hybrid working model. Key Responsibilities:
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