Head of Compliance

About us

At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this.

At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.

Please see our website for more information.

We are currently looking for a Head of Compliance to be based in London on a full-time, fixed term contract basis, reporting into the Chief Risk Officer.

The Head of Compliance will oversee:

• To ensure compliance with applicable laws and regulations, including monitoring of projected changes in applicable laws and regulations and plans to introduce new regulations
• To ensure compliance with Munich Re Group business policies and guidelines
• To work collaboratively, proactively and effectively alongside colleagues within the Legal, Risk and Compliance Function to ensure strong overall governance in the business and value-adding support
• To ensure that Munich Re Syndicate Limited (‘MRSL’) and the Munich Re Specialty Group (‘MRSG’) intermediaries comply with Lloyd’s / PRA / FCA rules and regulations, Munich Re Group guidelines and any other applicable regulatory requirements on a day-to-day basis.
• To carry out the function of a board member for MRSIUK and a member of the executive management and other nominated committees of other entities (including but not limited to MRSL). Collectively with other Board members, advise, govern, oversee policy and direction, and assist with the support and oversight of MRSG business activities. For additional GSI4 businesses, ensure the business is compliant with all regulatory and other requirements through effective assurance, monitoring and reporting.

• To satisfy MRSL SMF
  16 requirements
• To lead the management and implementation of the Compliance and Financial Crime Polices owned by the function
• To design and deliver the Compliance Advisory Business Plan, to monitor progress against the plan and provide timely and appropriate reporting to MRSG and legal entity committees and boards and Munich Re Group Central Compliance.
• Monitor and manage any conflict of interest across the business; specifically identify potential sources of conflicts of interest and promptly address these accordingly
• To be responsible for the assessment and management of regulatory, compliance and conduct risk across the business, driving good industry practices. To lead the development and implementation of procedures which are necessary in order to manage this risk to within stated risk appetites. To work with the ERM function to support the development and implementation of the Risk Appetite Statements and associated measures specifically for regulatory, compliance and conduct related risks
• To be responsible for the management of the FCA’s and PRA’s Risk Assessment/Thematic visits including the subsequent actioning of any regulatory requirements.
• Provide assurance to the relevant governance on the appropriateness of the Internal Control Framework and its effective implementation across the business
• To monitor any potential breaches of Lloyd’s byelaws, PRA/FCA requirements and other applicable regulations.
• Lead the development of training courses tailored to the needs of the various Boards, ExCos and relevant Committees to enhance their oversight of the various regulatory, compliance and conduct related matters as appropriate. Advise, educate, and train employees on matters that are associated with applicable laws and regulations
• To support implementation and embedding of the Legal, Risk and Compliance Target Operating Model. Work closely with LR&C colleagues and other key stakeholders on new business and change initiatives
• Manage regulatory engagement and reporting to regulators as required
• To ensure that relevant regulatory updates from e.g. Lloyd’s / PRA / FCA are reviewed and that appropriate areas in the business are informed and action is taken by them as necessary
• Understand…