PRA - Regulatory Engagement; Head of UK/EU Compliance and Regulatory Engagement

Description

Job Title:– PRA - Regulatory Engagement; Head of UK/EU Compliance and Regulatory Engagement

Division:                                  Compliance     

Reports To:                             Group Head of Compliance

Key Relationships:                  Group Head of Compliance, Global Compliance, US Compliance, Regulatory Engagement Team, UK, EU and US Compliance Staff, Underwriters, Finance, Internal Audit, Culture & People, Delegated Authorities team, Risk Management.

PRA Supervisors and PRA staff; Other regulators including Lloyd’s of London, Financial Conduct Authority, Central Bank of Ireland, Connecticut Insurance Department, senior personnel, outside legal counsel

Job Summary:                         Lead on oversight and control of PRA compliance matters, manage and oversee Beazley regulatory relationships and engagement, oversee UK and EU compliance requirements. Ensure effective oversight of all PRA compliance matters is in place and provide a framework and structure that supports regulatory compliance across the Group as it grows in size and complexity. Ensure similar compliance structures in place for other regulatory requirements and relationships. Manage and oversee other regulatory team members, including Lloyd’s of London and Central Bank of Ireland. Support other parts of the Group Compliance function as required. Role may be subject to FCA Conduct Rules.

Key Responsibilities

§  Regulatory Engagement: Primarily responsible for managing, developing, maintaining and ensuring there continue to be strong and effective regulatory relationships with key regulators, including the PRA, Lloyd’s of London, Central Bank of Ireland. Responding and delivering key PRA requirements and managing the PRA regulatory cycle, including actions arising from PSM Letter, monthly regulatory supervisory meetings, ad hoc regulatory meetings, general PRA requests, thematic reviews, questionnaires, discussion or consultation papers. Supporting Group Head of Compliance on related regulatory issues and workstreams, including with supporting internal senior stakeholders and Executives with regulatory interactions.  Manage deliverables from the PRA PSM letter, targeted regulatory reviews, thematic reviews and information requests. Provide oversight of regulatory returns processes to support their timely and accurate submission.

§  PRA compliance subject matter expert:  Ensure compliance with PRA requirements, and other relevant legislation.  Liaise with internal stakeholders and senior management to support the group to achieve growth ambitions effectively and compliantly.  Support internal stakeholders on issues arising relevant to the PRA.  Design and conduct training on relevant regulatory matters.

§  Horizon scanning: Monitor and review PRA and other relevant regulators’ insurance legislation, initiatives and proposals which may impact on the firm’s businesses.

§  Regulatory change: Manage compliance and regulatory projects, including assessing the impact of new legislation and regulations on the relevant legal entities and preparing for their implementation.  Support First Line of Defence risk owners in implementing frameworks, policies, procedures, processes and systems.

§  Stakeholder management: Build effective partnerships with internal and external stakeholders, supporting the Group Head of Compliance and other parts of the Compliance function. Liaise closely with Compliance Managers supporting Lloyd’s and CBI relationship.

§  Governance and assurance: Prepare internal reporting and present to boards and committees of Beazley entities.  Develop and document MI and procedures to ensure effective governance within the Compliance function.

§  Strategy, leadership and management: Provide strategic-level expertise to senior management.  Support Group Head of Compliance with developing and implementing Compliance Function strategy and compliance plan, including resourcing requirements.   Identify and implement automated solutions to continually enhance compliance processes.  Direct line management responsibilities.  Guide and support development of team members, maintaining an inclusive, proactive culture.

§  Risk Management: Develop and maintain MI to support compliance KRIs within risk management framework, working to ensure Beazley acts within defined regulatory risk appetite.  Design and implement relevant compliance risk assessments.

§  Brand champion: Build Beazley’s brand with the PRA and other relevant regulatory authorities as a well-run, ethical and sustainable company. Representing Beazley at relevant insurance market forums, committees and events.

General

It is important that within all your interactions both internally and externally you adhere to Beazley’s core values - Being Bold, Striving for Better, and Doing the Right Thing as they contribute to an internal environment of teamwork and promote a positive brand image and experience to our external customers.

We also expect Beazley employees to:  

§  Comply with Beazley procedures, policies and regulations including the code of conduct

§  Undertake training on Beazley policies and procedures as delivered by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system

§  Display business ethics that uphold the interests of all our customers

§  Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs

§  Comply with any specific responsibilities necessary for your role as outlined by your line manager, the Culture & People or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas.  This may include, amongst others, Beazley’s underwriting control standards, Beazley’s claims control standards, other Beazley standards and customer relationship management

§  Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system.  These may include membership of any Beazley committees or working groups

Personal Specification:

Education and Qualifications

§  Degree-level educated and/or relevant professional qualifications

Skills and abilities

§  Ability to manage expectations of senior management and key stakeholders, interacting professionally and with credibility

§  Ability to build strong partnering relationships with a wide range of stakeholders

§  Excellent communicator, both verbal and written

§  Ability to challenge, negotiate with, influence and persuade both internal and external parties

§  Strong leadership and people management skills

§  Technically skilled and proficient

§  Good attention to detail with the ability to produce high quality advice

§  Ability to deal with problems in a practical and common sense way, and make sound decisions

§  Analytical, strong attention to detail, with ability to see bigger picture

Knowledge and experience

§  Strong understanding of the insurance market and framework – essential

§  In-depth regulator relations experience in an insurance-related organisation – essential

§  Experience of working in a global and fast paced business environment – essential

§  Experience of managing or working within a regulatory engagement team or equivalent – highly advantageous

§  Experience of working within the PRA - highly advantageous

§  Good understanding and experience of managing compliance with Solvency II and other PRA requirements, standards and expectations - desirable

§  Strong knowledge of property and casualty insurance - desirable

§  Proven leadership/management experience, with experience of leading/managing strategic change - desirable

§  Experience of reporting and  presenting to boards and committees - desirable

§  Proficient in Microsoft 365 apps - desirable

Aptitude and Disposition

§  Energetic, enthusiastic and positive

§  Self-motivated with the ability to work autonomously

§  Highest degree of integrity/discretion

§  Work effectively under pressure, to deadlines and handling unforeseen circumstances

§  Organised, with strong prioritisation skills

§  Firm but diplomatic

§  Friendly and approachable

§  Team player

§  Flexible and pragmatic

§  Able to manage a changing environment (both internal and external)

Are you a returning applicant?