Listed on the New York Stock Exchange, the ACE Group is a growing business that is consistently rated among the highest for financial strength from the industry's principal rating agencies. We conduct our business on a worldwide basis with a physical presence in 53 countries.
The ACE European Group is a specialist insurance and reinsurance underwriting organisation spanning Europe, the Middle East and Africa.
We provide a range of tailored property and casualty, accident and health and personal lines (re)insurance solutions for a diverse range of clients through our three businesses: ACE Europe, ACE Global Markets and ACE Tempest Re.
The main purpose of the role will be to provide assurance to the business through compliance monitoring activities across all business lines in Ace European Group that the business is conducted in accordance with all applicable internal policies and procedure, laws, rules, regulations and codes of practice.
1. Conduct compliance monitoring activities as defined in the monitoring plan and at the direction and support of the Head of Compliance Monitoring, to include:
Thematic reviews , including but not limited to:
- Underwriting File Reviews in accordance with Lloyds market requirements
- Transaction monitoring and normal maximum lines monitoring
- Sales practices and TCF outcomes
- Complaints handling
- Third party arrangements
- Claims and claims management
- Customer services
- Data protection
- Financial Crime including Anti- money laundering
- Targeted reviews of departments, lines of business and territories
2. Conduct Compliance Monitoring activities through desk top review as defined in the compliance monitoring plan for example:
MI analysis , including but not limited to:
- Breaches & Issues
- 1 line Quality Assurance
3. Produce high quality reports on the findings from compliance monitoring activities that report on findings to relevant business area senior management including the preparation and development of recommendations for improvement, remedial action requirements and follow up of remedial actions.
4. Conduct Compliance Risk Assessments (CRAs) reviews of the offices within the EMEA region in accordance with the documented procedures of the Global Compliance Risk Assessment programme.
5. Seek and review feedback from business lines and country managers on the approach taken to compliance monitoring to identify any necessary improvements to policies, procedures, practices, training, business tracking and monitoring.
6. In conjunction with the Compliance Business Managers provide sound regulatory guidance and interpretation to all areas of the business.
7. Contribute to ad hoc projects as required to identify key regulatory risks, issues and remedies at the conception of a project
8. Contributing to the monthly and quarterly reporting on compliance monitoring activities, outcomes and trends.
Qualifications & Experience
• General insurance qualification e.g. CII desirable but not necessary
• The candidate will have a background in compliance, preferably with monitoring or audit experience giving them a good working knowledge of the general insurance industry.
• They will have a good understanding of the FSA regulatory requirements as they pertain to both Consumer Lines businesses and Property & Casualty businesses, including underwriting, claims and complaints across a range of insurance lines in a GI, Life and Lloyd's environment.
• This knowledge should also extend to the application of FSA regulatory requirements to branch operations within the EU.
• An understanding of the broader European, Middle East and African regulatory environment would also be welcome.
• Previous monitoring or auditing of the following processes would be advantageous:
- Sales and distribution models;
- Underwriting Systems;
- Claims Management;
- Complaint Handling.
• Good ability to coach and share knowledge with other team members
• Candidates need to have excellent organisation and prioritisation skills.
How to apply for this role
Send your CV by clicking "Apply Online". When applying could you please provide your current remuneration details, including your basic salary in your application.