JOB TITLE : Regulatory Compliance Adviser
REPORTING TO : Business Compliance Officer, HomeLet
MAIN PURPOSE OF THE ROLE:
The job holder is required to assist the BCO in achieving full compliance by line management with all procedural requirements, internal control standards, external legal and regulatory requirements. This entails assisting line management to discharge their responsibility for complying with all relevant regulations, by providing advice on compliance/risk issues, monitoring and reviewing the components of internal control systems that address compliance risk and ensuring Barbon Insurance Group Compliance reporting and record keeping requirements are met.
KEY TASKS AND ACCOUNTABILITES : Typical KPIs and Targets
Impact on the Business
• Develop and maintain an awareness of regulatory and risk related matters and make active contributions to all compliance / risk initiatives which impact on the business unit.
• Assist with the identification and management of all Conflicts of Interest issues
• Assist the business unit in identifying and managing their local risks and their compliance risks.
• Feedback from Business on examples of advice and guidance provided
• Evidence that local risks and compliance risks are mitigated
• Evidence of Conflicts identified and managed
• Undertake tasks as identified and/or directed
• Support the BCO in developing the strategic direction of the Compliance function within HomeLet.
• Promote the aims and objectives of the risk management and the internal control frameworks within HomeLet and ensure the importance and awareness of risk and of regulatory compliance is adequately emphasised
• Identify and evaluate emerging trends and formulate and recommend solutions to the BCO aimed at mitigating risks.
• Ensure staff have an adequate understanding of the importance of ‘Treating Customers’ Fairly’, and that it is an integral part of all activities and the business remains client focussed at all times.
• Adopt a constructive and positive approach to relationships
• Ensure understanding of the impact of risks/regulations
• Prompt and appropriate reaction to compliance/risk issues by the job holder
• Provide feedback on compliance matters to the BCO, Group Compliance and the business
• Evidence of TCF initiatives within the business unit
Leadership and Teamwork
• Assist with the provision of training and information directly to business areas on procedures and practices necessary to achieve full compliance with relevant regulations and Group requirements. If appropriate, also prepare and facilitate training on generic compliance and risk matters.
• Support the business head/BCO in performing their duties and participate actively as a member of the business & the HomeLet Compliance team.
• Liaise with the Business, BCO, Senior BCO and Compliance Director, in order to remain up to date and fully informed on all Barbon Group and external compliance requirements
• Identify and foster opportunities for personal growth
• Facilitate appropriate training to aid staff understanding of relevant issues
• Evidence of accurate and pragmatic advice and guidance to staff
• Contribute proactively and support compliance and business initiatives
Operational Effectiveness & Control
• Assist with the development of a strong compliance culture throughout the business unit and ensure that staff and management are fully aware of their compliance responsibilties.
• Support the BCO in ensuring processes are in place to report immediately up to Compliance and local senior management, all incidents/breaches/loss events and near miss reports of which they become aware and any significant issues of irreconcilable dispute with line management
• Ensure local procedures reflect all relevant regulatory requirements, that these are regularly reviewed and updated and staff are fully familiar with their contents
Monitoring and Reporting – Assist the BCO by:
• monitoring changes to business practices and products to ensure controls and procedures remain relevant and are adequate to cover them
• monitoring and checking adherence to compliance controls and processes
• monitoring and managing compliance with all Barbon Group training and competence requirements
• coordinating the preparation and timely submission of management information, returns and reports to Compliance and local management
• Evidence that risks are mitigated, with procedures in place and checks that they are operating effectively
• Maintain an effective interface with the business
• Ensure prompt and appropriate action on all issues arising
• Provide evidence to support any monitoring undertaking and provide suggestions for improvement
• Ensure all recommendations are completed within agreed timescales
• Evidence that TCF is embedded
• Timely submission of MI and suggestions for the continuous improvement of the MI provided
Major Challenges (The challenges inherent in the role that require a continual test of the role holder’s abilities)
The effective oversight and management of compliance matters requires knowledge of the business (its detailed operations, the market in which it operates and the Barbon Group environment in which it exists), a sound understanding of procedural requirements, internal control standards, external legal and regulatory requirements.
The job holder must promulgate a compliance culture throughout the business unit.
Role Context (the environment and operating conditions of the role including the extent of guidance and authority)
The role of the Compliance Team, which the job holder will form an integral part of, is to facilitate the management of compliance risk by methodically identifying and addressing the uncertainties attached to the business unit’s operation and activities. The Team is not responsible for eliminating these compliance risks; but for ensuring that Management are fully aware of the risks to which their operation is exposed, to consciously consider each risk as it stands to assess whether it is acceptable or not and to ensure a strong control framework is in place and operating effectively.
Education and Qualifications
• A level standard education
• MS Office Advanced for Word
• MS Office intermediate for Excel
• MS Office intermediate for PowerPoint
• Relevant professional qualifications would be advantageous
Experience and Knowledge
• Regulatory Compliance responsibilities/experience
• Able to demonstrate knowledge of Treating Customers Fairly principles
• Previous experience of implementing new procedures and / or regulations
• Polite, courteous, authoritative and assertive but sensitive to the requirements of colleagues
• Positive attitude
• Well organised with a flexible approach to work
• Reliable and able to adapt to changing circumstances
• Ability to work alone and as part of a team
Skills / Aptitudes
• Professional and forward-thinking
• Ability to communicate positively and effectively
• Clear thinking and articulate
• Good organisational skills
• Ability to gain support of staff and management