Head of UK Compliance & Regulatory Affairs

JobTitle: Head of UK Compliance & Regulatory Affairs

Division: General Management – Risk & Compliance

ReportsTo: As per Beazley’s organisation chart

KeyRelationships:

Internal:

Global Compliance:Group Head of Compliance; Heads of EU and North America Compliance; UK Compliance teams (Regulatory Affairs and Advisory);Global Compliance SLT;Global Compliance function; Group DPO; Group Head of Legal Risk.

2ndLine: Group CRO; 2ndLine SLT; Group Heads of ERM; Operational Risk; Insurance Risk; Financial Crime Risk and 2ndLine Assurance and their teams. Group CRO’s Business Manager; Group Risk and Regulatory Committee; Regulatory Review Committee.

BFL: BFL CEO, CFO, CRO and CUO; Other BFL SMFs; BFL Management Committee (BFMC); Wholesale Management Committee (WMC); BFL Risk Committee and Board.

Group shared service functions:

• 
  
• Operations:includingProcurement; Conduct & Complaints; HR Operations (SM&CR); Corporate Governance (BFL Company Secretary); CISO; Head of IT; Head of Data; Head of Operational Resilience; Change Committee;
  
• Finance central functionsincluding Capital Management; Investment Management; Finance business partners to Compliance as applicable
  
• People & Sustainability:including BFL Business Partners as applicable; SM&CR Lead;
  
• Underwriting:including Heads of Exposure ManagementandCededRe; Climate SMEs;
  
• Claims: Chief Claims & Litigation Officer; Head of First Party Claims (BFL SMF18); Head of Claims Business Management.
  

UK branches of Beazley entities:Management teamsof UK branchesand their SMFs;BIdacUK SMF16.

External:

• 
  
• Supervisory teams and senior management at the PRA; FCA asrequired.
  
• Lloyd’s Account Manager and senior Lloyd’s executives for Market Oversight, Governance and Exposure Management;other Lloyd’s SMEs, senior managers and stakeholders as relevant /required.
  
• Lloyd's Europe (LIC) executives.
  
• Lloyd’s trade associations: LMA & LUA.
  
• External legal counsel and Beazley-preferred consultants.
  

Job Summary:

BFL’s Head of UK Compliance & Regulatory Affairs (SMF16) is responsible for ensuring BFL maintains a Compliance function that is fit for purpose, maintaining and developing practices, processes, systems and controls within a framework that enables adherence to all applicable laws and regulations by BFL staff and Group shared services teams supporting BFL’s business. The role holder is specifically responsible under SM&CR for the maintenance of BFL’s MRMs and training and reporting related to the individual conduct rules.

Day-to-day, the role holder will oversee the Regulatory Affairs & 2ndLine Conduct and Advisory teams comprising the Compliance function for BFL, ensuring they are resourced to discharge their responsibilities to the business and that they provide accurate regulatory advice, enabling safe commercial decisions and solutions.

Representing Compliance at the Group Risk and Regulatory Committee as required, the WMC, and other Group Committees from time to time, the role holder will be a member of the BFMC and will attend the BFL Risk Committee and Board on request. The role holder will be the primary SMF for interface with the FCA and any BFL Conduct matters that require regulatory liaison. This role is subject to the FCA Conduct Rules.

Supporting the BFL CRO in the discharge of their responsibilities as required.

SM&CR Statement of Responsibilities (SMF16).

Code and Controlled Function

Statements of responsibilities

SMF16: Compliance Oversight

Accountable and responsible for:

• 
  
• Prescribed Responsibilities:
  
• Responsibility for compliance with the requirements of the regulatory system about the management responsibilities map(b1)
  
• Responsibility for the firm’s obligations in relation to individual conduct rules for training and reporting(shared)(c )
  

Overall Responsibilities:

• 
  
• N/A
  

Other Responsibilities:

• 
  
• Compliance Framework:EnsuresthatBeazley Furlonge Ltd (BFL) hasatitsdisposal a fit for purpose compliance frameworkthat iscompliant with all PRA,FCA, Lloyd’s of London and other applicable regulatory regimes’regulatory requirements.
  
• Horizon Scanning:Overseesthe process of horizon scanning for BFL and its overseas businesses,ensuring BFL’sexecutive managementand the businesshave access to the information they needtocomply withregulatory requirementsor plan for mandatory change.
  
• Compliance Monitoring and Testing(CMT):Coordinates with the 2ndLine Assurance team to ensure the annual assurance plan adequately covers BFL’sneeds for CMT.
  
• Training:Responsible fordeveloping an annual training plan outside of the PRs above that targets areas of regulatory importance where the business requires training to support adherence to regulatory requirements.
  
• Advisory:Oversees the provision of technical compliance adviceto the business to enable compliance with all applicable regulations and rules.
  
• Regulatory Affairs:Oversees the administrative supportofBFL’s supervisory and Lloyd’s relationships.
  

Detailed Responsibilities:

• 
  
• Compliance Framework:Contribute to the annual review and development of the Global Compliance Framework including those sections particular to BFL. Oversee the annual review of all Compliance-owned policies protocols and frameworks,maintainthemup-to-datewith regulatory expectations and best practice.
  
• Leadership & Management:Develop the strategy for the BFL Compliance team, including for the development of talent, ensuring a competent, diverse, and dynamic function for the UK. Support the Group Head of Compliance in the development of the Birmingham office andidentifyingopportunities for automation and strategic use of tools and services.
  
• Branch SMF16s:Line management of theBIdacUK branch SMF16.
  
• Centres of Expertise (CoEs):Coordinate closely with theCoEsin Data Protection, Financial Crime and Legal Risk in relation to BFL’s needs and requirements.
  
• Compliance Plan:Work with the Group Head of Compliance to develop the annual Global Compliance plan in relation to BFL’s focus areas and deliverables.
  
• Horizon Scanning:Oversee the maintenance and development of the Horizon Scanning framework as it applies to BFL, including the effective use of tools and services toassistall three lines of defence to stay aware of relevant legal and regulatory developments in all applicable territories for BFL. Ensure high quality, insightful reporting on emerging regulatory policy to BFL committees and, on a quarterly basis, the Group Change Committee where mandatory regulatory change is anticipated.
  

• 
  
• RegulatoryEngagement:
  
• In close coordination with the BFL CRO and BFMC, develop an effective annual engagement strategy for approval by the BFMC and the BFL Board
  
• Working closely with the BFL CRO and his Risk Management team, oversee the day-to-day management of supervisory engagement with the PRA and FCA, and market oversight by Lloyd’s by the BFL Regulatory Affairs & Conduct team. This to include attendance at, and participation in, the monthly Lloyd’s engagement meetings and quarterly PRA supervisory meetings; escalation of any regulatory concerns or directions to theBFL CEO, theBFMC andkeeping theGroup Head of Compliance and Group CROinformed asappropriate.
  

• 
  
• Oversight of fit for purpose processes to:
  
• Make andmaintainrecords ofallregulatory interactions;
  
• Field and track regulatory information requests with relevant parts of the business;
  
• Coordinate multi-stakeholder activity;
  
• Ensure Compliance-owned regulatory returns are filed on time and accurately.
  
• Prepareexecutives for their regulatory interactions;
  
• Ensurethe correct discharge ofallregulatory processes includingall relevantnotices,applicationsand filings under SM&CR
  
• Maintenance of all external regulatory registers
  

• 
  
• Training:Oversight of effective processes to developand deliveran annual training plan targetingareas where the business requires support to strengthen regulatory compliance across BFL.
  
• Advisory:Oversight of the provision of high- quality,accurate, technical compliance advice, with the instruction of external advisors whereappropriate toensure the business cancomply withall applicablelawsrules and regulations. Support the work of theConductReviewGroup and the first line Conduct & Complaints teamwith regard toachieving good customer outcomes and meeting expectations under Consumer Duty.
  
• Control Environment:Working closely with BFL’s Risk Management team, contribute to the assessment of the BFL Regulatory Compliance KRI against appetite and its ongoing development. Contribute to the correct operation of, maintenance and development of all Compliance -owned controls for BFL.
  
• Reporting:Oversight of the production ofhigh-qualityformal reporting to all applicable committees and Boards for BFL Compliance. Attendance at committees and Boards asrequiredto present BFL Compliance reporting and provide advice guidance and answer questions from Committees and Board members on Compliance matters.
  

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 withBeazley procedures, policies and regulations including the code of conduct which incorporates the PRA and FCA Conduct.
  
• Undertake training on Beazley policies and procedures as delivered by your line manager, the People & Sustainability 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 withany specific responsibilities necessary for your role as outlined by your line manager, the People & Sustainability 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 Beazleystandardsand customer relationship management.
  
• Carry outadditionalresponsibilities as individually notified, either through yourobjectivesor through the learning management system. These may include membership of any Beazley committees or working groups.
  

PersonSpecification

Skills and abilities

• 
  
• Highly organised with excellent prioritisation skills;
  
• Succinct and clear communicator, both verbal and written;
  
• Comprehensive knowledge of Lloyd’s processes and PRA / FCA handbooks;
  
• Solid stakeholder management skills, interacting professionally and with credibility;
  
• Ability to challenge, negotiate with,influenceand persuade both internal and external parties;
  
• Strong people management skills;
  
• Good attention to detail with the ability to oversee the production of high-quality correct advice;
  
• Solution-oriented: good commercial sense.
  

Knowledge and experience

• 
  
• Prior SMF16 experience with an insurer is a pre-requisite;
  
• Experience with a Lloyd’s Managing Agent, required;
  
• Extensive experience with formal committees, Boards, and formal governance and reporting,required
  
• Regulatory relations experience at an insurance organisation, required;
  
• Experience of working at pace in a global business environment, preferred;
  
• Good understanding and experience of managing compliance with Solvency II /Solvency UK key requirements and expectation of insurers, required;
  
• Strong knowledge of property and casualty insurance, preferred;
  
• Proven management experience, required.
  

Aptitude and Disposition

• 
  
• Calm under pressure,maintainsperspective at all times; inspires confidence;
  
• Self-motivated with the ability to work autonomously;
  
• Highest degree of integrity/discretion;
  
• Works effectively under pressure, to deadlines and handling unforeseen circumstances;
  
• Firm but diplomatic;
  
• Approachable with a strong emphasis on developing pipeline talent;
  
• Team player;
  
• Flexible and pragmatic;
  
• Able to manage a changing environment (both internal and external).