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About Great Lakes Insurance SE:
As specialty provider of primary insurance services in the UK, Great Lakes London Branch (“GLLB”) is a substantial part of Great Lakes Insurance SE in Munich.
Our interlocked business model is to seize opportunities connected to the reinsurance core business and progress opportunities, in our role as an integral part of the Munich Re Group.
Great Lakes Insurance SE operates from its headquarters in Munich, and with branch offices in UK, Ireland, Switzerland, Italy and Australia.
Great Lakes Insurance UK Limited (“GLLS”), regulated by Prudential Regulation Authority and the Financial Conduct Authority, is a owned subsidiary of Great Lakes Insurance SE and acts as the preferred facilitator of agency insurance business in the UK in the post-Brexit world.
About the role:
To be responsible for the organising of audits of all those Outsourced Service Providers to whom Great Lakes delegates authority.
This could be in the form of underwriting, claims or product distribution.
This will include audit preparation, on-site fieldwork, drafting of the audit report and of the tracking of the closure of audit findings.
Provide independent, unbiased, reasonable, assurance and validation that OSPs are operating as expected and are complying with contractual and regulatory requirements, laws (and best practice wherever possible) and have in place appropriate systems and controls to ensure positive consumer outcomes.
Audits will include reviewing information to check adequacy of internal systems and controls and adherence to agreed procedures in order to minimise the risk and exposure to Great Lakes and its policyholders.
Work will be carried out at various locations throughout the UK and Europe depending on the location of the Outsourced Service Provider.
Agents and Third-Party Claims Administrators may manage business in the UK, written from Great Lakes UK, and around the world, written by Great Lakes SE and its associated Branches.We work on a hybrid model and the office is based in London.
You will report into the Head of Agency Audit.Responsibilities:
To prepare and deliver accurate and timely audits of Great Lakes Outsourced Service Providers as per the Agency Audit plan and audit methodology.Ensure audits are managed and conducted in a competent, thorough and professional mannerThe required audit process is adhered to and fully evidenced.Audit reports are produced following each audit in a clear, concise and timely manner for consideration by senior management and Outsourced Service Providers.Ensure audit issues identified are followed up and satisfactorily addressed with the relevant stakeholders.Facilitate inclusive collaboration with SMEs to aid the understanding of findings and the issues/risks they present to the business.Establish and maintain effective and collaborative working relationship with colleagues, business partners and relevant stakeholders.Improve the insight of our delegated authority activity through audit testing and result reporting.Promote a collaborative audit culture within Great Lakes and the Group.Providing general assurance to the business with respect to the control of delegated authority.Assistance in ensuring the business meets regulatory objectives and requirements.Participate in the ‘on-boarding’ of potential new Agents / Coverholders (due diligence).Tasks:
To plan, organise and carry out audits both onsite and remotely as required, this includes travel and opportunities for overseas travel as per the Agency Audit Plan.
The audits will typically focus on the processes and controls in all areas of delegated authority including policy underwriting, finance and reporting, claims, I.T, governance and compliance.To report and make recommendations on the systems and procedures being reviewed, monitor management's response and facilitate implementation.Preparation and delivery of audit reports.To identify any risks arising from Agency Audits carried out and ensure appropriate remedial action is communicated and action taken to address.To maintain the ‘Audit Tracker’ in accordance with the guidelines set.Identify and record regulatory and/or contract breaches found during auditEscalate overdue audit findingsMaintain full audit records and evidence of testing work undertaken.Assistance with annual audit planning and reporting to the relevant Management Committees where required.Working alongside other business units or external resources on specialist ad hoc audit projects where required.To carry out appropriate due diligence / on-boarding processes as may be requested by Great Lakes from time to time to ensure the suitability of potential new business and business partners and report findings accordingly.Provide support to colleagues or other business units or external resources for ad hoc requests, or longer-term projects in carrying out the Great Lakes strategy as requested.
Competencies:
Drives results You achieve results even under tough circumstances, with the organisation’s performance in the front of your mind.Decision quality You make quick decisions to keep things moving, using analysis, experience and judgement.Customer focus You develop customer relationships, paying attention to their needs and adapting as this evolves.Business insight You can apply your knowledge of the business and the market to advance your businesses and wider organisation’s goals.Cultivate innovation You create new and better ways for Munich Re to be successful e.g., generating ideas, improving operational processes, harnessing new technology.Persuades You use compelling arguments to gain the support, buy-in and commitment of others.Manage ambiguity You continue to operate even when things are uncertain, and the way forward is unclear.Courage To step up to address difficult issues, saying what you believe needs to be said.
You are willing to challenge and recognise opportunities to do so.
Skills & Experience:
EssentialUniversity degree or insurance qualifications or suitable professional experience.Understanding of MGA and TPA operations.Knowledge of regulatory environment surrounding insurance products.Strong report writing skills.Fluent using Microsoft Packages.Good spoken and written skillsDesirableBackground in oversight and control.Audit experience.Creative mindsetLanguages Thought Leaders:
You are seen as an expert in your field and will be the ‘go to’ person for your area of specialism within Munich Re.
You will be a role model/mentor to others – identifying opportunities to share your knowledge with others.You will demonstrate and role model inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture.You will treat your colleagues and sales and business partners fairly and with respect.Regulatory & Conduct Requirements:
In addition to the responsibilities set out above, the role will be responsible for:
Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules.BenefitsYou will be rewarded with a great compensation package, on target bonus, 25 days annual leave with the option to purchase more along with private medical insurance and employers' contributory pension of 10%.About UsHere at Munich Re we want to offer our staff the opportunity to grow in an exciting, driven and diverse working environment.
We believe that your enthusiasm to apply your outstanding knowledge crafts the future, the future of our clients, of Munich Re and of course your own.Munich Re is an equal opportunity employer.
We celebrate diversity and are committed to creating an inclusive environment for all our employees. LinkedIn LondonEngland
