Howden
Executive Compliance Business Partner
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Who are we?
Howden is a global insurance group with employee ownership at its heart. Together, we have pushed the boundaries of insurance. We are united by a shared passion and no-limits mindset, and our strength lies in our ability to collaborate as a powerful international team comprised of 24,000 employees spanning over 56 countries.
People join Howden for many different reasons, but they stay for the same one: our culture. It’s what sets us apart, and the reason our employees have been turning down headhunters for years. Whatever your priorities – work / life balance, career progression, sustainability, volunteering – you’ll find like-minded people driving change at Howden.
ROLE PURPOSE:
The job holder will be allocated a specific Division within the UK&I Specialty Pillar, for which that individual will be appointed as their dedicated Executive Compliance Business Partner to provide Compliance support and oversight.
The job holder will develop business relationships and work alongside the Senior Management and other key stakeholders within their dedicated Division to support it in ensuring that it has appropriate and effective understanding, interpretation, application, and implementation of regulatory expectations within its governance, strategy, decision making, operational processes and people policies.
The job holder will develop an in-depth understanding of the strategic, commercial, and operational activities of their allocated Division and be able to maintain an up-to-date regulatory risk profile for that Division, which shall be presented on a regular basis to the relevant governance forums. This risk profile must be suitably robust to enable the individual to develop and maintain an annual plan and strategy for providing the necessary compliance support and oversight to their Division. The plan must dovetail with the overarching Compliance Plan.
The individual must ensure that regulatory matters, concerns, and risks of the Division are visible and reported in a timely manner to both the Divisional Senior Management and to the appropriate assurance committee, to ensure appropriate action and oversight by both the first and second line of defence.
The individual will be expected to act in an advisory and consultative role in supporting the Division with the interpretation and application of regulatory expectations. However, the individual will not be expected to develop and implement the Division’s systems and controls, which should continue to be owned by the business as the first line of defence.
The individual will be the primary point of contact of their Division for key strategic, commercial, or operational initiatives (for example, restructuring, acquisitions, and integrations). However, the individual must liaise with and utilize the services and expertise of the other Specialty and Central Compliance Functions as necessary.
Planning (and Strategy):
- Maintain an up-to-date regulatory risk profile of the Division.
- Develop a framework with the Divisional Senior Management to incorporate Compliance at appropriate strategic and decision-making forums.
- Develop and maintain an annual Compliance Plan which is suitable based on the strategic objectives and its regulatory risk profile. This must dovetail with the overarching Compliance Plan.
- Develop and provide the Division with a clear terms of reference, setting out the scope, role, and responsibility of the Executive Compliance Business Partner.
- Determines own work priorities and activities in line with agreed objectives to ensure the planning and achievement of the Annual Compliance Plan.
- Works closely with the other Compliance Function Managers, to ensure the coordination of deliverables.
- Participates in specific initiatives/projects to conduct research, review, and consider more effective controls.
- Provides input into the plans of the wider Compliance Function in order to ensure these include appropriate considerations for delivery.
- Manages assigned projects and contributes to other projects as required.
- Provides relevant management information relating to their specified division(s) to senior management and governance fora.
- Works closely with the first and second line monitoring functions to determine whether or not conduct risk and general compliance-related metrics are suitably designed and incorporated and, where issues are identified, are being addressed in a timely manner.
- Prepares an approach to provide the Head of Compliance with regular updates on progress against key deliverables and tasks, as defined within the Compliance Plan for that Division.
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Technical:
- Prepares and submits for review and approval, a Compliance Plan and Strategy for the Division under their responsibility.
- Develops an in-depth understanding of the nature of each division within their remit (including their Appointed Representatives) and their respective conduct and regulatory risk profiles.
- Develops and maintains a process to measure and monitor the conduct and regulatory risk profile of each division within their remit (including their Appointed Representatives), to ensure the appropriate assignment of support and resources.
- Develops a framework to ensure regular review of the performance of compliance systems and controls, which do not fall within BAU Compliance Monitoring Team activities.
- Provide support and oversight in respect of all regulatory matters, including but not limited to Consumer Duty, Product Governance, ARs, Introducers, SMCR, and Operational Resilience, etc.
- Works closely with the Compliance Monitoring Team to develop conduct risk and general compliance metrics for their division(s), which support the early identification of any emerging trends which may signal potential detriment to clients and insureds.
- Works with the Compliance Monitoring Team and other key internal stakeholders to provide relevant governance fora with regular understanding of the divisions’ conduct risk and regulatory status.
- Supports in undertaking reviews to determine if any matters of concern are systemic, may have caused or have the potential to cause harm to clients.
- Provides support for the review of new and existing client portals.
- Considers and responds to any conduct risk and general compliance concerns, issues, or breaches identified by either the first line monitoring functions, the Compliance Monitoring Team, or Internal Audit, including where any Coverholder Audits are performed on the business, in relation to the specified division(s) within their remit, and works with those division(s) to enforce a positive compliance culture.
- Is the primary referral point for the business, providing technical input and expertise, interpreting compliance regulations/requirements (working with other Compliance team members where necessary) for the activities of the business, in relation to conduct risks and general compliance, which shall include any matters related to the Consumer Duty and good customer outcomes.
- Advises the business of regulatory developments & changes in relation to conduct risk and general compliance and assists with impact and gap analyses, providing advice and recommendations to improve performance and mitigate risks.
- Provides the divisional CEO and operational leads with regular updates on conduct risk and general compliance matters, including arising issues and/or incidents occurring in the business, along with findings, recommendations, and management actions arising out of compliance reviews.
- Organises and participates in regular meetings for the “first line of defence” e.g. with operational leads and Business Assurance to coordinate activities, share information, and provide relevant updates.
- Attends regular business-unit governance meetings (including executive, operational, and team meetings) and provides a compliance update for each meeting, supporting the embedding of timely and regular compliance matters in such divisional governance meetings and decision-making.
- Provides face-to-face and written, regular regulatory updates to client-facing and functional colleagues, explaining developments as posted on the relevant pages of the intranet.
- Liaise with the business to ensure that any conduct risk and general compliance-related enhancements or remedial action plans are addressed for all one-off issues and systemic issues.
- Identifies relevant compliance training needs for the business area (including induction for new employees) and implements relevant training activities/plans to ensure employees are aware of their responsibilities regarding compliance and carry out their work activities appropriately.
- Provides technical expertise to specific projects and initiatives in order to ensure goals and objectives are met.
- Keeps informed of all regulatory and legal changes which impacts on the job role.
- Ensures up-to-date records are maintained at all times on the Company systems.
- Responds appropriately to urgent issues as they arise.
- Escalates to Certified Function Holders, Divisional Heads, Compliance, or Governance Committees any matters of concern or emerging risks.
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Policy, Process, and Procedures:
- Regularly reviews the Operating Entity’s policies and procedures (e.g., OPMs, including OPM supplements) to ensure that, from a conduct risk and general compliance perspective, they remain fit for purpose.
- Interprets instructions and issues arising, and then implements actions according to policies and procedures.
- Alerts the Divisional Senior Management and the relevant assurance committee if any systems and controls are no longer fit for purpose.
- Produce and prepare quality, complete, and timely reports and deliverables to the Divisional Senior Management, Head of Compliance, Deputy Head of Compliance, and relevant Assurance Committee.
Environment, Customer Focus, and Relationships:
- Builds strong and effective relationships across the business to promote a positive image of the Compliance Team and efficiently support and deliver work activities.
- Promotes an open line of communication to, from, and within the Compliance Team.
- Maintains awareness of organizational structures and activities, including cross-border activities and intercompany relationships/dependencies, in order to understand business dynamics, pressures, and needs.
- Maintains awareness of regulatory developments and supports the business in assessing impacts and enhancing controls where necessary.
- Attends internal and external seminars, forums, and events where necessary, to positively represent the Company and increase own knowledge and understanding of changing priorities, new legislation, and market trends, etc.
- Responds to the clients (both internal and external) requirements as appropriate.
- Behaves with all clients (both internal and external) fairly and ethically.
- Shares information that could be beneficial to the Operating Entity/Group/Pillar.
People Management/Personal Development:
- Acts as a role model for positive management and leadership behaviours.
- Actively undertakes personal development to ensure up-to-date knowledge and understanding of best practice.
- Remains aware of external, industry, legal, and regulatory developments, etc., to ensure practice and outputs are of a sufficiently high standard.
- Keeps informed of all legal and regulatory developments relevant to the Operating Entity/
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