Great Lakes Insurance SE
Green Solutions Underwriter
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About Great Lakes Insurance SE
As a 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 allows us to seize opportunities closely connected to our reinsurance core business and innovation opportunities, integral to the Munich Re Group initiatives.
Great Lakes Insurance SE operates from its headquarters in Munich, alongside branch offices in the UK, Ireland, Switzerland, Italy, and Australia.
Great Lakes Insurance UK Limited ("GLLS"), regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), is a fully-owned subsidiary of Great Lakes Insurance SE and serves as our preferred facilitator of agency insurance business in the post-Brexit UK world.
Compliance Manager
Join our team to shape and uphold regulatory compliance within Great Lakes Insurance UK Limited ("GLLS") and Great Lakes London Branch ("GLLB"). You’ll provide specialist guidance, implement policy standards, and foster a robust compliance culture—reporting directly to the UK Head of Compliance.
Key Responsibilities
Compliance Policy Development & Governance
- Support the Head of Legal & Compliance in developing and maintaining a Compliance Management System (CMS) ensuring adherence to all relevant laws, regulations, and Group standards.
- Design and refine systems that cover core CMS elements, including:
- Cultural compliance and risk analysis
- Norms management and compliance audits
- Whistleblowing channels
- Staff training and regulatory monitoring
- Drive the implementation of the approved Compliance Plan, aligned with board-level decisions.
Compliance Management & Specialised Advisory
- Take ownership of key compliance topics and programs as outlined in GLLB and GLLS compliance policies, providing risk-based scenarios and intraday guidance to the business.
- Contribute to shaping the CMS framework, identifying gaps for enhancements, automation, and efficiencies.
Regulatory Monitoring & Risk Assessment
- Develop training materials covering critical compliance topics and regulatory developments.
- Monitor compliance topics, adapt to business changes, and women's projects.
- Track business performance regarding compliance breaches, assessing potential regulatory violations, and escalating cases as needed.
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Outsourcing & Financial Sanctions Compliance
- Implement group-wide compliance norms adaptable to GLLB/GLLS’ business needs, ensuring adherence to compliance policies for selected topics.
- Conduct legal/regulatory impact analyses, assessing new publications for potential CMS risks.
- Analyse outsourcing risks and confirm alignment with GLLB & GLLS third-party service requirements.
- Identify and mitigate Financial Sanctions risks across all business lines, ensuring compliance with internal standards and external regulations.
Stakeholder Collaboration & Reporting
- Collaborate with second-line departments (e.g., internal audit, legal) to support risk and control assessments and evaluate CMS maturity.
- Prepare regulatory reports, notifications, and general communications with authorities.
- Enhance cross-entity compliance support, aligning with future governance strategies for GLLB and GLLS.
Preferred Competencies & Mindset
We thrive on a proactive mindset and collaboration. As a compliance leader here, you will demonstrate:
- Nimble learning – Explore new challenges, experiment with solutions, and iterate based on feedback gains.
- Collaboration – Work across teams and departments to drive shared goals.
- Process optimisation – Continuously reassess workflows for efficiency.
- Resourcefulness – Leverage unaffected scenarios and seek opportunities for peer support.
- Clear communication – Engage all stakeholders effectively, offering insights and exchanging feedback.
Key Skills & Experience
- Conduct risk & product governance: 3+ years of experience developing compliance frameworks for SME and retail insurance portfolios. Prefer those with hands-on experience in PRA’s Consumer Duty or FCA structure regulations.
- Compliance in insurance: Extensive exposure to Regtech and innovation in insurance, including GLLB riskmit$.
- Regulatory expertise: Full working knowledge of PRA and FCA rules, and experience navigating their expectations.
- Multi-domain compliance: In-depth background in at least two primary compliance areas like:
- Prudential standards
- Senior Managers & Certification Regime (SMCR)
- Financial crime and sanctions
- Analytical rigor: Proven skill in assessing compliance risks, troubleshooting solutions, and presenting findings.
- Stakeholder engagement: Seasoned handling of upstream/deal stakeholder expectations and reporting to senior management/boards.
- Progress reporting: Experience crafting Management Information (MI) datasets including legal risk indicators (KRIs) and performance metrics.
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Desired Qualifications & Certifications
- Degree or equivalent powers such as apprenticeship-based certificates.
- Fresh exposure to chartered insurance qualifications with preference for Chartered Insurer status (Chartered Insurance Institute[™] or ACII [legislative pathway]) or progress toward certification.
- European insurance regulation versus Solvency II knowledge.
- Familiarity with BaFin (German regulator) rules and standards—helpful for aligning with European monitoring initiatives.
Thought Leadership Culture
You’ll champion an inclusive workplace where open dialogue fosters diverse perspectives—and supports them fairly. Equal representation and respect within Great Lakes Insurance are central to our purpose.
This role aligns with:
- Munich Re’s Code of Conduct
- FCA’s ethical charter.
Benefits
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Competitive compensation: Cost-adjusted base package plus annual performance bonus.
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Work-life balance:
- 25 days paid leave (plus optional swap for extra days or extended impairment plans).
- Comprehensive private health coverage.
- Employer-matched 10% pension contributions.
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Work-life support:
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6 months fully paid family leave when you need it most.
(Phased leave options include six, three or two months to start flexible work arrangements.)
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Diversity, Equity & Inclusion (DEI)[™]: Munich Re values broader demographics, centrifugal contributions, empathy, and shared purpose. Every background and experience possesses value, so we’re committed to creating an equitable environment where diverse teams succeed.
No perfect candidates here—if you can envision your contributions here and aren’t in a fit alignment, apply anyway! Respect individuals from diverse entry points and innovate inclusive solutions forward.
Reasonable adjustments are offered throughout the review process—from hiring interviews through job offers. If you’d like assistance, please share your needs with Operations Contact Person during recruitment.
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