Product Governance Analyst
We have an excellent opportunity for an experienced product governance analyst to join our dynamic and ever-growing business.
This is a hybrid opportunity, with an office based in Romford.
Role Purpose:
Reporting to the chairperson of the Product Governance committee who has SMCR responsibility for this business area you will develop business relationships with and work alongside Senior Management, as well as other key stakeholders, providing the support necessary to ensure that the respective product lines have appropriate and effective processes mapped to the firm's consumer duty requirements: understanding; interpretation; and application of regulatory expectations across its product governance obligations on the first line basis.
You will support the business in the assessment of proposed new products, to be approved by the Product Governance Committee and embed product governance principles and practice within the business, assisting in the development and delivery of appropriate process training as well as record keeping and ensuring delivery to key stakeholders to provide assurance that the consumer duty work is being carried out as prescribed.
Key Responsibilities:
- Maintain up to date Product Governance risk profile forms and completion of the granular aspects of data gathering and form completion by proactively finding and collating information from multiple sources as requested.
- Be the recognizable face of product governance within the operational departments and own the process of data gathering and working with team members to represent their product governance requirements per department / product and stakeholder.
- Produce accurate data which supports conduct risk MI and the delivery of supporting information to the Product Governance Committee.
- Identify and implement initiatives/projects to conduct research, review and consider more effective controls.
- Design and implementation of internal policies and procedures to improve product governance across the business.
- Together with Senior Management, ensure products and propositions are always selected with the client at the heart of the decision and ensuring each product offers fair value.
- Review all existing policies and procedures relating to Product Governance and update accordingly.
- Support in monitoring product related risks to the business.
- Review and comment on new products and changes to existing products against the Product Governance framework.
- Track recommendations from the Product Governance Committee to make sure actions are completed.
- Conduct and detail a cycle of fair value assessments against the product range.
- Build strong and effective relationships across the business to promote a positive image of Product Governance and efficiently support and deliver work activities.
- Maintain awareness of regulatory developments and supports the business in assessing impacts and improving controls where necessary.
- To support our governance structure by identifying, reporting and escalating the right data to maintain robust oversight to understand the businesses priorities, risks and issues.
- To ensure the products and services offered align to our customers needs and that best practice is followed.
- To provide support to all aspects of the business with regards to consumer regulation including Consumer Duty and GDPR related matters.
- To challenge departments on their Product Governance practices, ensuring that they are receiving the support they need and effectively assessing the Management Information to make informed decisions on improvements that are needed.
- Support the development of our approach to FVAs, Product Reviews/Approvals, Distribution Impact Assessments and other related activities as advised by Senior Management and in line with any other additional guidance.
Key Skills and Experience Required:
- Knowledgeable about regulatory expectations with regard to Product Governance and the implementation of appropriate systems and controls.
- Proven record of building strong and constructive relationships with senior management.
- Commercial awareness and focus on the application of regulation within the insurance broking industry.
- Broad knowledge and understanding of insurance, principles, products and services.
- Strong prioritising and time management skills.
- Ability to articulate sophisticated concepts simply.
- Able to focus on granular detail.
- Work easily as part of a team.
- Good timekeeping and presentation of self and work.
- Ability to work under pressure.
- Good personal organisation skills.
- Honesty, integrity, reputation, competence/capability & financial soundness as required under the Financial Conduct Authority (FCA), Guernsey Financial Services Commission (GFSC).
- Experience of operating in the compliance department of a company in the UK regulatory environment (advantageous).
- Experience in the insurance industry (advantageous).
About us
Markerstudy Insurance Services Limited (MISL) is one of the largest Managing General Agents in the UK. With a strong presence in the UK motor insurance market, we specialise in niche motor cover, where our solid market knowledge and experience enables us to create highly targeted products.
Our success is underpinned by our underwriting strategy to identify and apply special risk factors to the customers' advantage. That, and our skilled underwriting technicians who are friendly, accessible and empowered to make decisions.
We only transact business through professional UK insurance intermediaries and we take pride in fostering excellent working relationships. Our products feature prominently on Aggregators' sites, such as Confused.com, Go Compare and Compare the Market, via our broker partners.
What we offer in return?
- A collaborative and fast paced work environment
- 25 days annual leave plus of Bank Holidays and the ability to buy an additional five days holiday
- Health Cash Plan
- A benefit scheme that offers discounts and cashback on shopping, restaurants, travel and more
- Life Assurance 4x annual salary
- Hybrid working model- from our Romford office