Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.
Job Summary:
Working under the overall direction of the Director, Corporate Compliance Assessment, fulfill the second line of defence mandate with respect to compliance oversight by providing independent assessment, review, testing and validation of compliance related controls operating across Canada Life UK business. By doing so, facilitate an independent and objective view of compliance activities within the organisation to provide a basis for the Chief Compliance Office to provide an informed opinion about the state of compliance.
This role works closely with senior business leaders to ensure compliance practices, processes and policies are followed, mitigating controls are well designed and are operating effectively and to report on their findings
Lead and deliver a broad range of second line of defence CLUK thematic, key control and oversight planned compliance assessment reviews across the multi-jurisdiction regulated businesses of Canada Life UK, IoM, and Ireland to meet the strategic objectives of the GWL and CLUK boards.
The second line of defence Compliance Assessment Officer is responsible for performing independent assessments and providing an opinion on the effectiveness of systems of governance, risk management, and the design and operating effectiveness of the control framework.
Plan, test and agree reviews in line with the GWL methodology. Collaborate with all levels of management to agree proposed findings and final reports and follow through actions to evaluate evidence for closure.
Responsibilities:
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Independent Compliance Assessment Delivery -
Perform independent compliance assessment reviews using the global (GWL) and UK methodologies to evaluate performance against the regulatory and company requirements and objectives using an agile assessment approach -
Report on the effectiveness of the systems of governance, risk management, and the design and operating effectiveness of the control framework in agreed timescales, to the testing program standards:
- Planning - Draft assessment-level risk assessment; identify requirements and communicate scope
- Execution - Design Work programme including test plan; identify, analyse, evaluate, and document evidence,
- Recording - Execute work programme; record and communicate deficiencies, agree issues and actions, and
- Reporting - Compile and report on regulatory risk exposure for allocated reviews. Independently lead and manage opening and closing meetings with stakeholders; Report on, discuss and agree the outcome of assessments with the business line/shared service executive and/or their senior leadership team on the materiality of issues and agree actions to correct defects and drive out performance improvement.
- Quality Assurance - Perform quality assurance of other team members' planning, testing and reporting as required
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Remediation Activities - Agreed issues and actions are entered on to the GRC management tool and updated as required to maintain an accurate record of progress and reporting to senior management in CLUK and GWL. Follow through on reviews to ensure issues and actions evidence is evaluated and closed as agreed in the final reports. Follow up with senior management and/or issue owners to ensure actions are progressed and closed, and escalate where necessary.
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Outward focus - Build and maintain knowledge for the multi-jurisdictional regulated business priorities, strategic plans, and regulatory requirements for Canada Life UK (Financial Conduct Authority, Prudential Regulatory Authority, and Information Commissioners Office), Ireland (Central Bank of Ireland and the Data Protection Commission), and IoM (Financial Services Authority and the Information Commissioner).
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Team Contribution - Provision of input into the development and maintenance of the review methodology, risk-based approach to planning review programmes, and continuous best practice improvements to meet functional objectives.
Experience for the position:
- Regulatory Knowledge - Detailed working knowledge of the Regulatory requirements, particularly the FCA, Data Protection Operational Resilience, Supplier Risk Management, and Financial Crime/Anti Money Laundering rules and guidance. Preferred experience with Insurance, investments, asset management, employee benefits, CASS and Equity Release. Can interpret rules, principles and guidance for the business.
- Project Management (On-time Assessment Delivery) - demonstrable experience applying project management methods and disciplines to manage the 'on-time delivery' of a portfolio of compliance assessments throughout the assessment lifecycle with minimal supervision, aligned to defined quality expectations.
- Communication - Able to communicate effectively at all levels of the business, making complex issues simple in oral communication and/or report writing. Able to adapt and highlight key messages to the audience. Able to present outcomes of work completed (at any stage of the lifecycle) in a timely focused way.
- Data Analysis - Proactively identify opportunities for use of data in planning, and delivery, including data driven tests and procedures. Support delivery of work through use of a range of analytics tools such as Power BI
- Risk-Based Assessment Methodologies - Applied knowledge and expertise in the use of risk-based audit methodologies, tools and techniques.
- Relationship Management - Maintain effective working relationships with colleagues and other governance functions.
- Judgement: Able to analyse complex regulatory requirements and balance with business needs to make informed decisions.