Role: Conduct Risk Officer - Insurance x 2 FTC
This is a first line defence role reporting to the Conduct Risk Manager and working closely with the Underwriting Governance Manager. The role is focused on driving the development and continuous improvement of the approach to internal control of regulatory and conduct risk by acting as an embedded independent challenger, advisor, reviewer and partner to support the underwriting team on conduct risk and regulatory compliance.
This includes assisting the Conduct Risk Manager in developing the mechanisms that enable our business to operate in a compliant and ethical manner and ensuring good customer outcomes.
Essential Job Functions:
Engaging the business functions and supporting the implementation and embedding of the Conduct Risk Framework to ensure the firm achieves its Conduct Risk Appetite. Specific duties include but not necessarily limited to:
- Advising and supporting the business functions on:
- Analysing conduct risks in the business
- Oversight of risk controls and performance of associated metrics
- Applicable regulatory conduct requirements
- Supporting business activities with provision of compliance advice and expertise
- Identifying and taking actions on issues arising from conduct MI
- Undertaking reviews of products and associated product MI
- Monitoring the business' adherence to applicable internal policies and procedures.
- Leading co-ordination of product governance oversight.
- Supporting business change projects from a conduct risk stand point.
- Develop conduct risk reporting and other relevant compliance MI to the Conduct Committee and relevant governance committees relevant in the allocated areas.
- Support the design and embedding of a Delegated Authority and Product Governance control framework in respect of Conduct Risk/Operational Quality Assurance across Underwriting, Claims and Complaints
- Work within the Conduct team and closely with the QA team, Delegated Authority Due Diligence and Coverholder Audit teams to deliver a best in class 1st line control framework
- Use that framework to effectively monitor and report against agreed Conduct and Operational risk appetites set by the Executive Committee and Board
- Drive and support the remediation of operational/conduct incidents and potential breaches to ensure risk appetite is maintained and outcomes to customers are fair
- Support the Conduct Risk Manager and Underwriting Governance Manager in ensuring the effective operation of the key governance committees (mainly Product Governance Committee and Delegated Authority Committee)
- Support the Product Oversight Group (POG) including the driving and resolution of actions with the Underwriting and Claims teams and provide MI and reporting to PGC and DA Committees
- Provide assurance and reporting to the 2nd line of defence Compliance team to facilitate effective conduct risk oversight and reporting of regulatory breaches in accordance with regulatory requirements
- To ensure that the FCA principle of customers' interest is applied in those areas of the business within the jobholder's responsibility.
- Other duties may be assigned.
Progress towards CII qualifications desirable, not essential.
- Relevant previous work experience
- 5+ years experience of FCA regulation in a Financial Services business providing or distributing products to retail consumers. Ideally general insurance.
- Familiarity with high conduct risk lines of business
- Experience of reviewing products and associated materials for Conduct Risk
- Experience in providing product governance oversight ideally within an insurance company