Senior Compliance Officer - Insurance

Accountancy and Insurance - Banking and Financial


RecruitGibraltar are currently recruiting for a Senior Compliance Officer to join a Global Insurance operation with a strong presence in the UK motor insurance market. Due to their continued success and expansion, our client is on the lookout for enthusiastic, innovative and dedicated people who want to begin or continue their career. In return our client offers a diverse and exciting working environment and comprehensive training and support that actively encourages their people to develop and work up the organizational structure. In addition, an excellent benefit package is on offer that rewards their employees for their loyalty and hard work.

What is the plan for the Senior Compliance Officer role?

The core role is the provision of day-to-day compliance oversight of the activities of three Gibraltar-based insurance companies, to ensure the successful mitigation of compliance risk and support these insurance companies in achieving their strategic objectives. The three Gibraltar-based insurance companies are all licensed and regulated by the Gibraltar Financial Services Commission (GFSC) and each primarily underwrite UK motor insurance.

What will you do as a Senior Compliance Officer?

The role reports to the Head of Compliance and the Audit Committees of the three Gibraltar-based insurance companies.
The role is the main point of contact with the GFSC and other regulatory and industry bodies for the Gibraltar-based insurance companies. The role holder will be appointed, subject to regulatory approval, as the Solvency II Key Function Holder for Compliance and the Money Laundering Reporting Officer.

Establishment and maintenance of an appropriate compliance framework to ensure ongoing adherence to internal policies, procedures, systems and controls and external regulatory requirements in Gibraltar.
Successful mitigation of compliance and regulatory risk.
Preparation of an annual Compliance Plan, reviewed by the Audit Committees and approved by the Boards of each insurer.
Preparation and maintenance of a range of compliance-owned policies and procedures.
Establishment and maintenance of adequate policies, procedures, systems and controls for identifying, assessing, monitoring and mitigating the risks associated with financial crime (including trade and financial sanctions).
To ensure that the insurers’ responsibilities for preventing money laundering and terrorist financing are adequately addressed, and to promote and nurture a risk aware culture to financial crime.
Ensuring any suspicions of financial crime – including a breach of trade or financial sanctions – are reported to the relevant competent authority and other regulators (GFSC and host state regulators) where required.

What do you know that makes you a great Senior Compliance Officer?

Experience of managing compliance and regulatory risk within a diverse and evolving/changing environment.
Extensive experience of liaising with the regulators/statutory bodies essential, in addition experience of liaising with the Gibraltar Financial Services Commission (GFSC) desirable.
Ability to understand and interpret regulatory requirements within a commercial environment and apply sound judgement.
Thorough knowledge and understanding of the principles and application of compliance frameworks.
Thorough knowledge of legislative and regulatory requirements applicable within Gibraltar, as well as professional standards and accepted business practices, ideally with in the insurance sector
Thorough knowledge of legislative and regulatory requirements applicable to insurers underwriting risks in the UK, in particular in relation to UK motor insurance business, as well as professional standards and accepted business practices.
Degree educated with ACII and/or other relevant professional qualification preferred.

Salary £40k based on experience with bonus and benefits package.

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