Head of Compliance

About the role

The Head of Compliance is the principal person responsible for a holistic, integrated, forward-looking approach to managing the Monument Crown Dependencies entities’ compliance with regulations from a second line of defence perspective. The Head of Compliance will partner with the CEO and the Monument International executive management team to provide effective leadership and guidance with overall responsibility for advising Monument International’s 1^st Line on their responsibilities to maintain compliance with regulations, ensuring effective processes are in place to meet the requirements of the Board(s) and regulators.

The role holder will be part of the local executive team.  This individual will also hold the Company’s MLRO and Data Protection Officer and Nominated Officer (Beneficial ownership) positions. 
The role will also provide support to the Group Head of Compliance with a proportion of their time being spent on Thematic Reviews/Assurance and other Group led Compliance initiatives.

The Head of Compliance should quickly earn the respect of their peers and have the gravitas to influence and advise as appropriate. The role requires broad engagement with the local management team, Internal Audit, Board of Directors & Risk Committee in the Isle of Man and the Monument Re Head of Compliance. The ability to build and maintain effective working relationships is critical. The Head of Compliance reports to the Monument International CEO and has a dotted line to the Group Head of Compliance.

Responsibilities

• Overall responsibility for managing the operation of the compliance function and reporting directly to the Board and / or relevant sub-committee on compliance matters
• Support the oversight of business compliance procedures and processes against all relevant regulatory and industry requirements, including the provision of compliance advice and guidance to all areas of the business covering regulation applying to the regulated entity
• Develop, maintain and embed the Compliance Framework and also hold the role of Data Protection Officer for the business.
• Management of Monument Internationals Compliance Team, including a dotted line responsibility for the Singapore Head of Compliance.
• Perform the role of Money Laundering Reporting Officer in line with financial crime legislation
• Overall responsibility for managing the firm’s anti-money laundering/counter financing of terrorism compliance functions and reporting directly to the Board on anti-money laundering/counter financing of terrorism compliance matters
• Develop and maintain the relationships with Monument’s regulators. Lead the relationship with Isle of Man regulators in relation to compliance matters
• Actively review and challenge in a second line capacity from a compliance and regulatory view in relation to corporate transactions including acquisitions and other material activities
• Liaise with senior management to co-ordinate and carry out Compliance Reviews as per the annual Compliance Monitoring Plan
• Responsible for liaising with, and with a dotted reporting line to, Monument Group Compliance functions.  The role is expected to support the Group Head of Compliance with some of their time being spent on Group led Compliance Thematic reviews and other Compliance initiatives.
• Support the CEO in reporting to the Board on complex compliance matters, liaison with Internal and External Audit and with the FSA
• Assist in the preparation of regulator supervisory activity including Consultation Papers and Thematic Reviews
• Responsibility for the firm’s performance of its obligations under the IoM FSA Fitness and Propriety Guidance 2023
• Responsibility for leading the development and monitoring implementation of effective policies and procedures for succession planning, induction, training and professional development of all members of the Board
• Responsibility for second line oversight and governance of strategic decisions, key business initiatives, including development, to ensure focus on Compliance’s with regulators.
• Responsibility for managing the anti-money laundering/ countering the financing of terrorism (‘AML/CFT’) compliance function in order to address the firm’s money laundering and terrorist financing risks including the development, implementation and oversight of a robust AML/CFT framework
• Working with the appointed Company Secretary to ensure the effective and efficient running of Board and Board committee meetings
• Design and deliver Compliance training to all levels within the business to ensure adherence to new regulatory requirements.
• Maintain robust compliance policies and ensure these are reviewed at least annually and presented to the Board or Audit Committee.

Role Requirements

• Extensive experience (5+ years) in a senior compliance role in the insurance industry. Preferably with international experience of compliance.
• Proven leadership, change management and organisational skills.
• Possess excellent relationship management and interpersonal skills.
• Team player with the ability to work autonomously.
• Able to prioritise work efficiently and effectively. Possess excellent report writing skills and the ability to operate within strict reporting deadlines.
• An exceptional track record for high quality, accurate and timely delivery of outputs, with an ability to manage this against a large and uncertain change agenda
• Experience in dealing with and reporting to Boards, Board members and regulators.
• Keep abreast of regulatory change and understand and interpret regulatory requirements.
• Preferred areas of experience to include Data Protection, Operational Compliance, Compliance Monitoring and Financial Crime.

Location

Isle of Man

Closing Date

30th August 2024

Equal Opportunities Statement

Monument Group are an equal opportunities employer

Email:

careers@monumentregroup.com

Apply now