Product Governance & Compliance Business Partner
Our client is a global commercial and specialty insurer operating across 40 countries, looking to grow their compliance team.
The Role
Working directly with underwriting teams, this role provides expert guidance to ensure that new products, product changes, and distribution strategies meet regulatory requirements from design through to launch. Acting as a trusted compliance adviser and business partner, the role specialises in product development compliance within a UK FCA/PRA regulated environment.
Responsible for embedding regulatory requirements into product development processes and ensuring all business activities across the UK & Ireland are conducted in accordance with relevant regulations and required standards of legal compliance.
Key Accountabilities
Product Development Compliance
- Serve as the primary compliance contact for underwriting teams (initially Accident & Health and Delegated Authority) on all product development and product change initiatives
- Review new products, product changes, and distribution strategies from a compliance perspective, ensuring regulatory expectations are met from design through to launch
- Assist underwriting teams in completing New Product Risk Assessments and applying relevant internal guidelines impacting product development
- Embed FCA/PRA regulatory requirements, Consumer Duty obligations, and conduct risk expectations into day-to-day product development processes
- Advise on the interpretation and practical application of regulatory rules within real-world product development scenarios
- Maintain accurate and complete documentation of compliance processes, controls, and decision-making within the product development space
- Escalate material regulatory risks and issues arising from product development appropriately
Broader Compliance Support
- Provide general advice on FCA regulation, Consumer Duty, and conduct risk as required
- Support the broader business in understanding and applying regulatory requirements to customer journey activities including design, pricing, distribution, claims, and complaints
- Deliver compliance training and promote a strong compliance culture across the business
- Act as a trusted adviser and role model for first-line accountability, promoting good conduct across the business
Skills & Experience
Experience:
- Significant experience within product governance and conduct risk
- Experience within general insurance, preferably specialty lines
Competencies:
Problem Solving: Uncovers information to identify causal links. Uses a variety of tools and techniques to break down complex issues and spots trends, patterns, and interdependencies. Assesses risks and identifies solutions.
Delivery & Accountability: Accountable for own delivery to support overall business priorities and objectives. Identifies roadblocks that might impact delivery and remains accountable for performance.
Communicating & Influencing: Positively impacts the actions and decisions of stakeholders, ensuring they are involved throughout. Negotiates confidently without damaging relationships whilst building support and buy-in for ideas. Adapts communication style depending on audience.
Customer Focus: Develops a deep understanding of the true nature and complexities of the customer business and uses this to implement ideas and technical expertise. Ensures customer feedback is acted on so that customer service excellence is not affected. Builds sustainable long-term relationships and spots opportunities to develop business.
We are committed to creating an inclusive environment for all employees, recognising that a diverse and inclusive workplace is a creative and prosperous one.