Senior Compliance Manager

About Wrisk

Wrisk is a leading embedded car insurance technology platform provider. We work with the world’s largest automotive companies to provide branded insurance experiences that can be seamlessly integrated during the purchase journey and beyond.

Wrisk is transforming the $750bn global automotive insurance market. Automotive brands need insurance experiences that move away from the status quo and instead evolve with emerging industry trends such as electrification, connected car and changing ownership models. As such, Wrisk is becoming the state-of-the-art platform of choice.

The business is undergoing a significant period of growth, requiring it to hire talented self-starters to help it operate and deliver for its partners at scale.

Purpose of the role

• To ensure compliance with FCA regulations, including monitoring and evaluation, and to manage and
  control risk.
• To ensure that Wrisk Transfer Limited (WTL) complies with relevant regulatory requirements and, specifically, FCA and DPA requirements.
• To provide information to the Board about the regulatory risks faced by, or presented by, the business.
• To ensure the firm has an effective regulatory and risk control framework in place and that appropriate information about the firm’s regulated activities is provided to the members of the Board to enable them to discharge their oversight responsibilities effectively.
• Oversight and management of regulatory calendar, incorporating operational standards.
• Responsible for providing a professional, efficient and proactive service in supporting the business with operational deliverables. This will involve being able to “multi-task” and “think on your feet”, as the role is very varied and diverse. 
• To manage insurance distribution and all operational aspects of conducting business with customers in relation to contracts of insurance and credit broking (if required).
• To act as an example of, and advocate for, high standards of conduct and drive understanding and observance of the firm’s compliance framework across the business and third party suppliers.
• This role will be a certified function regulatory role.

Key behaviours

Wrisk Transfer Limited is authorised and regulated by the FCA. As a manager within a regulated entity the Compliance Manager is required to demonstrate good conduct, a firm commitment to complying with all relevant FCA requirements. This role also requires the following key behaviours to be demonstrated;

Collaborative

Good at building relationships, both internal and external across all levels of seniority

Empathy

Display empathy through the ability to understand others perspectives and strengthen own ability to connect with others and develop a better worldview. To understand own impact of messages, (written/spoken), and their impact on others. Leading to productive conversations, especially when interacting with people with different backgrounds and perspectives.

Learning/Coachability

Hunger to learn new facts, techniques and from mistakes, Need to work with technology and data experts as well as our commercial teams.

Challenge and support mentality

Ability to challenge from a regulatory perspective but also support the wider team. This is not a "border control job" - it is more about working with innovative individuals to find solutions that respect the rules.

Self starter mentality

Ability to manage workloads against business needs and be able to take a flexible approach in adapting own work to deliver to priorities as required

Knowledge and responsibilities

Risk and compliance framework

• Maintaining a risk and compliance framework for WTL in line with the firm’s principles and culture. 
• Compliance leadership to help, support and advise Wrisk on navigating regulatory rules whilst managing  WTL’s risk and compliance systems firm-wide.
• Advising the Board in relation to risk and compliance matters across WTL including identifying, recording and reporting:
• > Breaches of the firm’s systems and controls or FCA or other applicable regulatory requirements
• > Risks
• > Conflicts of interests
• Overseeing the preparation of the monthly risk and compliance reports, present these to the Board, highlighting any issues and presenting any recommendations for resolution/control.

Reporting

• Meeting reporting requirements for FCA, ICO, Companies House, Insurers and any other external or internal party as required

Product Governance

• Product approvals, ongoing review and assessment 
• > Approve all new products in line with the product approval process and ensure all regulated products meet the requirements of PROD and other key provisions such as TCF and the customer’s best interest rule.
• > Review existing products in line with regulatory requirements and ensuring fair value is assessed
• Evolvement and monitoring of the Consumer Duty plan across WTL
• Liaising with relevant business areas and reporting on measurement of Consumer Duty application across WTL

SMCR

• Manage WTL’s Senior Manager and Certification Regime (SMCR) programme

Appointed Representatives

• Ensuring that:
• > Due diligence and ongoing oversight is carried out
• > Appointed Representative framework is kept up to date reflecting any regulatory changes

Insurance distribution – sales, post-sales service and complaints

• Knowledge and understanding of the different business models of WTL's distribution clients and any regulatory differences. Ensuring that:
• > WTL complies with all relevant regulations in respect of the distribution of general insurance products.
• > Processes and procedures meet regulatory standards as well as the WTL’s own standards.
• > WTL complies with the principles of TCF, the customer’s best interest rule and the FCA’s conduct risk expectations.

Financial promotions and marketing

• Take ownership and control of the financial promotions process, ensuring that all financial promotions and marketing activity comply with the FCA principle of clear, fair and not misleading, other applicable FCA principles and ASA rules and guidance.

Training and competence

• Ensuring that:
• > All staff involved in insurance distribution and their supervisors and managers are appropriately skilled and trained
• > There is a training and competence framework in place which allows the firm to establish at all times the competence of staff involved in regulated activities and any training needs
• > QA/monitoring processes are in place which allow the business to evidence the competence of staff involved in insurance distribution and their supervisors and managers
• > The Board has appropriate oversight of the competence of staff through regular contextualised reporting

Regulatory knowledge

• Keeping up to date with all applicable regulation including (but not limited to):
• > FCA regulation
• > The DPA 2018
• > All applicable financial crime regulation
• > Companies House requirements
• > Advertising Standards Authority regulations
• Ensuring the Board is aware of the impact/potential impact of regulatory development.
• Ensuring the firm’s processes and procedures are updated in line with regulatory developments.

Key Skills

Communication and leadership

• Ability to represent Wrisk from a compliance perspective both internally and externally (e.g with Insurers, FCA, OEMs, customers, auditors etc)
• Communicate effectively and positively with all colleagues across Wrisk Transfer and Wrisk Ltd including board members and act as a persuasive advocate for customers. 
• Communicate effectively by encouraging, supporting and leading by example.
• Communicate effectively with the wider business, provide a positive example of good conduct and be an advocate for the fair treatment of customers, compliance with relevant requirements and the firm’s risk management controls.

Technical and regulatory knowledge

• A sound understanding of general insurance distribution and product development in the mobility market
• Using motor insurance knowledge to review contractual and policy documentation
• A sound understanding of applicable regulation, in particular FCA regulation
• Interpret FCA guidelines, papers and technical product information to be able to provide guidance to the business at all levels 
• Maintain competence and capability in line with the requirements of the role and FIT 2.2.

Honesty, integrity and financial soundness

• At all times comply with the FCA Code of Conduct rules and the conduct requirements of the business
• Display honesty and integrity in all dealings with the business, customers and applicable regulators
• Maintain financial soundness as required by FIT 2.3

Structured and Organised

• Well organised and able to effectively prioritise, create relevant documentation and undertake the timely delivery of the compliance calendar and other business requirements
• Structured approach to evidencing all key compliance/consumer duty related decisions made in the company

Planning 

• Demonstrate good planning and project management capabilities that include prioritisation, critical thinking and high attention to detail which all ensure effective and efficient delivery of all aspects of the role