Business Unit Compliance Officer
Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.
Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.
Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers. What we're building
We now need a Business Unit Compliance Officer - (Wealth onshore division) to support the transformation and the future growth of the business within the Risk & Compliance function. The Compliance Function (part of the 2nd Line of Defence) will be responsible for overseeing and monitoring the activities of the 1st Line of Defence, and providing consistent and technically accurate regulatory advice to the Business. The function will also be responsible for effectively balancing delivery of strong regulatory compliance along with sound commercial implementation. Job summary
With guidance from the Compliance Business Support Manager, provide the business with expert advice and compliance monitoring to ensure ongoing compliance with regulatory requirements and also support regulatory projects as they arise. Co-located in the 1st Line and working under the direction of the Compliance Business Support Manager, act as a bridge and facilitate an effective and balanced relationship between the 1st Line Business and 2nd Line Compliance Function. Using the framework, tools and training provided by the Compliance Function, maintain an in-depth business insight and sufficient authority to support the assigned Business/Functional Unit on compliance related matters, providing robust challenge and making a 'value add' contribution to both Lines 1 and 2. What you'll do
1. Regulatory Compliance Advice and Oversight - Support the Compliance Business Support Manager in providing high quality conduct and compliance advice and oversight to the 1st Line Business on key regulatory risks and issues in respect of business as usual activities, (including complaints handling) as well as from forthcoming changes to regulations and/or significant business changes/projects (including product developments, new/amended business processes and IT systems). Ensure regulatory risks and issues are managed appropriately in accordance with the agreed risk appetites. Also assist the business in establishing and maintaining sufficiently effective compliance controls and procedures, ensuring that regulatory obligations are met, weaknesses or control failures are addressed by local management and poor customer outcomes are avoided. Support the Business Compliance Support Manager in the sign off and oversight of relevant product, customer or distributor related materials. Participate as directed on any Business Unit specific, CLUK wide or centrally led regulatory change projects, as required. Maintain appropriate records to evidence the advice provided to the business.
2. Compliance Monitoring - Under the Compliance Business Support Manager's supervision lead the preparation with 1st Line Business Management and 2nd Line Compliance Function of an Annual Business Unit Compliance Monitoring Plan. Conduct independent risk-based monitoring and testing in line with the 1st Line Business Unit Compliance Plan and ensure there are effective actions addressing the underlying causes of any problems identified. Provide Business Unit Compliance reports in respect of risk based monitoring and testing to 1st Line Business Management and 2nd Line Compliance Function. Support the preparation and delivery of the Annual Inherent Compliance Risk Assessment, ensuring that 1st Line Business Management is appropriately engaged in the process. Provide information, as required, to planned 2nd Line Compliance Assessments and Internal Audit Independent Assurance reviews.
3. Compliance Procedures/Policy Attestation - Engage in cross functional activities working with other business areas across the CL UK Division, in order to ensure a regular exchange of information on key issues affecting the business, so that developments are consistent with the overall company direction, policies and standards. Support the Annual Attestation process in respect of Compliance Function owned Operating Policies by reviewing and challenging responses from 1st Line Business and ensuring the policies meet business requirements and regulatory expectations. Working with the 1st Line Business Management, ensure that business procedures are updated, as necessary, to reflect new and changing regulatory requirements, as well as any changes arising from products, services, strategic plans, corporate structures and new market segments.
4. Conduct Risk Events/Regulatory Breaches - Support the relevant Business Unit Risk Officer in the reporting and assessment of all Business Unit potential or actual risk events categorised as conduct risk, regulatory concerns or breaches and risk events impacting customers, in line with the Risk Event Standard. Working with the 1st Line Business, relevant Risk Officer and Compliance Business Support Manager to ensure the potential or actual risk events are investigated and acted on, as appropriate, and that the identification and assessment of regulatory risks and exposures to these risks, is undertaken in line with the Risk Management Framework. What you'll do -Continued
5. Financial Crime Management - In conjunction with the Financial Crime Team in 2nd Line Compliance Function support the 1st Line Business Unit in resolving relevant Sanctions/PEP screening matches, managing the local 1st line Business unit Gifts and Hospitality Register in accordance with the Gifts and Hospitality Standard and anti-money laundering checks in respect of new business applications and suspicious transactions.
6. Data Privacy Management - Working with the Privacy and Data Protection Team in 2nd Line Compliance Function, provide intermediate Data Privacy guidance to operational management and those within scope of the Senior Managers and Certification Regime. Fostering a culture of awareness and accountability and encouraging necessary training, co-ordinate the reporting of all BU data protection (DP) breaches/events, ensuring material Data Protection events are escalated to the Head of Data Privacy and Data Protection (in 2nd Line Compliance Function). Work with the 1st Line Business, project managers and 2nd Line Compliance Function to ensure DP Impact Assessments are completed as appropriate for strategic initiatives and projects. Provide support for initiation of Privacy by Design where changes to products, services or business processes may impact privacy obligations. Support Clear Desk guidelines by performing or monitoring clear desk checks, reporting findings and any related breaches.
7. Governance - Provide regular Business Unit Compliance Officer reports to 2nd Line Compliance Function in respect of oversight of 1st Line Business Unit activities. Provide updates and input, as required, to Compliance Function reporting for CLUK Management and Board Committees. Provide input, review and challenge to the status of Regulatory and Conduct Risks / Risk Indicators as part of the quarterly review cycle and half yearly production of the Risk & Control Self Assessment (RCSA) Report. Attend relevant management and business working groups as required and participate in Business Unit Compliance Officer Forums hosted by Compliance Function.
8. Communication and Training - Support 1st Line Business Management in designing and delivering ongoing training and education of staff on the regulations and compliance obligations relevant to their work, such that the business is able to integrate compliance culture into the day-to-day work processes. Continue to strengthen and embed compliance awareness across the 1st Line Business, and seek to reinforce knowledge where gaps are identified. Support the design and delivery of Compliance Function training programmes (including online modules).
9. Skills and Knowledge - Develop and maintain interpersonal skills and knowledge of business products & services and processes as well as compliance technical knowledge in respect of the FCA Handbook and any other key regulatory requirements ensuring that the job holder has the necessary authority and access to all relevant information to provide robust challenge and support to the assigned business. Who you are
•In-depth knowledge working in the financial services industry together with expertise in relevant regulations and managing regulatory risks. Breadth of knowledge across multiple areas of regulation required (including FCA Handbook, particularly COLL, COBS, and MAR as well as Conduct Risk, Financial Crime and Data Protection).
•Experience in managing and providing compliance oversight at a business level.
•Experience of compliance monitoring and undertaking compliance reviews with minimal supervision, including creating, getting approval for, and delivering regulatory plans. Ability to present advice in a clear, timely and focused way. Excellent analytical and report writing skills.
•Ability to interpret the intended outcomes of regulatory rules, principles and guidance and drive pragmatic solutions/change balancing regulatory requirements, cost/benefit, customer impact with business needs.
•Ability to take a risk based approach to organising workloads for self to meet demanding and often changing priorities, ensuring that key deadlines are met.
•Strong interpersonal, influencing and stakeholder management skills up to and including senior/executive management level
Ability to develop and maintain effective working relationships with colleagues, Business Unit leadership teams and other governance functions. Qualifications
Degree level qualification or recognised industry/professional qualification (e.g., Certificate/Diploma in Compliance - ICA, Financial Planning Certificate)