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Summary of Position:
BMS Group Ltd is one of the distinct operating entities of the BMS Holding Company consisting of UK and International Broking operations. It has a strategy for growth and aims to take advantage of International opportunities as they arise. Under the BMS Group ‘managed-broker’ structure, primary responsibility and day-to-day management of the Compliance (including Financial Crime) function sits in London with each operating entity having local appropriate oversight and control of their regulatory requirements via a local head of Operations/Compliance. This model is designed to provide appropriate empowerment locally whilst avoiding duplication of effort, ensuring an appropriate level of consistency and encouraging collaboration and sharing of best practice. BMS Group Ltd operates a “three lines of defence” (LOD) model.
The role sits within the 2nd line to set policy, provide advice and challenge and monitor implementation.
The role comprises the following key aspects:
▪ To work with the business (in the UK and with international offices) to define the compliance monitoring framework and to assist the business to identify, assess and govern compliance risk.
▪ To monitor and report, as the 2nd Line of defence, on the adherence of the business to the policies, procedures, and the systems and controls in place to ensure regulatory compliance.
▪ To provide guidance, support and advice to managers on regulatory and compliance matters.
Key Responsibilities & Accountabilities:
▪ To monitor review and report, as 2nd Line of defence, on adherence by the business to the policies, procedures and systems and controls in place to ensure regulatory compliance, including file reviews, business unit reviews, and thematic reviews.
▪ Undertake monitoring visits to BMS international offices if required.
▪ Co-ordinate external audits with Griffin, Lloyd’s and insurers.
▪ Support the Head of Compliance Monitoring, maintaining a compliance monitoring framework and annual plan that mitigates regulatory risks and meets the requirements of the business.
▪ Support and advise the 1st LOD on compliance findings and recommendations, especially when corrective action is necessary.
▪ Work with Group Risk and the Internal audit (Line 3) function on independent assurance mapping.
▪ Assist in the development of the skills the ‘Compliance Analysts’ in the Compliance Team.
▪ Review, advise and guide the businesses on compliance matters.
▪ Build and maintain effective working relationships with internal and external stakeholders.
▪ Run ad hoc compliance projects as required.
▪ Adhere to company and regulatory policies & procedures together with mandatory training requirements.
Functional & Behavioural Competencies required:
▪ Extensive compliance experience gained within the FCA environment and the London market.
▪ Experience of International operations including the compliance aspects of monitoring overseas offices
▪ Thorough understanding of the FCA's Sourcebooks as applying to Insurance Intermediaries
▪ Forward thinker and planner; proactive and uses own initiative.
▪ Gains clear agreement and commitment from others by persuading, convincing and negotiating.
▪ Lateral thinking to provide solutions to business issues.
▪ Experience in presenting and discussing information in a logical, professional and objective manner, and managing discussions to effectively build consensus and drive actions.
▪ Strong project management skills and team working aptitude.
▪ Ability to communicate clearly and effectively (both written & verbal).
▪ Effective interaction with all levels of senior management with good interpersonal and relationship management skills.
▪ The ability to understand a wide range of business processes and systems.
▪ Organisational abilities; ability to meet deadlines with attention to detail.
▪ IT skills – MS Office.
▪ Personally demonstrate the five BMS values and ensure that team members are aligned with these:
o Accountable
o Entrepreneurial
o Collaborative
o Empowering
o Disciplined
