The Role
The Canopius Delegated Underwriting Audit team is a vital part of the Delegated Authority Management function within Operations Department. The main purpose of the Delegated Authority Management function is to provide appropriate governance, frameworks and controls of the Delegated Authority Portfolio in order to mitigate risks and ensure a profitable outcome for the business.
The Delegated Audit part of the team is responsible for the delivery of the end to end delegated authority audit process for both Coverholders with underwriting and claims authority and Delegated Claims Administrators (DCA's) . The role of Senior Delegated Audit Analyst reports to the Delegated Authority Audit Manager. This role provides important support in ensuring that all delegated activities under lead binding authority agreements comply with the internal company policies, Lloyd’s and industry regulations and best practice. The role further provides a continued support to and deputise for Delegated Authority Audit Manager as required.
Key Responsibilities
- Undertaking day to day, annual and ad hoc audit specific activities, including: scheduling, scoping, audit report reviews and selection of recommendation outcomes of both Coverholder and DCA audits.
- Manage response to and from underwriters, brokers, claims teams, Coverholders and DCA's in respect of audits
- Act as a point of liaison and referral with Lloyd’s Central Audit Function with respect to coordinated Coverholder and DCA audits.
- Manage and maintain the audit TOBA process for auditors.
- Manage the timely agreement and payment of quotes and invoices via the Xchanging system.
- Complete peer reviews of audit report analysis performed by other team members.
- Undertake reviews of conduct risk within the business including binders, master policies.
- Review of consortia and line slips in line with the Delegated Underwriting policy.
- Ensure through audit oversight that conduct minimum standards are maintained.
- Assist in maintaining, update and circulate where required any relevant Delegated Authority information from Lloyd’s, FCA, LMA or other local regulatory body
- Review and analyse audit, conduct risk, financial crime, DAM data and provide commentary under the oversight of the Delegated Audit Manager.
- Analyse and provide commentary for DMF, CHMC and COG (internal committees ) reporting packs under the oversight of the Delegated Audit Manager.
- Complete weekly, monthly and adhoc MI in the support of management when required and provide sound accurate rationale when submitting.
- Deputising for Delegated Audit Manager where required through attendance to internal and external stakeholder meetings and committees and / or acting as a point of referral.
Skills and Experience
- Strong knowledge of processes and practices of delegated authority underwriting, claims, complaints and conduct, preferably at Lloyd's
- Good working knowledge of audit management software and Lloyd’s tools such as: DAM, ATLAS and DCOM
- Analytical abilities to review audit reports and make judgment on follow-up referrals and actions
- Effective communication and collaboration with cross-functional teams
- Capacity to adapt to changing regulations and business environments
- Attention to detail
