Title:  Delegated Authroity Assistant - Assurance

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About Great Lakes Insurance SE and its branches and subsidiaries:

As specialty provider of primary insurance services in the UK, Great Lakes London Branch (“GLLB”) is a substantial part of Great Lakes Insurance SE in Munich. Our interlocked business model is to seize opportunities closely connected to the reinsurance core business and innovation opportunities, in our role as an integral part of the Munich Re Group. Great Lakes Insurance SE operates from its headquarters in Munich, and via branch offices in UK, Ireland, Switzerland, Italy and Australia. 

Great Lakes Insurance UK Limited (“GLLS”), regulated by Prudential Regulation Authority and the Financial Conduct Authority, is a fully owned subsidiary of Great Lakes Insurance SE and acts as the preferred facilitator of agency insurance business in the UK in the post-Brexit world.

About the role:

To champion the Delegated Authority Assurance function intended to undertake assurance activities to strengthen Great Lakes oversight and control of DA relationships.

The function ensures delivery of important feedback to the business through additional data capture and detailed analysis of information captured by Audit and reviews undertaken by both Great Lakes and its Outsourced Service Providers (OSP).  It will also add value to the business via involvement in existing processes and ensure extensive quality control of the audit process.  

Agents and Third Party Claims Administrators may manage business in the UK, written by Great Lakes UK including its Subsidiary, and around the world, written by Great Lakes SE and its associated Branches.

Key Responsibilities:

• Escalate overdue audit findings and support the aim to reduce and avoid findings becoming overdue.
• Contributes to the review of findings data, working with the Audit Team, DABMs, Claims and SMEs to ensure that progress data surrounding findings management is kept up to date and relevant.
• Facilitates the delivery of feedback to SMEs, including the consideration of further business as usual activities may be required, when oversight or operational improvement opportunities are found at audits, assisting in the tracking and review of identified actions.
• Collates relevant data to support and assists in the production of all regular MI  reporting to the required Boards and Committees at both Great Lakes UK and Great Lakes SE level as requested, and that distribution audiences for all reporting is kept up to date.
• Contributes in undertaking and supporting analysis of data in DA Audit and MI of audits completed by Coverholders to identify trends, concerns or data led risks. Using data to feedback to SMEs where repeat issues are found to consider rectification on a wider business level.
• Record, monitor and analyse the results and progress of audits performed by Great Lakes partners of approved Delegated Authority Arrangements, and externally validated reports of OSPs.
• Undertake Quality Assurance Reviews as part of the Quality Assurance and Improvement Programme of the Great Lakes Delegated Authority Audit Pillar.
• Participate in the ‘on-boarding’ of potential new Agents / Coverholders and or TPAs (due diligence) when required.
• Assist in the auditing of Sub-Third Party Service Providers (Sub-Agents or Sub-TPSPs) where required. This will include the carrying out audit fieldwork both onsite and remotely as required, this includes travel and opportunities for overseas travel.
• Assist with implementation testing of audit, assurance or wider SME action plans where required.
• Promotes inclusive collaboration with SMEs, business partners and other relevant stakeholders.
• Provide support to colleagues within the Team or other business units or external resources for ad hoc requests, or longer-term projects in carrying out the Great Lakes strategy as requested.
• Any additional duties and responsibilities that may be reasonably expected to be undertaken in accordance with the role as requested by the Head of Delegated Authority Audit and Assurance or the Delegated Authority Assurance Manager.
• Provide support to colleagues within the Team or other business units or external resources for ad hoc requests, or longer-term projects in carrying out the Great Lakes strategy as requested.
• Satisfying all regulatory reporting requirements in collaboration with the reporting function when required.
• Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules.

Competencies: 

Nimble learning (we think big) – you actively learn by tackling new problems and trying out new  solutions, quickly learning from both successes and failures.

Collaborates (we lead the ‘we’) – you work together with others in your team, the department and

wider business (where relevant) to meet shared commitments.

Optimises work processes (we grow with our clients) – you know the most effective and efficient

processes to get things done and are constantly assessing how they can be improved.

Resourcefulness (we care and dare) – you find a way to get things done with the best use of the

resources available to you, knowing when to ask for support from others, but also offering your support to others where you feel your expertise, knowledge and skills can add value.

Communicates effectively (we are clear and authentic) – you communicate clearly and appropriately with your audience. You also share ideas, learn from others and keep stakeholders informed about progress, problems, opportunities and solutions, soliciting feedback along the way.

Thought Leaders:

You will demonstrate inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well.

You will treat your colleagues and sales and business partners fairly and with respect.

Key Skills & Experience:

Required Skills

• Strong report writing skills
• Fluent using Microsoft Packages
• Good spoken and written skill
• Audit Experience
• Understanding of MGA and TPA operations
• Background in oversight and control
• Knowledge of regulatory environment
• Be prepared to Travel (both within UK and outside of UK), up to 10% of role when required.

Desirable Skills

• Knowledge of legal contracts
• Data analytics experience