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The job holder will be a Senior member of the UK Compliance team and will be working in conjunction with the SCOR Europe Legal & Compliance team and in close collaboration with other teams including (but not limited to) Delegated Underwriting, Risk, Underwriting and Claims.
As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying "The Art & Science of Risk," SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society in around 160 countries worldwide.
Working at SCOR means engaging with some of the best minds in the industry - actuaries, data scientists, underwriters, risk modelers, engineers, and many others - as we work together to find solutions to pressing challenges facing societies.
As an international company, our common culture is defined by "The SCOR Way." Serving both to build momentum that drives the Group forward and as a compass to guide our actions and choices, The SCOR Way is anchored by five core values, reflecting the input of employees at all levels of the Group. We care about clients, people, and societies. We perform with integrity. We act with courage. We encourage open minds. And we thrive through collaboration.
SCOR supports inclusion and the diversity of talents, and all positions are open to people with disabilities.
Job Description
The Senior Conduct Compliance Risk Analyst is responsible for assisting in the management and oversight of the Conduct Risk framework across all in-scope entities, including SCOR UK Company Limited, SCOR Managing Agency Ltd and SCOR Europe SE (including its UK Branch). This will include assisting with the oversight and management of on-going requirements in respect of:
- the UK's FCA regulations including Conduct Risk and Consumer Duty requirements, as well as
- the relevant EU requirements including the Insurance Distribution Directive and the EU Commission Delegated Regulation on Product Oversight and Governance.
Working with other teams you will also be responsible for the development and enhancement of KRIs across all in-scope entities.
Job Responsibilities
- Be a subject matter expert on all conduct related matters including the Consumer Duty, FCA General Pricing Practice requirements, and associated annual submissions (FCA value measures reporting, pricing reporting and annual pricing attestation), along with relevant EU requirements;
- To support the operation of SCOR's Conduct Risk framework through the maintenance, development and enhancement of procedures and systems in relation to the management of Conduct Risk and the Consumer Duty in the UK and Product Oversight and Governance in the EEA;
- To take a co-lead role alongside the Senior Compliance & Conduct Manager in all conduct responsibilities managed by the team and be a joint point of contact for stakeholders on conduct related enquiries including but not limited to wordings, claims denials, review of high conduct risk management information, and complaints;
- To assist with the successful delivery of the annual Compliance Plan, with regards to conduct related deliverables;
- To enhance and develop conduct related management information that enables operational oversight of in-scope business;
- To carry out horizon scanning in relation to Conduct Risk and Consumer Duty, and other relevant legislation and requirements that apply to the business being underwritten
- To assist with the submission of regulatory returns to the FCA, ACPR and Lloyd's;
- To assist in the development of KRIs across in-scope business;
- To ensure compliance with the end to end complaints handling process including management of Lloyd's complaints system (CareSmart) and drafting and issuance of complaints response letters;
- To assist in the oversight of third parties whohave complaints handling authority , including review of performance, trends and complaints responses
- To manage the associated deliverables for complaints escalated to the relevant Ombudsman or Lloyd's for further review. This includes the review and preparation of requested files and information as well as consideration of suitable offers, where appropriate, to resolve complaints
- To work closely with the Senior Compliance & Conduct Manager to prepare reports at the quarterly Product Oversight Committee, complaints and conduct reports on regulatory items relevant to the business;
- To work closely with the SCOR University and/or external providers regarding training for appropriate staff;
- To coordinate and work with with internal and external stakeholders to fulfil requests to supply information in regards to products;
- To assist the UK Compliance team and, as requested, the Europe Legal & Compliance team, in the review and approval of delegated authority arrangements, from a conduct perspective
- To take a role in the annual review of products in respect of fair value considerations;
- To maintain a product and services feedback loop that outlines any changes required to products as a result of complaints investigations;
- To maintain close interaction with TPA's and MGAs and to provide feedback where process failings are identified;
- To work closely with the Claims team to agree suitable complaints handling authority for third parties;
- Provide any other support to the UK Compliance team and the SCOR Europe Legal & Compliance team on Conduct related matters in accordance with future developments.
Required experience & competencies
Experience:
- Extensive Conduct Risk experience
- Excellent knowledge of insurance industry practices and current regulatory requirements for the management of Conduct Risk both in the UK and EEA;
- Experience in operating conduct releated controls withan an assurance framework;
- Experience in complaints handling, preferably including Company Market and / or European operations
- Insurance or reinsurance work experience.
Personal Competences:
- Strong communication and interpersonal skills
- Open minded, pragmatic and solution-oriented
- Analytic with clear understanding of legal/compliance matters
- Team oriented, collaborative and flexible to adapt to changes
- Experience with Excel, PowerPoint and similar IT tools and applications.
- Ability to quickly adapt to internal changes and new developments, including new electronic tools.
Required Education
Essential
- Degree and experience in a financial institution, preferably an insurance or reinsurance company (or similar organization), or equivalent qualifications
Desirable
- Knowledge of French and / or other European language
Candidates must be eligible to work in the UK without the need for sponsorship now or in the future.
