MLRO / Compliance Manager

 

Main characteristics

Location

Isle of Man

Company

Orchard Recruitment Ltd

Salary

£50000/annum excellent package

Employment type

Permanent

Category

Legal

Job summary

Our Douglas-based client are a specialist general insurer who deliver custom solutions within a number of sectors of the market and are currently seeking an MLRO / Compliance Manager to join the team.

NOTE: will consider either full time or part time applications.

Role Profile

The MLRO / Compliance Manager will be responsible for AML & corporate governance within the IOM regulated general insurer division of the business.

Duties will include:

* Assist in managing regulatory monitoring visits including co-ordinating the company's response and ensuring action points are fully addressed

* Assist the CEO in keeping fully up to date with IOM law, regulations and guidelines which might impact on the company, assessing the impact on the company and advising the Board accordingly with recommendation on any action to be taken

* Assist with the management of the risk profiling of the company's operations, products, clients, brokers and solicitors including consideration of external risk factors. Assist in maintaining the risk profiles up to date by reviewing at least annually and more frequently if required

* Be responsible for ensuring that all corporate governance policies, manuals and procedures are fully documented and appropriate based on the company's risk profiles and target markets by reviewing at least annually and more frequently if required

* Assist in establishing appropriate internal audit monitoring programmes, assist in setting up audits with the internal auditor, assist in reporting results to the Board and manage completion of action points

* Ensure the appropriate MLRO registers and records are maintained

* Review any suspicious transaction reports and recommend reporting to FIU as required. Monitor ongoing transactions and make further FIU reports

* Customer due diligence and sanctions checks

* UK compliance - in conjunction with the company's external legal advisers, keep fully up to date with UK law, regulations and guidelines which might impact on the business with the UK including its introducers and UK service providers. Assist in the assessing the impact and advising the Board accordingly with recommendation on any action to be taken

* Assist in ensuring that the company's business interruption/recovery plans are kept up to date and annually reviewed

* Organise and manage regular testing of the plans, at least annually and co-ordinate completion of action points

* In the event of a business interruption incident, assist in the managing the initiation and implementation of the DR plan

* Ensure all staff and the board are fully trained so that they are aware of the company's business interruption and recovery plans and their roles in the event a plan is initiated

* Organise external data protection training for self and all staff or disseminate information to all staff members from own training

* Assist in ensuring that complaint procedures are kept up to date and in the provision of staff training on the complaints procedures

* Monitor that complaints are handled in accordance with the procedures and procedures amended, as required, to minimise similar complaints in future

Skills and Experience

The successful candidate for the MLRO / Compliance Officer will possess the following:

* Holds a recognised compliance diploma and AML/CFT qualification, or a willingness to study towards such qualification

* In depth knowledge of FSA regulations and AML/CFT legislation for a general insurance company, or a willingness to acquire this knowledge

* Confident and articulate, with strength of character to influence the Board and senior managers to instil a strong compliance culture commensurate with the company's risk profiles and target markets

* An understanding of 'risks' and the ability to tailor the company's corporate governance controls to ensure that these adequately cover the company's risk profiles and target markets without being unnecessarily onerous

Benefits: excellent package