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Compliance Manager
manager · Risk & Compliance
Great Lakes Insurance SE (GL) is an integrated insurance carrier of Munich Re Group. It is a white-label specialty provider and enabler for primary insurance in >100 countries and it enables primary insurance specialty business for Munich Re’s Global Specialty Insurance (GSI) and primary insurance opportunities that are connected to the core business of Munich Re reinsurance. Great Lakes Australia (GLA) branch manages the Great Lakes business portfolio in Australia, with a focus on Delegated Authority (DA) business in cooperation with Australian MGAs.
This role responsible for ensuring GLA’s direct general insurance operations satisfy all local regulatory compliance obligations and take primary ownership for all legal matters under the oversight of the Legal and Compliance Manager.
The role will report locally into the GLA Legal and Compliance Manager, with an additional functional reporting line into the Head of Legal (Germany).
Your Role
Compliance
- Implement and maintain the Compliance Framework covering the Group’s operations in Australasia
- Implement a comprehensive monitoring and supervision program of all compliance obligations and performance of internal controls
- Monitor applicable Australian legislations, regulations, draft bills and consultation papers etc which may have an impact on GLA’s business operations
- Provide advice on current, proposed and new legislation, prudential standard and ASIC regulatory guide and requirements including assisting with the development and review of compliance procedures
- Represent GLA at industry forums including the ICA and AFCA
- Co-ordinate GLA’s oversight of its Third Party Administrator (TPA) and (Managing General Agent (MGA) from a Compliance perspective
- Oversee GLA’s compliance training of staff and representatives including Responsible Manager training requirements to ensure compliance with industry, regulatory and internal educational needs
- Undertake annual compliance plan assessments to ensure design and operational effectiveness of business unit controls
- Produce quarterly Compliance reports for committees and senior management.
Legal
- Provide legal advice to GLA and related group entities in relation to the development of new products, changes to existing products, new business opportunities, outsourcing, claims and customer complaints or disputes
- Review, prepare or advise management on contracts and agreements to ensure GLA’s interests are protected and commercial outcomes achieved.
- Maintain GLA’s contract library and litigation register of legal arrangements and matters relevant to GLA.
- Draft and review agreements including Non-Disclosure Agreements, Binding Authority Agreements, Terms of Broker Agreements etc to ensure the commercial interests of GLA are protected
- Provide legal advice to management on all aspects of the conduct of GLA’s direct and MGA insurance operations and structures in Australia
- Develop the legal framework to ensure legal risks are appropriately identified and managed
- Brief external legal counsel and represent the organisation in legal disputes
- Support in the oversight of GLA’s governance arrangements
Your Profile
- 5+ years’ Legal and Compliance experience in general insurance
- Legal qualification with a practising certificate, desirable.
- Experience in managing the governance arrangements of a primary insurance business with background in compliance.
- Refined understanding of the Australian regulatory requirements and general insurance compliance obligations
- Strong commercial acumen and business orientation with a solution-driven mindset to problem solving
- Ability to provide strategic and proactive advice to support business decisions
- Excellent stakeholder management skills; experience working with senior stakeholders and executives
- Strong written and oral skills in English, proficient knowledge in German would be advantageous
At Munich Re, we embrace, and value, the interaction of diverse backgrounds, experiences, perspectives and thought. This interaction is our foundation. Of our open culture and spirit of partnership. Of how our teams are built and cultivated. Of how we are supported and developed. And at the center of this interaction is each of us.