Compliance Monitoring Officer

Canada Life

Sep 14

Applications are closed

Job
Full-time
Senior Level

Requirements

Regulatory Knowledge - Detailed working knowledge of the Regulatory requirements, particularly the FCA, Data Protection Operational Resilience, Supplier Risk Management, and Financial Crime/Anti Money Laundering rules and guidance. Preferred experience with Insurance, investments, asset management, employee benefits, CASS and Equity Release. Can interpret rules, principles and guidance for the business.
Agile Mindset - Able to embrace change, learn from experiences, and adapt quickly to evolving circumstances in a collaborative and proactive manner
Project Management (On-time Assessment Delivery) – demonstrable experience applying project management methods and disciplines to manage the ‘on-time delivery’ of a portfolio of compliance assessments throughout the assessment lifecycle with minimal supervision, aligned to defined quality expectations.
Communication – Able to communicate effectively at all levels of the business, making complex issues simple in oral communication and/or report writing. Able to adapt and highlight key messages to the audience. Able to present outcomes of work completed (at any stage of the lifecycle) in a timely focused way.
Data Analysis – Proactively identify opportunities for use of data in planning, and delivery, including data driven tests and procedures. Support delivery of work through use of a range of analytics tools such as Power BI.
Risk-Based Assessment Methodologies - Applied knowledge and expertise in the use of risk-based audit methodologies, tools and techniques.
Relationship Management - Maintain effective working relationships with colleagues and other governance functions.
Judgement: Able to analyse complex regulatory requirements and balance with business needs to make informed decisions.
Flexibility - Willing to travel to other office locations
The following skills and/or experiences are an advantage: into risk and key controls to support business understanding Relevant work experience with demonstrated working knowledge of governance, risk management and internal controls. Applied advance knowledge and experience in the use of accounting concepts, COSO Internal Control – Integrated Framework (2013), The IIA’s International Professional Practices Framework (2017)
Qualifications:
Desirable:
Degree Level qualification or equivalent
Have or currently studying for a financial services, regulatory, IT, data analytics or internal audit qualification

Responsibilities

1) Independent Compliance Assessment Delivery – Perform independent compliance assessment reviews using the global (GWL) and UK methodologies to evaluate performance against the regulatory and company requirements and objectives using an agile assessment approach
2) Report on the effectiveness of the systems of governance, risk management, and the design and operating effectiveness of the control framework in agreed timescales, to the testing program standards
3) Planning – Draft assessment-level risk assessment; identify requirements and communicate scope
4) Execution – Design Work programme including test plan; identify, analyse, evaluate, and document evidence
5) Recording – Execute work programme; record and communicate deficiencies, agree issues and actions
6) Reporting – Compile and report on regulatory risk exposure for allocated reviews. Independently lead and manage opening and closing meetings with stakeholders; report on, discuss and agree the outcome of assessments with the business line/shared service executive and/or their senior leadership team on the materiality of issues and agree actions to correct defects and drive out performance improvement
7) Quality Assurance – Perform quality assurance of other team members’ planning, testing and reporting as required
8) Remediation Activities – Agreed issues and actions are entered on to the GRC management tool and updated as required to maintain an accurate record of progress and reporting to senior management in CLUK and GWL. Follow through on reviews to ensure issues and actions evidence is evaluated and closed as agreed in the final reports. Follow up with senior management and/or issue owners to ensure actions are progressed and closed, and escalate where necessary
9) Outward focus - Build and maintain knowledge for the multi-jurisdictional regulated business priorities, strategic plans, and regulatory requirements for Canada Life UK (Financial Conduct Authority, Prudential Regulatory Authority, and Information Commissioners Office), Ireland (Central Bank of Ireland and the Data Protection Commission), and IoM (Financial Services Authority and the Information Commissioner)
10) Team Contribution - Provision of input into the development and maintenance of the review methodology, risk-based approach to planning review programmes, and continuous best practice improvements to meet functional objectives.

FAQs

What is the main responsibility of a Compliance Monitoring Officer at Canada Life UK?

The main responsibility of a Compliance Monitoring Officer is to fulfill the second line of defense mandate by providing independent assessment, review, testing, and validation of compliance-related controls across the business to ensure effective governance and risk management.

What qualifications are desirable for this role?

Desirable qualifications include a degree-level qualification or equivalent, and having or currently studying for a financial services, regulatory, IT, data analytics, or internal audit qualification.

What experience is needed for this position?

Candidates should have detailed working knowledge of regulatory requirements, particularly related to the FCA, Data Protection, Operational Resilience, and Financial Crime/Anti Money Laundering rules. Relevant experience in insurance, investments, asset management, and governance is also preferred.

Is project management experience required for this position?

Yes, demonstrable experience applying project management methods and disciplines to ensure timely delivery of compliance assessments is required.

What type of communication skills are expected?

Strong communication skills at all levels of the business are essential, including the ability to simplify complex issues in oral communication and report writing, and to present outcomes effectively.

Is travel required for this role?

Yes, flexibility to travel to other office locations is required.

What benefits does Canada Life UK offer its employees?

Canada Life UK offers a competitive salary and benefits package, including a generous pension and bonus scheme, income protection, private medical insurance, life assurance, and various personal and professional development opportunities.

What is the culture like at Canada Life UK?

The culture emphasizes doing the right thing for people, customers, and the community, promoting curiosity, teamwork, and personal accountability to help create better futures.

How does Canada Life UK approach diversity and inclusion?

Canada Life UK is committed to building an inclusive workplace with a diverse workforce, ensuring that all employees can feel they belong and achieve their potential regardless of background.

Is flexible working available for this role?

Yes, Canada Life UK is open to discussing flexible working arrangements, including part-time options, for any of their roles.

Canada Life

Helping Canadians improve their financial, physical and mental well-being.

Finance

Industry

10,001+

Employees

1847

Founded Year

Mission & Purpose

At Canada Life, we’re focused on improving the financial, physical and mental well-being of Canadians. Whether handling policy claims, help growing and protecting clients’ retirement and investment savings, providing workplace mental health support for all employers or helping build stronger communities by investing in community projects, we are committed to putting the customer first in all that we do. That trust is built on the dedication, skill and energy of our employees and advisors and their commitment to our customers and to our communities. Canada Life is a subsidiary of Great-West Lifeco Inc. and is a member of the Power Corporation group of companies.