Risk & Compliance Associate

JLT Specialty Insurance Services, Inc. - Chicago, IL (30+ days ago)


Job Summary:

The Risk & Compliance Associate will be responsible for overseeing Enterprise Risk Management and Business Continuity for JLT Specialty USA. Additionally, this role will assist in the research and approval of Sanctions Governance, 3rd Party Relationships and Market Security, and in the implementation of operational controls and processes for the management of risk and regulatory compliance matters.

This role sits within the 1st Line of Defense:

1st Line of Defense (1LoD): comprising the Group Executive Committee (GEC), trading and subsidiary boards and all operational controls including quality assurance processes. Certain of these functions may be provided through shared services facilities such as through JLT Holdings Inc. Each JLT business is responsible for the identification and implementation of the controls, policies and procedures to ensure risks are properly controlled and mitigated.

2nd Line of Defense (2LoD): comprising the Group Risk and Compliance functions including specialist areas such as Data Protection, Information Security and Business Continuity. These functions set policy, provide advice and challenge and monitor implementation. A Compliance Monitoring function will provide assurance as to the implementation of policies.

3rd Line of Defense (3LoD): Comprising the Group Internal Audit Department. GIA’s primary role is to help protect the assets, reputation and sustainability of JLT. It does this by independently assessing whether all significant risks are identified and appropriately reported to the Board (via Group Audit Committee) and Executive Management; assessing whether they are properly controlled; and by challenging Executive Management to improve the effectiveness of governance, risk management and internal controls.

Main responsibilities and Accountabilities:

  • Reviewing and monitoring of all business risks within the Group’s Enterprise Risk Management Framework, including maintaining the company’s risk register;
  • Work with each business unit to identify new risks and report these to management for consideration to be added to the risk register;
  • Monitor existing control environment and audit controls for effectiveness, reporting results to management;
  • Work with Business Continuity teams within each office to ensure satisfactory Business Continuity Plans (BCP) are in place and regularly updated and tested;
  • Work closely with Group BCP manager to ensure Business Impact Analysis is completed and any findings are corrected in a timely fashion;
  • Back up the Business Controls Analyst (BCA) in the monitoring the effectiveness of Sanctions procedures and research any positive OFAC hits for clients and 3rd party relationships to ensure compliance with U.S. sanction requirements;
  • Back up the BCA in ensuring Know Your Client (KYC) procedures are followed and all 3rd party providers have been approved. Work with account teams to gather necessary information to submit 3rd party requests to Group KYC and JLTSIS Board members for approval;
  • Back up the BCA in ensuring Market Security procedures are followed and all risk carriers and underwriting agencies being utilized are approved. Work with account teams and Group Market Security to receive approval where necessary and maintain carrier database in EPIC as carrier status is updated by Group Market Security;
  • Back up the BCA as the main entry point of new clients, 3rd parties and insurance companies in EPIC. Maintain temporary entities to ensure proper approvals have been obtained on an exception basis and the entity is deactivated after use;
  • Assist the BCM with QA processes using Group recommended tools such as QCAS ensuring that key controls are embedded as part of normal procedures;
  • Escalate any relevant matters to the attention of the BCM which require immediate attention to resolve.

Experience and Education Requirements:

Essential:

  • Bachelor’s Degree and 2-5 years’ work experience, or work equivalent, preferably in the insurance industry

Key Requirements

Ideal Person Profile:

  • Understanding of the insurance placement process;
  • Understanding of the regulatory framework within which insurance brokers must operate;
  • Well-developed report writing, verbal and written communication and presentation skills;
  • Familiarity and competency using MS Office (Word, Excel, Outlook)

Competencies

Managing Relationships:

  • Demonstrates well developed consultancy and advisory skills (leading meetings, listening and analyzing in real-time, developing and maintaining relationships with stakeholders);
  • Able to establish and develop effective working relationships both internally and externally;
  • Communicates effectively with colleagues, clients and staff alike;
  • Works well in a team / collaborative environment.

Planning and Organizing:

  • Able to work efficiently in a self-directed manner and without direct supervision;
  • Demonstrates the ability to plan and organize workload effectively in order to meet agreed upon timelines;
  • Demonstrates an effective approach to multi-tasking;

Desirable:

  • Experience and knowledge of business controls gained directly within the retail insurance broking industry, supported by professional insurance qualifications;
  • Previous experience within a similar business role;
  • Experience working with Epic;
  • Knowledge and experience with VBA

Key Competencies:

Technical:

Managing relationships

  • Able to establish and develop effective working relationships both internally and externally;
  • Communicates effectively with colleagues, clients and staff alike;
  • Works well in a team / collaborative environment.

Planning and Organising

  • Able to work efficiently in a self-directed manner;
  • Demonstrates the ability to plan and organize workload effectively in order to meet business timescales;
  • Demonstrates an effective approach to multi-tasking.

Self-Development

  • Recognizes personal development needs and takes responsibility for continuous learning;
  • Identifies appropriate sources of learning and plans own activities accordingly.

Behaviours:

Group JLT have issued nine core behavioural competencies listed below. These are standard across all job roles, although the interpretation of the competencies varies dependant on the level of the role.

Our expectation would be that this role contributes to the following behavioural competencies:

  • Commercial Credibility
  • Communication
  • Relationship Building
  • Leadership & Influence
  • Driving Change
  • Planning & Organising
  • Drive & Resilience
  • Delivering Solutions
  • Big Picture Thinking

Job Type: Full-time

Education:

  • Bachelor's

Location:

  • Chicago, IL

Required work authorization:

  • United States