Compliance and Risk Manager

Starr Insurance Companies is a leading insurance and investment organization, providing commercial property and casualty insurance, including travel and accident coverage, to almost every imaginable business and industry in virtually every part of the world.
Cornelius Vander Starr established his first insurance company in Shanghai, China in 1919. Today, we are one of the world’s fastest growing insurance organizations, capable of writing in 128 countries on 6 continents.

Role Purpose:

• Ensure the risk and compliance frameworks for Starr Europe Insurance Limited (SEIL) are implemented, maintained, embedded and aligned to the Starr operations throughout Europe meeting the relevant regulatory requirements.
• Manage a small team to provide ongoing risk and compliance support to Head office and the branch network.
• Provide expert knowledge in the area of risk and compliance to management and business units in respect of regulatory requirements and risk management within their day to day operations.
• Be the key function holder for Compliance and Risk Management for SEIL
• Develop and maintain the ongoing relationship with the MFSA. 

Roles and Responsibilities:

Compliance

• Advise the business on key regulatory matters by responding to BAU queries and developing and implementing process and procedures to meet relevant regulations.
• Provide relevant compliance training to the business and compliance colleagues to enhance the understanding of the MFSA requirements.
• Maintain and oversee the regulatory compliance policies and procedures for Starr Malta.
• Ensure systems and controls and compliance procedures, support the business plan and the Company’s operations across Europe, ensuring alignment with central operations and relevant regulatory requirements.
• Keep abreast of all regulatory developments from the MFSA (and other relevant regulators), assessing the impact of change, making necessary updates to procedures and report these to stakeholders as appropriate.
• Ensure the timely submission of regulatory returns and regulatory fees.
• Ensure good working relationships are maintained with the Regulators.

Risk Management

• To embed and maintain the Starr Risk Framework for Starr Europe Insurance Limited (SEIL) through the identification, analysis, monitoring and reporting on the key risks to the SEIL business, in line with MFSA expectations and in collaboration with the Risk Team in London.
• Work together across the organisation to assist functions to identify, understand and manage the key risks to the business plan and objectives and to help embed an appropriate culture towards managing risk.
• Critically assess and challenge the risk and control registers of each branch to ensure they continue to provide value and assurance to senior management.
• Embed the quarterly RCSA attestation programme and perform line 2 control testing in accordance with the control assurance plan to support this.
• Maintain the Risk policies for SEIL
• Embed risk appetites and develop breach monitoring to ensure appropriate action taken and risk managed appropriately
• Co-ordinate and draft the annual ORSA for SEIL

General

• Work closely with the Compliance and Risk teams in London to ensure consistent operating practices across the Starr entities in Europe.
• Develop annual risk and compliance plans in close liaison with the teams in London.
• Provide regular reporting to the relevant Boards and management teams. Ensure Directors and employees are kept appraised of changes which have an impact on their role and responsibilities.
• Ensure the establishment, approval, and maintenance of standard operating procedures (and associated supplements) enables the company to comply with its regulatory requirements.
• Attend Board and Committee meetings as necessary and appropriate. 
• Manage any potential conflicts of interest to avoid disrepute to the company’s integrity.
• Develop and manage the two analysts in the team to promote a strong risk and compliance culture throughout the team in Europe.

Experience:

• Proven track record of working with the MFSA insurance rules and regulations;
• Working knowledge of MFSA Insurance rules and compliance reporting requirements;
• Ability to work on own initiative with limited oversight;
• Manage conflicting priorities and multiple projects;
• In-depth knowledge of current Risk Management practices, including Solvency II Pillar 2 requirements in respect of application to insurance firms;
• Preferably a key function holder in a similar role; and 
• Understanding and working knowledge of other EEA insurance regulatory regimes, preferable but not essential.

Skills:

• Ability to understand the commercial implications of regulation;
• Planning and organisational skills;
• Project management – identifying and coordinating the necessary skills to meet an agreed objective;
• Analytical and problem solving;
• Judgment and decision making;
• Numeracy;
• Strong communication both written and oral;
• Relationship building – ability to establish and maintain strong relationships both internally and externally across Europe whilst challenging the business;
• Ability to act with due professional care, demonstrating sound integrity and confidentiality; and
• Analytical thinking – explores and understands trends, opportunities and risks that could affect the business. 

Systems & I.T

• MS Office - Excel, Visio, Word, PowerPoint and Outlook; and
• Risk management system.

Starr is an equal opportunity employer, which means we'll consider all suitably qualified applicants regardless of gender identity or expression, ethnic origin, nationality, religion or beliefs, age, sexual orientation, disability status or any other protected characteristic. We recruit and develop our people based on merit and we're committed to creating an inclusive environment for all employees. We offer first class training and development opportunities to all employees. Our aim is to grow our own talent and bring out the best in people.