Assistant Agency Auditor

2 weeks ago


London, United Kingdom Great Lakes Insurance SE Full time

Assistant Agency Auditor

**Company**
Great Lakes Insurance SE
**Location**
London, United Kingdom

**_Together, we engage with everything we have and are, to help humankind act braver and better._**

**About Great Lakes Insurance SE**:

- As specialty provider of primary insurance services in the UK, Great Lakes London Branch (“_**_GLLB_**_”) is a substantial part of Great Lakes Insurance SE in Munich. Our interlocked business model is to seize opportunities connected to the reinsurance core business and progress opportunities, in our role as an integral part of the Munich Re Group. Great Lakes Insurance SE operates from its headquarters in Munich, and with branch offices in UK, Ireland, Switzerland, Italy and Australia._
- Great Lakes Insurance UK Limited (“_**_GLLS_**_”), regulated by Prudential Regulation Authority and the Financial Conduct Authority, is a owned subsidiary of Great Lakes Insurance SE and acts as the preferred facilitator of agency insurance business in the UK in the post-Brexit world._

**About the role**:
To assist in the provision of independent, unbiased reasonable assurance that Outsourced Service Providers (OSPs) are complying with contractual and regulatory requirements, laws, and best practice.

The role includes organising audits of Great Lakes OSPs,. Audits will include audit preparation, on-site fieldwork, drafting reports and tracking and analysis of audit findings with the aim of reviewing information to check adequacy of internal systems and controls and adherence to agreed procedures in order to minimise the risk and exposure to Great Lakes and its policyholders.

Work will be carried out at various locations throughout the UK and Europe depending on the location of the OSP. Agents and Third Party Claims Administrators may manage business in the UK, written by Great Lakes UK including its Subsidiary, and around the world, written by Great Lakes SE and its associated Branches.

**Key responsibilities**:

- To support the preparation and delivery of accurate and timely audits of Great Lakes OSPs as per the Agency Audit plan and audit methodology. Ensuring they are completed in a competent, through and professional manner adhering to the audit process with adequate evidence.
- Supporting in the production of written Audit reports following each audit in a clear, concise and timely manner for consideration by senior management and OSPs.
- Ensure audit issues identified are followed up and satisfactorily addressed with the relevant stakeholders.
- Promotes inclusive collaboration with SMEs, business partners and other relevant stakeholders.
- Facilitate the delivery of feedback to the business when internal issues are found at audits, assisting in the tracking and review of identified actions.
- Advocates the Audit Risk Appetite document to support the aim to have limited audit findings becoming overdue.
- Collates relevant data to support and assist in the production of business reports.
- Contributes in undertaking trend analysis on audit findings and discusses with relevant SMEs to consider rectification on a wider business level.
- Participate in the ‘on-boarding’ of potential new Agents / Coverholders (due diligence) when required.
- Assists in the completion of the departmental quality assurance process.

**TASKS**:

- To support the planning, organising and completion of audits both onsite and remotely as required, this may include travel and opportunities for limited overseas travel. The audits will typically focus on the processes and controls in all areas of delegated authority including policy underwriting, finance and reporting, claims, complaints, I.T, governance, risk management and compliance.
- To support the reporting and suggested audit recommendations monitoring the OSPs response and implementation.
- Preparation and delivery of audit reports.
- To maintain the ‘Audit Tracker’ in accordance with the guidelines set.
- Identify and record regulatory and/or contract breaches found during audit
- Escalate overdue audit findings and support the aim to reduce and avoid findings becoming overdue.
- Assist with annual audit planning and reporting where required.
- Working alongside other business units or external resources on specialist ad hoc audit projects where required.
- To contribute to the due diligence / on-boarding processes as may be requested by Great Lakes from time to time to ensure the suitability of potential new business and business partners and report findings accordingly.
- Provide support to colleagues within the Team or other business units or external resources for ad hoc requests, or longer-term projects in carrying out the Great Lakes strategy as requested.

**KEY SKILLS AND EXPERIENCE**:
**Essential**
- Strong report writing skills.
- Fluent using Microsoft Packages;
- Good spoken and written skills

**Desirable**
- Understanding of MGA and TPA operations;
- Background in oversight and control;
- Knowledge of regulatory envir


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