The Market Derived Income (MDI) Review Team is a central governance team for Willis Towers Watson, facilitating the process to ensure that all arrangements which earn MDI revenue are in accordance with law, regulation and Willis Towers Watson Policy. MDI revenue is an important element of income for the Company; however the Company has a duty to act in the interest of our clients. Accordingly we must only enter into arrangements to earn MDI when there is evidence that we have mitigated the conflict with this duty through a number of key controls such as disclosure and segregation of duties.
The MDI Review Team is responsible for ensuring that submissions of MDI arrangements to the approval process are complete and that each arrangement receives the appropriate level of scrutiny given the associated risk. The existing team of 6, have accumulated significant knowledge since the team was established in 2014 and each specialize in reviewing arrangements from different geographies given the local nuances in regulation. They sit in a Nashville, New York, Mumbai and also the UK. We are seeking to strengthen our capability in the UK given that this is where the majority of MDI revenue within the Company is generated currently.
The review process involves collaboration with colleagues in Compliance and Legal and significant interaction with the business at all levels. The team report into the Office of the General Counsel with significant oversight of the work they perform being delivered by the Market Derived Income Committee which is chaired by the Head of Corporate Risk and Broking.
The role requires a good knowledge of insurance and broking regulations and strong interpersonal skills with the confidence to interact with colleagues at all levels.
This will include:
Assess information on MDI arrangements submitted for review
Conduct detailed analysis against rules that the arrangement, specific to its type, must comply with
Question evidence submitted and escalate those arrangements which do not meet the governance framework, referring to more experienced members of the team for advice when necessary
Use the MDI portal to record and evidence that an arrangement has met the governance framework or otherwise
Support the business in understanding MDI governance requirement though formal and informal training
Support the MDI Review Team in monitoring and reporting on the workflow of arrangements submitted for review.
Understanding of insurance and broking regulation
Understanding of the principles of insurance
Understanding of the London insurance market
Strong English communication skills, both verbal and written
Ability to quickly absorb, analyse, and act upon information
Detail oriented, with ability to maintain accuracy
Highly organized with the ability to manage own workload by handling multiple priorities, whilst complying with deadlines
Works well independently and as an integral part of a team
IT literate - knowledge of Microsoft office packages needed
A strong desire to learn.
A second language
Educated to degree level or equivalent experience.
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