Oversight Manager Job Code:
1130192 Skill Band:
United Kingdom - London Type:
Permanent Date Posted:
3 Apr 2019 Oversight Manager One Lime Street, London About Us
All leadership roles within Lloyd's have an integral part to play in the achievement of the Strategy and will contribute overtly to:
Lloyd's becoming a brand that is globally admired and recognised and respected for its reputation as the world's specialist centre for (re)insurance. Lloyd's will be known around the world for its integrity and will be a place where talented, diverse and socially responsible employees feel proud to work. This role will practice and promote the principles of inclusiveness and respect the value of diversity.
The multi-faceted role of Corporation of Lloyd's (Lloyd's) includes oversight, promotion and services activities that make interaction with Managing Agents (MA) complex.
The Oversight Manager will work in partnership with all Lloyd's colleagues to ensure that Lloyd's has a commercially intelligent approach to its business relationship with each Managing Agent. The Role
The Oversight Manager will manage the Lloyd's 'oversight' relationship with 'C-Suite' representatives of Lloyd's Managing Agents. The role carries decision making responsibilities around the structuring, management and delivery of the Managing Agent oversight plans, and the imposition of challenges, requirements or restrictions. Its purpose is to understand and manage the risk that Managing Agents pose to Lloyd's and to create an efficient, effective, transparent and constructive relationship between the Managing Agents and Lloyd's. What Will You Do?
What You'll Need
- Ensure that Lloyd's has an up to date holistic view of Managing Agents' capabilities and risk profiles and a clear documented strategy in place to manage the material risks they pose to the Lloyd's market. Decide whether Managing Agents should be categorized as 'High Touch' on behalf of Executive Risk Committee. Instigate high impact interventions where material gaps or weaknesses in capabilities exist. In extreme circumstances this may include a plan to stop a Managing Agent from trading at Lloyd's.
- Develop oversight plans for selected Managing Agents and manage the internal and external communications relating to the initial plan or subsequent changes. Manage the delivery of the plan and act as an escalation point for Managing Agents and/or oversight teams. Control any changes to the plan, including making decisions about whether market oversight teams and/or a third party should conduct, delay or cancel a review of a Managing Agent. Ensure that the response of oversight teams to issues is proportionate to the specific risk posed by the Managing Agent.
- Ensure the level of capital allocated by Managing Agents to cover Operational Risk is sufficient and provide recommendations to Lloyd's Capital and Planning Group when a capital loading should be applied.
- Assume 'CEO Liaison' role. Ensure that Managing Agents are kept informed of challenges and timelines relating to capital and business plan approval and notified quickly of any decisions. Lead the presentation of the Managing Agent's business plan and capital review to the Capital and Planning Group. Deliver difficult messages e.g. capital loadings or business plan restrictions to CSuite contacts.
- Ensure that potential new Syndicates or Managing Agents have the capabilities in place to meet Lloyd's Minimum Standards. Where gaps or weaknesses exist, provide recommendations to Lloyd's New Entrant Assessment Group regarding approval and pre/post approval conditions.
- Build and maintain constructive internal and external relationships in order to facilitate commercial, pragmatic, risk based solutions to problems. Act as the main point of contact for third parties such as regulators, brokers or members agents on oversight matters relating to the Managing Agents.
- Ensure that Lloyd's has a good understanding of Managing Agent's strategic aims. Review Managing Agent's Own Risk and Solvency Assessment reports (ORSA) and external information e.g. news, report & accounts, rating agency reports, regulatory letters to ensure the implications of any major changes in strategy, capabilities or risk profile are understood and action is taken where necessary.
- Actively promote and support the selected Account Management system as Lloyd's central source of customer data including contacts, meetings and minutes. Use it to monitor engagement between oversight teams and Managing Agents, ensuring oversight activities are well co-ordinated and conducted in the most efficient and effective manner. Pay attention to the volume and tone of market communications, suggesting improvements as necessary.
- Liaise with Development Managers in Lloyd's Commercial Department to share Managing Agent insights, minimise overlap and duplication and identify opportunities to improve Lloyd's offering to Managing Agents.
- The Oversight Manager will be working within a team of 6-8 individuals, each of whom will be allocated a selection of approximately 10 Managing Agents.
- The Oversight Manager is responsible for monitoring and overseeing the Managing Agent related activities conducted by approximately 15 oversight teams.
- Apply understanding of Managing Agent strategic business drivers and internal working structure of Lloyd's to deliver a good result for both parties.
- Build and maintain professional and productive relationships internally and externally with key decision-makers, ensuring decisions are made and communicated in a timely, transparent and well-articulated manner.
- Lead constructive conversations with senior stakeholders at Managing Agents, giving difficult messages when required
- Make strategic, commercial and customer focused decisions
- Be a good listener, demonstrate empathy and gather insights from Managing Agent engagements that help to drive the Corporation's understanding of and response to issues and opportunities.
- Provide pragmatic, risk-based solutions, taking the needs of a variety of stakeholders into account
- Influence and negotiate using an appropriate style for the situation, collaborate effectively and build consensus
- Effectively operate within a matrix structure drawing together the services and activities of multiple functions
- Balance the "oversight" requirements and expectations of each Managing Agent with Lloyd's business development objectives.
Essential to the role is a good working knowledge of:
- The commercial drivers of profit and loss for insurance/reinsurance businesses
- The factors that materially affect risk and may ultimately cause the failure of an insurance/reinsurance businesses
- Regulatory expectations including the principles of SII, Conduct and Lloyd's Minimum Standards and the approach businesses take to comply with these
- What constitutes strong governance and an effective Board, developing and executing a successful strategy and pitfalls to avoid,
- Current market underwriting conditions and how particular changes in conditions impact different insurance/reinsurance business
Knowledge of the following is preferred but not essential:
- Current initiatives / challenges relating to Claims, Conduct, Delegated Underwriting and how they impact different insurance/reinsurance businesses.
- Lloyd's market practices, operations and financial structure
As the successful candidate, you can expect to be rewarded with a competitive salary, an enviable range of benefits.
- Significant and relevant insurance/reinsurance industry experience required.
- Extensive relationship and stakeholder management experience and exposure at a senior management level.
- Experience acting as an escalation point for issues and delivering difficult messages to stakeholders
- Experience advising on risk management, performance and regulation.
- Experience managing activities, priorities and people up to senior management level; this may have been gained as a direct line manager or through management of people in cross-team projects
- Regular exposure and experience of presenting at Board level
- Exposure to presenting to and/or communicating with regulators
To apply, please visit www.lloyds.com
We are committed to flexible working, therefore if you would like to consider this as a part-time opportunity, please email email@example.com
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