Oversight Manager

Recruiter
Resource Solutions - Lloyds
Location
London
Salary
Competitive
Posted
13 Feb 2018
Closes
13 Mar 2018
Sector
Finance
Job Type
Manager
Contract Type
Permanent
Hours
Full Time

Oversight Manager

One Lime Street,

London

The multi-faceted role of Corporation of Lloyd's (Lloyd's) includes oversight, promotion and service activities that make interaction with Managing Agents (MA) complex.

The Oversight Manager will work in partnership with the Development Manager Managing Agents in Lloyd's Commercial division to ensure that Lloyd's has a commercially intelligent approach to its business relationship with each Managing Agent.

About Us

Lloyd's is the world's specialist insurance and reinsurance market.

With expertise earned over centuries, Lloyd's is the foundation of the insurance industry and the future of it. Led by expert underwriters and brokers who cover more than 200 territories, the Lloyd's market develops the essential, complex and critical insurance needed to underwrite human progress.

Backed by diverse global capital and excellent financial ratings, Lloyd's works with a global network to grow the insured world--building resilience for businesses and local communities and strengthening economic growth around the world.

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?

  • 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 Market 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.
  • Advise the Lloyd's Capital and Planning Group on whether Solvency II Major Model changes are compliant with regulatory rules and whether sufficient work has been conducted to effectively validate any capital impact.
  • 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 eg capital loadings or business plan restrictions to C-Suite 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 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 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 eg 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.

What You'll Need

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.

As the successful candidate, you can expect to be rewarded with a competitive salary, an enviable range of benefits.

At Lloyd's we believe that innovation comes from having an inclusive culture of equality and diversity. We use ClearTalents to discover how we might help you feel welcomed, supported and able to do as well as you can when applying to work for us, including identifying any reasonable adjustments that we may need to make.