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Retail Compliance Consultant
- Greater London: Central London
- Accountancy, Banking Insurance Finance
- Working Pattern:
- Full time
- Date Posted:
- Tuesday, 3rd July 2012
- Flexibility Offered:
- Job Ref:
To provide detailed knowledge and support to Retail in respect of the application of regulatory and operational risk standards to ensure Retail operates within its agreed regulatory and operational risk appetite, both currently and, as the business develops and evolves.
- To maintain up to date knowledge on regulations ensuring Retail is compliant with new and existing regulations, spotting improvement needs and analysing where change is required within interpretations provided by the second line of defence.
- To provide support regarding existing regulatory rules and relevant regulatory development and business standards to Retail and where necessary consult with the second line of defence.
- To develop the first line understanding and application of the principles and practices of compliance and operational risk management to ensure these are embedded within the RLP operations.
- To promote the formulation and provision of effective and efficient support to appropriate staff within Retail when developing new initiatives
- To create and develop strong relationships within Retail
- To influence at Retail senior management and Exec level to ensure the right regulatory outcomes through ongoing and regular contact and strong relationships
To have a good understanding of the business needs by meeting regularly with staff in Retail to ensure Retail meets its regulatory requirements effectively
To have a good understanding of our Regulators needs by meeting regularly with 2nd Line Risk to ensure Retail meets its regulatory requirements effectively
To challenge Retail in its approach to risk identification, quantification, mitigation and management
To work closely with Retail to decide where key regulatory issues might impact most to ensure full awareness
To promote and actively assist with the embedding regulatory compliance into Retail business practices
To input to the presentation of reports, MI or other information to the Retail Executive, senior managers and committees.
To work as directed on projects, initiatives and incidents, in Retail as required
To provide education to promote a positive compliance culture and to ensure that Retail staff are kept up-to-date with regulatory matters
To promote a positive risk and control culture within Retail, balancing commercial considerations with regulatory ones
Compliance – To ensure that you understand and adhere to Prudential’s Code of Conduct and, where appropriate, comply with all relevant regulatory policies. This includes completion of any mandatory training requirements.
To provide regulatory coaching, training or support to the Retail Compliance Consultants for their regulatory development as and where required
May be aligned to a specific business area within Retail, or may be required to work across Retail
Financial Controls – Ensure all expenditure commitments (orders, contracts, budgets etc) and all payments are properly authorised, controlled and monitored, in accordance with Prudential UK delegated authority requirements. The responsibilities of expenditure authorisers are documented in the Prudential UK Financial Procedures Manual.
To participate in the Performance Management Process ensuring that all personal process milestones and deliverables are met.
To demonstrate a positive risk, compliance and control culture through the identification, assessment, monitoring and management of risks and issues within the business area, alongside ensuring timely and appropriate resolution of control weaknesses, actions and failures that arise.
Competence / Knowledge / Skills required
- Detailed understanding of regulatory and compliance environments
- Knowledge of industry best practice
- Understanding of the policy development and assurance process
- Ability to analyse and interpret rules and regulations and some practical experience of applying such knowledge to provide solutions to business problems and issues.
- A good knowledge of Prudential products, systems and distribution methods.
- A good understanding of the business drivers for Pru UK
- An excellent understanding of the regulated marketplace and the position of Prudential within that market.
- A proficient influencer and negotiator.
- Ability to liaise and negotiate internally and externally at all levels
- Excellent written and oral communication skills
- Ability to manage conflicting objectives
- Credibility and confidence to challenge at all levels, escalating as required
- Ability to provide hands on guidance, coaching and mentoring when required.
- Good comprehension and analysis skills, along with an enquiring and persistent approach
- Entry level professional qualifications
Full IT literacy, including Lotus Notes and Microsoft Office