Aspen Insurance, founded in 2002 and headquartered in London, GB, EC3M 3BD, has emerged as a leading specialty insurance and reinsurance company. Our innovative approach, combined with our core values of respect, honesty, trust, and professionalism, enables us to provide tailored solutions for our clients and business partners.
In this blog post, we’ll delve into the key aspects of working at Aspen, the role of compliance assurance services, and the significance of diversity and inclusion within our organization.
Head of Compliance Assurance in The UK
About Aspen Insurance
Our Mission
At Aspen Insurance, we pride ourselves on offering thoughtful and creative solutions to meet the unique needs of our clients and partners. We believe that how we work is just as important as the work we do. Our core values of respect, honesty, trust, and professionalism guide our actions and decisions, ensuring that we consistently deliver high-quality services.
We understand that the insurance and reinsurance industry is constantly evolving, and we are committed to staying ahead of the curve. This commitment to innovation and excellence has helped us build a reputation as a trusted and reliable partner in the industry.
Career Growth Opportunities
At Aspen, we are committed to fostering a supportive and dynamic work environment that rewards achievements and encourages career development. Our employees have the opportunity to grow and excel in an exciting and challenging atmosphere, where their contributions are recognized and valued.
We offer a range of professional development programs and resources to help our employees reach their full potential. Whether you’re just starting your career or looking to take the next step, Aspen provides the tools and support you need to succeed.
The Aspen Culture
Our company culture is built on a foundation of collaboration, innovation, and integrity. We believe that a diverse and inclusive workforce is essential to our success, and we are committed to creating an environment where everyone feels valued and respected.
We encourage our employees to bring their unique perspectives and experiences to the table, and we believe that this diversity of thought leads to better decision-making and more innovative solutions. At Aspen, we are dedicated to fostering a culture of continuous improvement, where every team member is empowered to make a difference.
Role Purpose
Compliance Assurance Services
The primary purpose of the compliance assurance role at Aspen Insurance is to provide comprehensive compliance assurance services to Group Compliance and the Aspen Group. This includes developing and delivering the annual Compliance Assurance Plan as part of the broader Annual Compliance Plan. Our Aspen Values are integral to the delivery and performance of this role, ensuring that all activities align with our commitment to respect, honesty, trust, and professionalism.
Key Responsibilities
The compliance assurance professional at Aspen plays a crucial role in maintaining the integrity and effectiveness of our compliance programs. They are responsible for developing a risk-based assurance plan, managing compliance risk and monitoring frameworks, and serving as the primary point of contact for other assurance functions.
Key Results Areas
Developing a Compliance Assurance Plan
One of the key responsibilities of this role is to develop a risk-based assurance plan that addresses key compliance risks at both the Group and entity levels. This involves managing resources effectively to deliver various elements of the plan and contributing to the overall Compliance Plan and other compliance initiatives.
The assurance plan is designed to identify and mitigate potential compliance risks, ensuring that Aspen remains in compliance with all relevant regulations and industry standards. By proactively addressing these risks, we can safeguard our reputation and maintain the trust of our clients and partners.
Managing the Compliance Risk and Monitoring Framework
The role also involves managing the framework for Compliance Risk/Thematic reviews and ongoing compliance monitoring activities. This includes bringing an innovative approach to the collection and presentation of Compliance Management Information (MI) and maintaining and compiling MI for various reports within the organization. Additionally, the compliance assurance professional acts as the primary point of contact within Compliance for other assurance functions, such as Risk, Audit, and Internal Control over Financial Reporting (ICoFR), regarding compliance risks and controls.
Effective compliance monitoring is essential to identify and address potential issues before they become significant problems. By staying vigilant and proactive, we can ensure that our compliance programs remain robust and effective.
Policy, Process, and Procedures
Balancing Strategic and Tactical Needs
A crucial aspect of this role is the ability to balance strategic and day-to-day tactical needs. The compliance assurance professional is responsible for contributing to the development and delivery of the Annual Compliance Plan in coordination with the broader Group Assurance Planning. This includes maintaining policies and standards for testing and monitoring compliance controls throughout the organization.
By aligning our compliance efforts with our broader strategic goals, we can ensure that our programs are not only effective but also aligned with the overall direction of the company. This integrated approach helps us maintain a strong compliance posture while also supporting our business objectives.
Technical Performance
Reviewing Thematic Review Workpapers
The compliance assurance professional is responsible for reviewing all thematic review workpapers to ensure completeness and proper scoping considerations. They also manage the ongoing Compliance Monitoring Program, which covers key compliance risks. This involves preparing the monthly Compliance MI Pack and other reports as needed, monitoring compliance-related issues and events, and taking appropriate actions when necessary. Additionally, any regulatory breaches must be reported and escalated to the Group Head of Compliance.
Preparing Compliance Reports
Accurate and timely reporting is a critical component of effective compliance management. The compliance assurance professional is responsible for preparing a range of compliance reports, including the monthly Compliance MI Pack and other ad-hoc reports as needed. These reports provide valuable insights into the effectiveness of our compliance programs and help us identify areas for improvement.
Knowledge Requirements
Advanced Competency in Compliance Monitoring and Testing
To excel in this role, a compliance assurance professional must have advanced competency in applying compliance monitoring and testing related to key regulatory risks, such as economic sanctions, anti-money laundering, fraud, licensing, privacy, conflicts of interest, code of conduct, anti-corruption, anti-trust, and records management.
They should have experience establishing assurance frameworks to assess the effectiveness of compliance controls and a thorough understanding of the insurance business operations, finance, and risk. Additionally, the ability to establish, manage, and report on large data sets of Compliance MI and work across jurisdictions, particularly the UK, US, and Bermuda, is essential.
Continuous Learning and Adaptation
The regulatory landscape is constantly evolving, and it is essential for compliance professionals to stay current with the latest developments. This requires a commitment to continuous learning and adaptation, ensuring that our compliance programs remain effective in the face of changing regulations and industry standards.
How to Apply
If you are interested in exploring career opportunities at Aspen Insurance, visit our careers page for more information and to submit your application. We look forward to hearing from you and welcoming you to the Aspen family.
Skills and Experience
Key Skills
- Excellent organizational, written, verbal, and presentation skills, including the ability to interpret and communicate compliance guidance.
- Ability to influence the behavior of others (informal leadership) to bring about desired change or results.
- Confidence in operating in ambiguous situations and helping others navigate complexity.
- A self-starter with the ability to meet or exceed deadlines, prioritize tasks, multi-task, and maintain flexibility in a fast-paced, changing environment with expanding responsibilities.
Required Experience
To be successful in this role, a compliance assurance professional should possess the following experience:
- Professional qualifications at the degree level or equivalent.
- 7+ years of experience in Compliance, Risk, Audit, or Regulatory positions, preferably within the insurance or financial services industry.
- Significant experience and understanding of the insurance industry, including specific knowledge of key regulatory risks.
- Experience in communicating with regulators, senior managers, directors, and external stakeholders.
- Experience operating in a matrix organization and working as part of a senior team within a complex organization.
Diversity and Inclusion
The Importance of Diversity
At Aspen Insurance, we recognize the value of having a diverse and inclusive workforce. We believe that diversity and inclusion are beneficial for our employees, our business, and the environments in which we operate. By welcoming applications from individuals with diverse cultures, perspectives, skills, and experiences, we can draw on a rich pool of talent that enhances our organization’s overall effectiveness and success.
Creating an Inclusive Environment
We are committed to creating an inclusive environment where everyone feels valued and respected. This involves fostering a culture of openness and collaboration, where diverse perspectives are encouraged and celebrated. By promoting diversity and inclusion, we can drive innovation, improve decision-making, and ultimately deliver better outcomes for our clients and partners.
Conclusion
Aspen Insurance is dedicated to providing top-tier compliance assurance services that align with our core values of respect, honesty, trust, and professionalism. By fostering a supportive and dynamic work environment, we enable our employees to grow and excel in their careers. Our commitment to diversity and inclusion ensures that we continue to thrive as a leading specialty insurance and reinsurance company.