The Group Compliance Function’s aim is to proactively support WTW to generate sustainable value, helping the company to deliver good client outcomes, manage its conduct, protect against regulatory risk, and to maintain strong regulatory relationships. We aim to be a trusted partner to the business. Within WTW’s internal control system, we form part of the Second Line of Defence, as a function independent from daily business activities.
Our Every Day Effect is to inspire ethical decisions. Compliance is a trusted Professional Partner, supporting WTW’s sustainable business growth by providing pragmatic advice, oversight and effective challenge.
We lead the management and co-ordination of WTW Compliance policies and procedures, identifying applicable regulatory requirements and assisting in implementing relevant processes to enable standards to be met. We also provide guidance and training. We monitor compliance with regulatory obligations and implemented controls within the Compliance Program. The Compliance team leads the management and co-ordination of the requirements of our global regulators.
The Business
Health, Wealth & Career
HWC’s core businesses (Health & Benefits, Global Outsourcing, Investments, Retirement and Work & Rewards) offer a wide range of employee benefit solutions strengthened by its integrating capabilities (Employee Experience and Integrated & Global Solutions). HWC consists of a mix of regulated and unregulated business.
The Role
Responsibilities and duties for this role primarily relate to TWL’s Retirement business and in relation to testing/monitoring across multiple businesses. Additionally, the role will be responsible for regulatory horizon scanning in relation to TWL’s business lines. The role will involve:
1. Identify, Plan and Apply
Develop, implement, embed and maintain an efficient and independent Compliance Function. (IPA1.1)
Maintaining up to date mapping of the regulatory framework applicable to the Relevant Business, determining the effect of any changes, assessing the adequacy of internal policies, procedures and controls in view of the changes and briefing relevant business and Compliance stakeholders. (IPA1.2)
Lead horizon scanning for regulatory developments and reporting any new or proposed regulation or legislation that may impact the Relevant Business to relevant business and Compliance stakeholders.
Assess whether policies and procedures, systems and controls fully address regulatory or compliance strategic requirements applicable to the Relevant Business. Develop, implement, embed and maintain an efficient Compliance framework of policies and procedures, systems and controls. (IPA1.5, IPA1.6, IPA1.7, IPA1.8)
Identify compliance training needs within the Relevant Business and lead the development and delivery of compliance training ensuring appropriate business input. (IPA 1.10)
Create and deliver an annual Compliance Plan for the Relevant Business. (IPA3.1, IPA3.2, S1.1)
2. Support
Champion Compliance at all levels of the Relevant Business, partnering with the business, support and provide pragmatic risk-based advice and counsel to all appropriate stakeholders as well as provide effective challenge and oversight. (S1.2, S1.7, S1.8, S1.9, S1.10)
Engage in the business risk assessment process, providing support in the identification of compliance and regulatory risks, using commercial awareness to provide challenge so that such risks are appropriately understood and managed. (S1.5)
Provide technical regulatory advice and support to the Relevant Business and other stakeholders in understanding their responsibilities and obligations under relevant WTW policies and regulatory requirements. Engage with operational areas to assist with formulating compliance best-practice procedures that are balanced to meet the needs of the business, the customers and regulators. (S1.9)
Compliance Function ad-hoc strategic or operational projects as requested. (S1.14)
Record keeping in line with regulatory requirements and/or WTW policies and procedures. (S1.15).
Investigate suspected, alleged or actual breaches of regulatory requirements or WTW Compliance policies and procedures within the Relevant Business and ensure resolution. Develop corrective action plans and track implementation status for revisions of other compliance-related controls. (S5.1, S5.2)
3. Testing
Lead testing activities in line with the annual Compliance Plan and on an ad-hoc basis, ensuring that remedial action is taken, and material issues, incidents and breaches are escalated to relevant stakeholders. (M1.1, 1.3)
Collate and deliver accurate and appropriate compliance metrics and informationto appropriate stakeholders in the Relevant Business and the Compliance Function. Compile and deliver compliance records or information requested by internal/external auditors. (M.2.1, M2.2, M2.3)
4. Engagement
Maintain effective relationships with regulators and relevant supervisory authorities or self-regulating bodies; ensure timely submission of accurate regulatory reporting; respond to regulatory information requests and enquiries. Reporting of issues and breaches to applicable regulators where requested or required. (E1.1, E1.2, E1.3, E1.4)
Represent WTW in relevant industry or similar associations or groups as appropriate. (E2.1)
Act as a professional, trusted and transparent Business Partner to the Relevant Business and other stakeholders. (E3.1)Ensure qual…
