Head of Regulatory Risk & Compliance, Codan

Codan Insurance is Denmark's third largest insurer and has nearly 340,000 Danish households and 50,000 small and large companies as clients. Codan Insurance is part of the Codan group, which owns the Swedish insurance company Trygg-Hansa. Codan Group is now 100% owned by UK insurance group RSA. This makes Codan part of one of the world's largest insurance companies with approx. 20 million clients and 21,000 employees.

With reference to the Head of Internal Control the purpose of this position is to ensure that Codan has arrangements in place to ensure effective compliance with FSA and local Regulatory requirements and Group policy. 

Regulatory Risk and Compliance's main responsibilities include providing support and constructive challenge, monitoring and control as well as assessing and reporting findings in a comprehensive and structured way with respect to risk that may arise in the operations as a consequence of deficient compliance.

Regulatory Risk & Compliance shall also have a view on aforementioned regulation and areas and

  • Ensure that activities are carried out in accordance with applicable regulations considered by the Danish or foreign FSAs with jurisdiction in regard of licensing or supervision of the Company or its activities

  • Provide support to the business operations to ensure that they understand current and emerging regulations

  • Assist in the formulation of internal policies and controls

  • Provide the Board and CEO with information with respect to compliance risks and issues

  • Assurance to the Board and CEO over ongoing compliance and evidence this compliance to the Danish or foreign FSAs and other external stakeholders

  • Ensure that external regulatory requirements and internal policies are appropriately communicated internally

  • Ensure that executives and personnel receive the necessary training with respect to the external regulatory requirements

  • Coordinate the Company's contacts and communications with the Danish or foreign FSAs

The position is based in Copenhagen and will be part of Internal Control which consists of 4 teams based in both Sweden and Denmark.

Contributing to the development and formulation of the Compliance strategy within Codan, in particular with reference to current Regulation and anticipated trends in Regulation in Denmark ensuring alignment with overall Group Risk position on RR&C.
You will develop, agree with Group RR&C and implement a regulatory Risk and Compliance strategy, framework and annual plan that will ensure Codan continues to meet the requirements of the Danish Regulator. 

This will include:

  • Identification and analysis of regulations (both existing and new) and their impact on the business

  • Implementation of robust systems and controls to ensure ongoing compliance

  • Specifying and ensuring appropriate levels of monitoring

  • Ensure Board and senior management (are provided with sufficient information to enable them to identify, measure, manage and control risks of regulatory concern

  • Take appropriate action to address and report non-compliance or misalignment

  • Consistency with Group formats and standards

You will participate fully in relevant Group and local projects, to ensure that all regulatory risks are identified and addressed. As well as participate in RSA Insurance Group plc Compliance function's International Regulatory Compliance work.

You must manage and coordinate the relationship with the regulators, communicating and negotiating on behalf of the business as necessary in order to ensure:

  • Correct and consistent representation of Codan's position

  • The maintenance of good working relations and lines of communication

  • The effective management and resolution of issues and/or disputes arising

  • The Regulator's information requirements are met

  • Smooth organisation of audit and inspection visits

  • Senior management are made aware of the actual or potential impact of changes in regulation or other legislation on business

Building and managing relationships across the business in order to ensure/support:

  • Embedding of compliance into all facets of the business

  • Development and improvement of compliance capabilities within the business

  • Development of new products and propositions that satisfy all relevant Regulatory requirements

You will provide expert advice and guidance on RR&C to local Risk teams and Risk Management Forum as required

Your profile: 
Experienced Financial Services compliance specialist with 7-10 years' experience, management experience preferable.

Proven track record in practical application of compliance frameworks to real operational environments in an effective way that meets business needs and Regulatory requirements 

In-depth knowledge of Danish Insurance Regulation and good working knowledge of the business marketplace would be an advantage but not a requirement.

Strong skills in:

  • Relationship management (including Executive levels)

  • Compliance process development and improvement

  • Information and data analysis, management and presentation

  • Communication (oral, written and presentation)

  • Team leadership/people management

  • Influencing

Please submit your application through Codans recruitment system: