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Compliance Manager

Location Sydney, Australia Job type Full-Time Work mode Hybrid Job level Professional Job ID 13768 Company Munich Re Employment type Regular Area of expertise Audit, Compliance & Legal
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Great Lakes Insurance SE (GL) is an integrated insurance carrier of Munich Re Group.  It is a white-label specialty provider and enabler for primary insurance in >100 countries and it enables primary insurance specialty business for Munich Re’s Global Specialty Insurance (GSI) and primary insurance opportunities that are connected to the core business of Munich Re reinsurance. Great Lakes Australia (GLA) branch manages the Great Lakes business portfolio in Australia, with a focus on Delegated Authority (DA) business in cooperation with Australian MGAs.

This role responsible for ensuring GLA’s direct general insurance operations satisfy all local regulatory compliance obligations and take primary ownership for all legal matters under the oversight of the Legal and Compliance Manager.

The role will report locally into the GLA Legal and Compliance Manager, with an additional functional reporting line into the Head of Legal (Germany).

Your Role

Compliance

  • Implement and maintain the Compliance Framework covering the Group’s operations in Australasia
  • Implement a comprehensive monitoring and supervision program of all compliance obligations and performance of internal controls
  • Monitor applicable Australian legislations, regulations, draft bills and consultation papers etc which may have an impact on GLA’s business operations
  • Provide advice on current, proposed and new legislation, prudential standard and ASIC regulatory guide and requirements including assisting with the development and review of compliance procedures
  • Represent GLA at industry forums including the ICA and AFCA
  • Co-ordinate GLA’s oversight of its Third Party Administrator (TPA) and (Managing General Agent (MGA) from a Compliance perspective
  • Oversee GLA’s compliance training of staff and representatives including Responsible Manager training requirements to ensure compliance with industry, regulatory and internal educational needs
  • Undertake annual compliance plan assessments to ensure design and operational effectiveness of business unit controls
  • Produce quarterly Compliance reports for committees and senior management.

Legal

  • Provide legal advice to GLA and related group entities in relation to the development of new products, changes to existing products, new business opportunities, outsourcing, claims and customer complaints or disputes
  • Review, prepare or advise management on contracts and agreements to ensure GLA’s interests are protected and commercial outcomes achieved.
  • Maintain GLA’s contract library and litigation register of legal arrangements and matters relevant to GLA. 
  • Draft and review agreements including Non-Disclosure Agreements, Binding Authority Agreements, Terms of Broker Agreements etc to ensure the commercial interests of GLA are protected
  • Provide legal advice to management on all aspects of the conduct of GLA’s direct and MGA insurance operations and structures in Australia
  • Develop the legal framework to ensure legal risks are appropriately identified and managed
  • Brief external legal counsel and represent the organisation in legal disputes
  • Support in the oversight of GLA’s governance arrangements

Your Profile

  • 5+ years’ Legal and Compliance experience in general insurance
  • Legal qualification with a practising certificate, desirable.
  • Experience in managing the governance arrangements of a primary insurance business with background in compliance.
  • Refined understanding of the Australian regulatory requirements and general insurance compliance obligations
  • Strong commercial acumen and business orientation with a solution-driven mindset to problem solving
  • Ability to provide strategic and proactive advice to support business decisions
  • Excellent stakeholder management skills; experience working with senior stakeholders and executives
  • Strong written and oral skills in English, proficient knowledge in German would be advantageous

At Munich Re, we embrace, and value, the interaction of diverse backgrounds, experiences, perspectives and thought. This interaction is our foundation. Of our open culture and spirit of partnership. Of how our teams are built and cultivated. Of how we are supported and developed. And at the center of this interaction is each of us.

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Your Benefits

With us, you get more than just an exciting job. Enjoy a wide range of employee benefits tailored to your wellbeing and development. Please note that regional differences may apply.

Competitive Salary

We provide fair and competitive compensation that reflects your performance and commitment.

Company performance-based Incentives

In addition to your salary, our variable compensation approach allows you to share in Munich Re's success.

Recognition and Special Rewards

We recognise outstanding individual contributions through a variety of targeted rewards and incentives.

Retirement Planning

We support your long-term financial wellbeing with retirement solutions aligned with local regulations.

Inclusive Workplace Culture

We foster a respectful, inclusive, and values-driven environment.

Learning & Development

We offer tailored learning opportunities with a strong focus on core skills and business-critical knowledge.

Work-Life-Balance

Supporting your ability to balance family, leisure, and your career.

Health & Wellbeing

We support your physical and mental health through a range of programs and activities in each location.

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