This role supports the effective operation of due diligence controls and governance processes in line with Central Bank of Ireland expectations. The position assists with the onboarding and ongoing monitoring of custodian banks and asset managers, helping to ensure that appropriate risk‑based controls and oversight activities are carried out. In addition, the role contributes to investment‑related projects by providing business analysis support, assisting with process improvements and control enhancements while working in line with established policies, procedures and governance frameworks.
Responsibilities
Due diligence controls and governance structures is a constant topic and have been both an enforcement priority and inspection theme for the Central Bank of Ireland, and it is therefore our responsibility to ensure that appropriate control mechanisms are established to guarantee adequate oversight on related activities.
In addition, in order to evolve with internal and regulatory requirements, business analysis expertise to selected projects for multiple stakeholders will have to be provided, whilst ensuring adherence to the values, processes and procedure of the function.
The successful candidate will be responsible for the following:
Partner Onboarding
Utmost need to select custodian banks and asset managers that are aligned with the business needs and meet our requirements, and as such each proposed partner before being on boarded need to go through a due diligence process. The due diligence process approach is risk based, which means that Utmost would be expected to take reasonable measures to satisfy that the partner: 1) is in possession of any required authorisation licences or registrations; 2) is not experiencing any serious financial difficulties; 3) is an entity of good repute and that its senior management are persons of good repute; and 4) has the required capability and expertise to provide the required services.
Partner Monitoring
The Central Bank of Ireland expects that where an insurance undertaking becomes aware of any issues with any of its partners that are relevant and material, that the undertaking has a framework in place to manage and remediate such issues. Therefore, appropriate controls and governance structures are established to monitor and guarantee adequate oversight of custodian bank and asset manager activities. The governance approach is based on the Directive 2016/97/EU of the European Parliament and of the Council of 20 January 2016 on IDD, which means that Utmost would be expected to take reasonable measures to monitor the partners in areas such as: 1) corporate details; 2) compliance and risk management; 3) code of conduct; 4) reputation; 5) authorisation and competency; and 6) solvency controls.
Projects
Support a constantly evolving operating environment focused on streamlining processes and implementing enhanced and automated business controls
Investigate and analyse operational requirements and issues, identifying effective solutions through improvements to information systems, data management, processes/procedures and operating models
Apply business analysis methodologies to document current‑state (“As Is”) and future‑state (“To Be”) processes
Use business analysis tools and techniques to define clear, accurate and structured requirements for investment‑related projects
Ensure a strong understanding of agreed process standards and deliver business analysis outputs in line with those standards
Identify opportunities for innovation, efficiency and continuous improvement across the function and broader business
Ensure accuracy, completeness and quality of work through thorough review, clear presentation for meetings and timely follow‑up on actions, commitments and deliverables
Desirable Qualifications and Experience
Typically holds a bachelor degree or other business type qualification such as business analysis, QFA or similar
3-5 years’ financial services/insurance industry experience
Comprehensive knowledge and experience of investment products and operation processes in an insurance environment
Demonstrated ability in implementing technological solutions for enhancing business processes
System testing skills and qualification preferred
The role requires conceptual thinking and working from first principles and requires a right first time attitude
Actively spots new methodologies and opportunities for change
Problem solving, decision making and excellent verbaland written communication skills
Cross Training (i.e. learn about all systems in order to support colleagues)
International company experience is an advantage, as well as continental European language capability
Utmost Group is an equal opportunities employer.
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Where Agency assistance is required, Utmost Ireland will engage directly with suppliers. Unsolicited CVs / profiles supplied to Utmost Ireland will not be accepted for the role.
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