Risk, Legal and Compliance

Safeguarding Unum

Risk, legal and compliance at Unum

The role of Corporate Services is to ensure that all commercial decisions made by the Unum UK group of companies are fully informed by the associated legal and regulatory risks and those such decisions are appropriately approved within the enterprise’s governance structure, in a timely fashion.

There is a small legal team in the corporate services department. They provide understanding and pragmatic advice to achieve Unum's goals in accordance with all current laws and regulations and its policies and practices.

The principal role of the Compliance function is to ensure the business complies with FCA and PRA regulatory requirements. Our focus is to drive and enhance the compliance culture within the business and support our corporate values and ethical standards.

Unum operates a three line defence model to ensure the corporate governance structure and framework effectively manages its risks. You all play an important part in ensuring we meet our regulatory responsibilities and treat our customers fairly.

Our risk, legal and compliance teams

First line of defence model: Business Units

We are responsible for ensuring others understand the risks in their business area. We are involved in day to day risk management; this applies to internal controls and risk responses. Front line staff and operational management are responsible for managing the risks though their internal controls. The control environment and culture developed and implemented by these business units is crucial in anticipating and managing operational risks.

Second line of defence model: Risk and Compliance

We oversee and challenge risk management; with this we provide assurance, guidance and direction. Our team helps develop the risk management framework. The Risk Team is responsible for developing and maintaining the processes that we use to manage risk. The Compliance functions provide the assurance oversight and advice necessary to support the first line in identifying, managing and monitoring regulatory risks.

Third line of defence model: Internal Audit

Our team reviews first and second line processes and controls. We provide objective challenges on company operations and provide an independent opinion on the strength of the control environment. Internal Audit is responsible for providing Executive management and the Audit Committee with independent, objective controls assurance and consulting advice on the company’s key controls, risk management procedures and governance processes.

Meet some of our risk, legal and compliance team

David. Head of Audit

What attracted me to Unum is it’s a relatively small company but has an impressive market share that reflects the quality of its products and customer service. The company website also gave the impression of a company with ‘character’ and an innovative approach.

Internal Audit is in a unique position at Unum because it has a broad view of both the overall strategy and the individual operational plans within the business. Indeed, it ‘sits at the top table’ and stays close to the pulse of the business and the control environment. Add in the fact that Unum provides a supportive environment, ongoing opportunities to learn and a welcome home and work life balance and it’s fair to say it really is a great place to work.

Jonathan. Consulting Auditor

I made the move from brokerage and investment banking because I found the fact that Unum operates a comparatively uncomplicated business model through lifestyle/income protection products appealing. It's given me the chance to gain a strong technical understanding of Unum’s business and the way it manages its balance sheet in utilising working capital within its Solvency II requirements. Internal Audit is a challenging and fun place to work.

Business colleagues of all levels are approachable and value you for who you are and what you can contribute to the business. We also adopt a strong ‘value-add’ ethos with our business partners in achieving a pragmatic approach to delivering our audit. A strong customer service focus, combined with the constant enhancement of Unum’s already strong suite of products, provides you with ongoing opportunities for career development, both within the audit team and across the wider business function.

Ally. Senior Auditor

When I joined Unum I quickly discovered that working in Internal Audit here provides an excellent opportunity to interact with different areas of the business and also with our parent company in the US. That means there is lots of variety and plenty of fresh challenges to tackle day-to day. I truly feel that I am part of a team.

Internal Audit’s vision provides a solid basis for the way we operate through collaboration, objectivity and independence. We work in a friendly but highly professional office that feels comfortable about raising issues with the business when we identify them. What’s more, our ‘New Ways of Working’ approach provides flexibility on office location and timing. We work hard but, when you need a break, the surroundings provide excellent opportunities to recharge your batteries or even go for a lunchtime run.

Steve. Operational Risk Manager

In 2007 I was looking for a total career change. I really fancied a completely different role in a completely different industry. I hadn’t worked in financial services before, so when I saw the opportunity at Unum I thought it looked really interesting. What makes Unum such an interesting place to work is the nature of what we do, how we do it and who we do it with.

Working in risk is diverse and challenging, where no two days are the same. And Unum is really well positioned to react to change. It’s large enough to be stable and robust, but small and agile enough to shape it’s offering in line with the expectations of our customers. But what really makes a difference are the diverse and committed people who are all focused on making the business a success. And we do it with the sense of fun that Unum has become well known for.

Where our risk, legal and compliance teams are based

We don’t offer all of our roles at every Unum office. Here's where you can find our risk, legal and compliance roles.