Risk Manager - Insurance & Financial Risk

Job Description

General

Job description and person specification  

Job Title:  Risk Manager - Insurance & Financial Risk

Division:   Risk and Compliance      

Reports To:  As per [Employer hidden — view at passion-project.co.uk]’s organisation chart  

Key Relationships: Risk and Compliance,Group Actuarial (incl. Capital Modelling, Reserving and Pricing), External Validation Consultancy, Ceded Reinsurance, Exposure Management, Underwriting, Investments. 

Job Summary: The role will support a range of risk management activities, with a particular focus on insurance and financial risk. This will involve performing internal model and technical provisions validation, writing risk reports and analysis (including the ORSA), providing review and challenge of first line processes (including through RCSAs), providing risk opinions on specific risk areas, as well as supporting the risk team with the delivery of the wider risk management framework. 

This role is most likely to suit a nearly/newly qualified actuary, although we will consider applicants who don’t quite fit this description. The candidate should either have experience in risk, or have capital modelling experience (in-house or consulting) and be keen to transition into risk work. 

Key Responsibilities 

• Provide challenge of [Employer hidden]’s first line processes around insurance and financial risk, including reserving, pricing, capital modelling, business planning, underwriting, outwards reinsurance, exposure management and investments. This should include supporting with Risk and Control Self-Assessments (RCSAs).
• Performing internal model validation as well as the production of validation reports for the Board, in collaboration with the first line teams and external independent validators.
• Support the delivery of the Own Risk and Solvency Assessment (ORSA) for [Employer hidden]’s various entities, particularly those sections relating to insurance and financial risk (e.g. Capital and Stress and Scenario Testing).
• Performing the validation of the technical provisions, including setting the annual scope, performing the testing and producing reports.
• Produce risk reporting and opinions, reviews of key risks and hot topics influencing [Employer hidden]’s risk profile, to support reporting to internal and external stakeholders.
• Maintain strong stakeholder relationships with members of the first line, to help support [Employer hidden]’s risk management framework.
• Facilitate the delivery of certain key submissions (e.g. Climate Biennial Exploratory Scenarios, Insurance Stress Tests).
• Ensure close collaboration with other risk managers, supporting their workload as appropriate.
• Support with the continued development of the wider risk management framework.

General

It is important that within all your interactions both internally and externally you adhere to [Employer hidden]’s core values - Being Bold, Striving for Better, and Doing the Right Thing – as they contribute to an internal environment of teamwork and promote a positive brand image and experience to our external customers. We also expect [Employer hidden] employees to:

• Comply with [Employer hidden] procedures, policies and regulations including the code of conduct which incorporates the PRA and FCA Conduct.
• Undertake training on [Employer hidden] policies and procedures as delivered by your line manager, the People & Sustainability or assurance teams (compliance, risk, internal audit) either directly, via e-learning or the learning management system.
• Display business ethics that uphold the interests of all our customers
• Ensure all interactions with customers are focused on delivering a fair outcome, including having the right products for their needs.
• Comply with any specific responsibilities necessary for your role as outlined by your line manager, the People & Sustainability or assurance teams (compliance, risk, internal audit) and ensure you keep up to date with developments in these areas. This may include, amongst others, [Employer hidden]’s underwriting control standards, [Employer hidden]’s claims control standards, other [Employer hidden] standards and customer relationship management.
• Carry out additional responsibilities as individually notified, either through your objectives or through the learning management system. These may include membership of any [Employer hidden] committees or working groups.

Personal Specification: 

Essential Criteria

• Experience of working as a risk actuary would be an advantage, but if lacking in risk experience, should have capital modelling experience (in-house or consulting) and be keen to transition into risk work.
• Experience in performing internal model and technical provisions validation would be an advantage for this position.
• Experience of providing challenge across any of the following areas would be an advantage: reserving, pricing, capital modelling, business planning, underwriting, outwards reinsurance, exposure management and investments.

Education and Qualifications 

• Nearly/newly qualified actuary, although we will consider applicants who don’t quite fit this description.

Skills and Abilities 

• Methodical approach to problem solving, with a high attention to detail.
• Ability to act pragmatically in the face of new challenges and exercise sound judgements based on overall business needs.
• Excellent interpersonal, communication skills, and ability to tailor communication to both technical and non-technical audiences.
• Ability to prepare comprehensive well written reports for internal and external stakeholders.
• Proven project management and organisational skills with track record of delivering projects to strict deadlines.
• Results oriented, with the energy and determination to succeed in a fast-paced environment
• Advanced proficiency in using Microsoft Office.

Knowledge and Experience 

• Knowledge of Solvency II / Lloyd’s requirements, risk management and actuarial principles.
• Experience in providing risk challenge to the first line and producing and presenting risk analysis to internal and external stakeholders.
• Interest in gaining a deeper understanding of insurance and financial risk management in the Lloyd's / London Market.

Aptitude and Disposition 

• Outcome focussed, self-motivated, agile and flexible
• Technically innovative, a problem solver and solution builder
• Professional approach to interact successfully with colleagues
• Able to work with multi-cultural and multi-location teams
• Ability to work closely in a team environment and develop productive working relationships
• Willingness to learn and achievement drive

Competencies 

• Information seeking
• Problem solving
• Technical expert
• Time management
• Stakeholder management
• Influencing others
• Quality focused
• Initiative
• Customer focused
• Analytical thinking
• Team working