Lead the maintenance of the key elements of the Enterprise Risk Management (ERM) Framework such as the setting an alignment of risk appetite, risk limits and capital exposure and the production and alignment of the ORSA.
Support the Head of Risk & Compliance in ensuring that the risk measuring and reporting aspects of the Division’s ERM Framework facilitate effective and appropriate risk management across the business.
DUTIES / RESPONSIBILITIES % of Time
Motivate, manage, and lead other members of the Risk Function in the achievement of their business and individual objectives. 10%
Be responsible for maintaining core elements of the ERM framework, including : o the setting and reporting of overarching risk appetite limits, aligned to the risk strategy and risk preferences of the business o analysis of risk capital exposures, and a wide range of other risk-
related information and KRIs, through the development and timely production of a holistic risk dashboard o helping to ensure that the business planning process incorporates appropriate consideration of risk appetite limits and capital requirements and is aligned with the ORSA and Risk Strategy. 20%
Be responsible for the overarching ORSA process and report production, liaising with other Group companies where appropriate, including ownership of the Stress & Scenario Testing framework (including Reverse Stress Testing). 15%
In coordination with other Oversight Functions, contribute to oversight of key business decisions (considering the broad range of relevant risks, including financial risks.
For example, this might include oversight of acquisitions, change programmes, product developments, pricing, reinsurance, the budget process and capital management initiatives. 20%
Support the Head of Risk & Compliance in ensuring the success of the wider Risk Function, engaging with the full range of stakeholders where appropriate, contributing to risk identification, measurement, management (including assurance) and monitoring of risks and providing advice to the business on financial and insurance risk matters. 15%
Draft the ongoing production of risk reports, including the Head of Risk & Compliance’s Reports for presentation to the International Management Group, the ERCMG and the Board Risk Committee. 10%
Champion the three lines of defence model for risk management, to help support the implementation, embedding and maintenance of all aspects of an effective, pragmatic and appropriate ERM framework. 5%
Support the Head of Risk & Compliance to work with management to embed a disciplined risk management culture by disseminating best practice and raising levels of awareness. 5% Total 100%
Proactive and timely measurement and reporting of risk and capital requirements are important elements in ensuring that the business can deliver on its objectives and meet regulatory requirements
I (or 2) direct reports
Interaction with the Board and the Regulator
Generic Company Accountabilities (Risk Management & Controls) :
Ensure familiarity with risk management programmes, as they impact this position, and follow appropriate risk management procedures to control, monitor and report on business activities
Ensure compliance with Company policies, regulatory, professional & legal requirements
KNOWLEDGE / SKILLS / EXPERIENCE
Experience in the life insurance industry
Comprehensive knowledge of integrated risk and capital management as part of a wider enterprise risk management framework and Solvency II requirements
Experience in applying technical expertise to analyse risk and capital information and convert this into management information that is both timely and helpful
Experience of embedding and maintaining an ERM framework
Experience of second line of defence risk oversight activities
Ability to manage and motivate direct reports with varying levels of experience
Strong communication skills, demonstrating a clear and articulate standard of written and verbal communication in a complex environment, tailored for all levels of management
Attention to detail
Strong influencing skills, with experience of engaging with senior management in order to get desired outcome
Good interpersonal / networking skills, with the ability to maintain a variety of relationships with multiple stakeholders
Proven track record at delivering reporting requirements under tight time pressure
Self-motivated, well-organised, pragmatic and able to perform tasks independently.
Qualified actuary or relevant risk management qualification
Experience in managing a team.
Experience in engaging with a wide range of stakeholders