Operational Risk Manager – Asset Management

Phoenix Group
Edinburgh / Birmingham / Telford
£55,000 - £65,000 + bonus + pension + flexible benefits
08 Jun 2021
21 Jun 2021
Contract Type
Full Time

£55,000 - £65,000 + On target Bonus (16% up to 32%) + 10% Pension & Flexible Bens

Flexible Location – Edinburgh / Birmingham / Telford

As one of the UK’s Top Employers we’ve brought together businesses with long, successful histories and many strengths. More than ever, people need help and guidance from a company which is simple to deal with and who they can trust.  And that’s where you come in.

We’re recruiting for an Operational Risk Manager (Asset Management) to join our Operational Risk Oversight team within Group Risk. You’ll be part of a small team of risk professionals focussed on developing, supporting and enhancing Line 2 operational risk relationship with the Phoenix Line 1 Asset Management function by providing advice, guidance, review, challenge and assurance in respect of operational risk and control identification, assessment, and reporting across the function in line with the Phoenix Risk Management Framework (RMF) and Internal Control Framework (ICF). 

The role will provide the successful candidate with the opportunity to positively influence the operational risk profile of the business for the benefit of all our stakeholders, predominately across the Asset Management function.  You will analyse and review areas of concern in a dynamic and fast-paced business environment; making value add recommendations for improvements where necessary and interacting with assurance providers from across the three lines of defence on a regular basis. This will provide a detailed knowledge and understanding of best practice assurance provision within a large financial services organisation.  

Key Responsibilities

Maintain and operate the Phoenix Line 1: Line 2 Operational Risk business partner structure for Asset Management for all aspects of the RMF and ICF. This will include:

  • Providing support, advice, guidance, risk challenge and risk training as required on each of the different components of the RMF and ICF within Phoenix Group, including the Risk and Control Self-Assessment (RCSA) process, Business Risk Profile reporting and Operational Risk Solvency Capital Requirement (SCR) assessment process.
  • Support operational risk SCR refresh activity, engaging with executive / functional head owners of scenarios as required, (in line with the relevant Solvency II approved internal model methodology) acting as a subject matter expert who is able to review and challenge individual scenario outputs on behalf of Line 2.    
  • Providing assistance, observation or recommendation to risk owners on how to best adopt, embed and comply with the requirements of the RMF and ICF including delivery of education sessions within risk owner functions as required.
  • Support Line 1 management in the review / maintenance / refinement of Group Policies to improve the quality and content of Policy Owner risks and controls articulation, including explicit consideration of climate change within that process.
  • Support Line 1 management in defining, executing and reporting on Line 1 assurance activity in line with the requirements of the ICF.
  • Establish and embed new stakeholder relationships as required, driven by acquisition activity and investment in new asset classes for example.
  • Validate that the operational risk related RMF outputs from Asset Management meet baseline Line 2 requirements and use those to inform the basis of a wide range of Line 2 opinions and challenge that will feed into internal risk reporting to oversight committees and boards. 
  • Work closely with other teams in the Operational Risk function, and the wider Group Risk function, to support the operation of a co-ordinated and cohesive RMF. Provide objective feedback to senior managers and executives across Group Risk where this is not the case, leading the definition of required actions to address actual or potential weaknesses.
  • Manage Operational Risk Consultant resource for specific tasks or in a line management capacity to ensure resource is allocated according to team priorities and to maximise successful delivery of key objectives in an effective and efficient manner.

What We’re Looking For


  • Experience of operating in a regulated Financial Services organisation with detailed knowledge of operational risk and regulatory requirements in relation to financial services.
  • Extensive experience and understanding of the operation of an asset management function or asset manager. 
  • Evidence of building and maintaining wide stakeholder networks and relationships across a large organisation.
  • Continuously maintaining and developing technical knowledge (regulatory, legislative etc.) and applying this in conjunction with significant business awareness in order to provide review, challenge and advice.
  • Excellent communication skills and gravitas including experience of reporting and presenting at senior management / executive level.
  • Demonstrate sound risk awareness and judgement.
  • UK Travel will be required at times.


  • A sound understanding of life and pensions operations.  
  • A professional qualification or related degree.

What We Offer

Bring your ‘whole self’, skills and dedication to the Phoenix Group and we’ll recognise your effort, support your development and help to drive your ambition. We’ll ensure you’re rewarded for your contribution with a competitive package that includes an attractive pension, annual bonus potential, private medical insurance, generous holiday entitlement, enhanced maternity and adoption leave and a range of other financial services and lifestyle flexible benefits. 

Join us and you join a unique organisation. It’s not just the 14 million policyholders we serve, or the £300 billion of assets we look after. Or that we’re a FTSE 100 company that has been listed as one of the UK's Top Employers for nine years running.  It’s our talented, inclusive and diverse workforce that makes us a success.  We offer flexible working opportunities ensuring we attract and retain the very best of talent. Find out about more about our people’s stories, our values and our commitment to diversity.

Online Interviews and Onboarding

All our interviews, onboarding and new joiners are now managed remotely.  We have in place a strong virtual support network to ensure new colleagues are supported and developed as they navigate their first few months with us.

About Us

Phoenix Group is a member of the FTSE 100 index and is the UK’s largest long-term savings and retirement business. We specialise in the acquisition and management of Heritage life insurance and pension funds. We’ve businesses in the UK, Germany and Ireland and hold a broad range of both Heritage and Open products split across three key business segments: UK Heritage, UK Open and Europe.  Our open business manufactures and underwrites new products and policies to support people saving for their future in areas such as workplace pensions and SIPPs, primary under the Standard Life brand. And we market corporate pension trustee services and manufacture products to be sold under other brands. Did you know Phoenix Life manufactures SunLife’s market leading Guaranteed Over 50’s plan?

We value diversity in our workforce and welcome enquiries from everyone.

Closing Date: 21st June 2021

Similar jobs

Similar jobs