Head of Risk Management

Our client is a highly regarded specialist insurance, reinsurance and services group. The business brings together a unique combination of highly skilled technical specialists and only operate in a niche market area where this expertise has made it a dominant brand.

Reporting to the Executive Risk & Compliance Director and managing a small team, the key responsibilities of the role include:

Risk Management

• To ensure there are appropriate written policies, procedures and governance in place relating to risk management
• To manage the Risk Function and oversee their interaction with the business
• To support the UK Risk Committee in operating according to its Terms of Reference
• To provide reporting to the Group Risk & Underwriting Committee in regard to Risk
• To provide training and oversight of others involved in the risk management process as required
• To ensure that the Risk Register (and all subsidiary detail) is up to date and relevant at all times
• To ensure the Risk Function continually meets the Lloyd’s Principles in regard to Risk Management and attests to these on a regular basis.

ORSA’s

• To produce all ORSAs to an appropriate standard and on a timely basis Present all ORSAs to the relevant Committees
• Ensure all ORSA feedback from Lloyd’s, the PRA and any other stakeholders is addressed

Produce risk assessments for prospective acquisitions

• Review acquisition proposals and produce a risk report which considers the proposed acquisition against risk appetite, highlights potential risks and issues, and considers operational readiness.
• Able to review / scrutinise the accompanying pricing report, actuarial report and final recommendation to the Board.

Internal Model Governance

• To support the Chair in ensuring the Committee discharges its responsibilities effectively and efficiently, operating in accordance to its Terms of Reference
• Act as the primary, independent, Internal Model validator, including production of all Annual and Major Model Change Validation reports and their presentation to the Committees & Board.
• Maintain the suite of Policy Documentation, including undertaking an annual review.

Treating Customers Fairly

• To implement the Treating Customers Fairly and Conduct Risk strategies within the business and ensure they are embedded

General

• Have an awareness of Data Protection legislation, including the Data Protection Act and the General Data Protection Regulations

Requirements

• Solvency and capital modelling experience
• Familiar with Lloyd’s rules and principles
• Knowledge of PRA/FCA regulations applicable to our business
• Good knowledge of Governance and risk management theory
• Good knowledge of Solvency II
• Previous team management experience
• Professional insurance/risk/actuarial/finance qualification
• Minimum 10 years’ experience working in a regulated organisation Insurance or financial services background
• Experience of portfolios