Head of Risk
To develop, implement and maintain a comprehensive Risk Management Framework suitable for the UK General business. The role will require the individual to build relationships and work closely with senior management and operational teams, to ensure appropriate procedures, systems and controls are in place and effective.
Main activities and tasks
- Ensure that the Company’s Risk Management Framework document is appropriate for the firm, maintaining and updating as required.
- Ensuring appropriate risk identification processes to develop and maintain the Company’s Risk Registers, including a methodology for assessment of each risk.
- Working with senior management across the firm, develop and maintain a control framework environment for the mitigation of all risks within the Risk Registers. Ownership of control frameworks rests with 1st line.
- Working with senior management across the firm, ensure the regular appraisal and reappraisal of risks and the assessment of the effectiveness of the control frameworks.
- Where control frameworks are deemed partially effective or ineffective, ensure action plans are in place to improve the standard of control effectiveness and oversee the delivery of the actions within the agreed timeframes. Delivery of the actions within the action plan is the primarily the responsibility of 1st line control owners.
- Liaise closely with the Compliance monitoring team and the firm’s auditors to ensure regular assessment of risks and the effectiveness of the associated systems and controls.
- Working with the CRO maintain the Company’s Risk Appetite Statements and risk tolerance assessments.
- Establish appropriate escalation frameworks to ensure visibility of existing risks, emerging risks and issues both within the Company and across its distribution network, making recommendations for action where appropriate and tracking escalations through to closure.
- Identify and maintain a framework of Key Risk Indicators to monitor status of individual risks.
- Produce focused and relevant risk reports and other documents as requested for the regular Board meetings, Committees and management committees as required, ensuring all stakeholders are appropriately informed of the key issues. Present at and participate in relevant committees.
- Ensure the operation of the Risk Management Framework is understood across the Company, providing training and guidance where required
- Stay abreast of developments in Risk Management best practice and relevant developments in the external environment, proactively driving enhancements to systems and controls as appropriate.
- Provide risk input to key projects and undertake other ad hoc responsibilities as required.
- Play a prominent role in the UK General senior management team, working proactively and effectively with other members and the executive team where required.
Required skills and experience
- Degree qualified and/or equivalent recognised professional qualification (e.g. ACII, IRM) advantageous.
- Excellent knowledge of the FCA and other key regulatory regimes.
- Significant financial services experience, ideally gained within a general insurer, general insurance broker or MGA environment.
- Demonstrable senior leadership experience, confidence in management roles and clearly able to motivate and influence others.
- Demonstrates excellent inter-personal skills and experience of working effectively with colleagues at all levels within organisations.
- Considerable knowledge, and practical experience, of best practice in risk frameworks.
- Experience of working with regulators, particularly the FCA.
- Skilled and confident communicator, both verbally and in writing.
- Demonstrates ability to deliver to targets and deadlines and ability to manage competing priorities.
- Client/Customer focused – internal and external.
Required education and qualifications
- Ability to professionally represent the business internally and externally.
- Demonstrate an ability to develop, influence and negotiate in relationships with key stakeholders.
- Team player, results driven, business minded and commercially aware.
- Self-starter - operates with minimum support or guidance and ability to self-motivate.
- Adaptable and resilient.