Enterprise Risk Management Lead - Framework and Resilience

PIC; London; On-site; GBP 80,000 - 120,000; Full time

Job summary

A leading company is seeking a Head of Enterprise Risk Management to provide leadership and support in developing and operating the enterprise risk management framework. The role involves collaboration with various teams and ensuring compliance with regulatory obligations. Candidates should have significant knowledge of the UK bulk annuities market and experience in risk management. The position offers competitive salary and benefits including private medical insurance and generous annual leave.

Benefits

Private medical insurance

28 days' annual leave

Generous pension scheme

Qualifications

• Experience in Enterprise Risk Management team required.
• Knowledge of UK bulk annuities market essential.

Responsibilities

• Lead development of the enterprise risk management framework.
• Coordinate stress and scenario testing framework.
• Provide oversight on ERM framework matters.

Skills

Communication

Leadership

Influencing

Judgement

Job description

About PIC

Pension Insurance Corporation (“PIC”) provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders. We achieve our purpose by setting companywide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.

Role purpose

• To provide leadership and support to the Head of Enterprise Risk Management and Regulatory Affairs in relation to PIC’s enterprise risk management framework and insight and assurance regarding the treatment of current and emerging risks. Such insight and assurance to be provided in the context of PIC’s stated Risk Strategy and Appetite, its obligation to policyholders and how it conducts its business, its regulatory and other relevant obligations and requirements.
• The role requires the ability to effectively collaborate with numerous 1st line teams well as to co-ordinate all sub-teams within Risk to ensure the ERM framework, associated tools and resilience plans are updated, reflective of good practice and embedded within the business
• Our Company values are expected to be reflected in the delivery and performance of every role.

Specific accountabilities assigned to the role of Head of Enterprise Risk Management – Framework and Resilience within the Risk function:

> To lead the co-ordination of the development and operation of the enterprise risk management framework, which includes:

> The Risk Policy and Enterprise Risk Management Framework;

• Review of the Board level risk appetites;
• The ongoing review and development of the Risk Strategy, Risk Appetite Framework;
• Broader elements of the framework
• The review of risk policies

> Ensure that the framework and related tools are appropriately communicated to the business, and used.

> Working with the relevant technical teams, lead the ongoing development and embedding of the Stress and Scenario Testing framework. This includes coordination of the SST exercises, and creation of ad hoc SST with the Risk Strategy Lead.

> Lead the ongoing development and annual refresh of the Recovery and Resolution Plan, including:

• Refresh of governance and monitoring framework;
• Agreement on the management actions with owners;
• Updates on from the SST on the scenario and recovery;
• Refresh of the run-off plan, (including SEA).

> Lead the development, completion and embedding of the ORSA report and process, including communications to internal stakeholders and regulators.

> To provide advice to and oversight of the relevant first line contacts on matters of the ERM framework.

> Support and be an advocate for emerging risk identification.

> To support the Risk Function with broader initiatives, including closure of regulatory and assurance actions, deep dive reviews, reviews of new business transactions.

> To lead on risk framework developments, including associated risk taxonomy work.

> Work with the broader Risk SLT on initiatives.

Knowledge

• Significant knowledge of UK bulk annuities market and associated risk profile
• Significant knowledge of legal, regulatory and industry requirements; as relevant to these transactions
• Significant knowledge of the development and embedding of ERM frameworks,
• Familiar with the development and execution of Recovery and Resolution Planning, the ORSA report and Stress and Scenario testing planning
• Lead developments of the above autonomously.

Experience

• Must be a risk professional with experience of working within an Enterprise Risk Management team
• Must possess experience of liaising and interacting with senior individuals and presenting to committees
• Must possess experience of UK bulk annuity transactions, from either a 1st line or 2nd line perspective
• Experience working within an independent challenge function, e.g. a 2nd line Risk Function, consulting role or audit.

Skills:

• Willing and able to develop a strong understanding of the risk profile of a UK BPA provider
• Excellent written and oral communication skills, with ability to communicate complex information to senior management, their direct reports and a range of external parties.
• Must be able to lead the team (either downwards or with peers)
• Must be able to influence at all levels of the organisation to ensure developments are understood and embedded
• Must be able to manage self and others
• Ability to distil information and apply judgement
• Must have, or be able to build, internal and external relationships to maintain an understanding of developing practices across the market

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme and much more.