Head of Financial Risk (12 month fixed term)

Munich Re; City Of London; On-site; GBP 125,000 - 150,000; Full time

Job summary

A prominent insurance company is seeking a Head of Financial Risk for a 12-month fixed term to manage financial risk strategies and compliance in London. This role requires extensive experience in non-life/general insurance and a strong background in capital modelling and internal model validation. The ideal candidate will possess excellent report writing abilities and strong communication skills to effectively liaise with senior management and external regulatory bodies. This full-time position offers an exciting opportunity to lead a critical function within the organization.

Qualifications

• Strong capital modelling experience and/or internal model validation experience.
• Extensive experience in the Non-life/General insurance industry.
• Ability to question and challenge the business tactfully.

Responsibilities

• Lead the implementation of the Financial Risk framework for MRS-GM.
• Monitor and report on financial risk exposures and associated controls.
• Support ORSA report production process.
• Deputise for the Head of ERM with external parties on Risk Management.

Skills

Capital modelling experience

Internal model validation experience

Excellent report writing skills

Strong communication skills

Knowledge of Solvency II

Familiarity with Lloyd’s and Bank of England requirements

Education

Quantitative university degree

Qualified actuary (FIA)

Job description

Head of Financial Risk (12 month fixed term, maternity cover)

We are currently looking for a Head of Financial Risk to be based in London on a full-time basis, reporting into the Head of Enterprise Risk Management.

This individual will drive good industry practices in terms of identification, assessment and management of financial risks and controls across Munich Re Specialty-Global Markets (MRS-GM) (including insurance, credit, capital, market, climate and liquidity risk), in support of the Head of ERM, alongside the Head of Non - Financial Risk.

Lead the independent validation process for the Munich Re Syndicate Limited (MRSL) Solvency II Internal Model, and confirm compliance with regulatory requirements (Solvency II and Lloyd’s) in relation to the Internal Model.

Responsibilities

• Lead the implementation and embedding of the Financial Risk framework setting out MRS-GM approach to identification, assessment and management of financial risks and controls in alignment with the MRS-GM enterprise risk management (ERM) framework, strategic objectives, Group and regulatory requirements.
• For all MRS-GM businesses, ensure financial risk exposures and associated controls are appropriately monitored and reported on for the required management and legal entity governing bodies to ensure strong business support on key decisions, the appropriate identification and management of key and emerging risks, and compliance with Munich Re, PRA, FCA and Lloyd’s requirements. This includes:
• providing effective and timely risk management support, challenge and opinions to the business including on strategic developments, change initiatives and new products;
• supporting the development, implementation and embedding of appropriate risk appetite and other metrics;
• supporting emerging risk assessments and scenario analysis activities;
• actively promoting close and harmonious working relationships across the business and developing deep subject matter expertise of specific business areas as required;
• reporting on the aggregate financial risk profile across MRS-GM including material risk exposures / position against risk appetite, effectiveness of associated control environment and material incidents;
• supporting ORSA report production process
• Review and challenge of validation of MRSL's internal capital model, including risk quantification and aggregation, using established techniques and methodologies.
• Member and/or attendee of governance, management bodies and committees, as appropriate and in support of the Head of ERM. Escalating high priority issues or key risks to the Head of ERM, as appropriate. Present and report on a holistic view of Financial Risks and controls to the Risk Committee and the Board.
• Deputise for the Head of ERM as a contact to the FCA, Lloyd's, Munich Re Group and other parties regarding Risk Management issues, as appropriate.

Knowledge and Skills

• Offers strong capital modelling experience and/or internal model validation experience
• Extensive experience working in the Non life/ General insurance industry, with Lloyd’s and/or London market.
• Excellent report writing skills, experience of preparing reports and presentations for Senior management / Committee or Board review.
• Ability to tactfully and appropriately question and challenge the business at all levels (including Senior Management and Directors) and present considered and balanced risk opinions, findings and recommendations.
• Has strong communication skills
• Has knowledge of Solvency II, is familiar with Lloyd’s and Bank of England requirements
• Quantitative university degree
• Ideally a qualified actuary (FIA) from UK or other recognized body/country

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!