Risk Manager

Tesco Insurance and Money Services; City of Edinburgh; Hybrid; GBP 55,000 - 66,000; Full time

Job summary

A leading company in the insurance sector is seeking a Risk Manager to enhance their risk management framework. The role involves identifying financial risks and ensuring a robust control environment. Ideal candidates will have a strong background in risk management and excellent communication skills. This position offers a competitive salary and a range of benefits, including private healthcare and generous holiday allowance.

Benefits

Private Healthcare

Performance related annual bonus

Generous holiday allowance

Colleague Clubcard discount

Green Car Leasing Scheme

Critical Illness cover

Enhanced maternity leave pay

Ongoing learning opportunities

Qualifications

• Demonstrable track record in risk management, preferably in general insurance.
• Great understanding of risk assessment and data analysis.

Responsibilities

• Identify and manage risks across the business, focusing on Financial and Insurance Risk.
• Support in drafting risk reporting to internal forums and governance bodies.
• Deliver assurance and oversight assignments in nominated client areas.

Skills

Communication

Risk Management

Data Analysis

Education

Degree in a relevant field

Job description

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General information

Job Title

Risk Manager

Ref #

9261

Location

Edinburgh - 2 South Gyle Crescent, Edinburgh, EH12 9FQ

Department

IMS - Risk

Business Area

Risk & Compliance

Working time

Full-Time

Date Published

13-05-2025

Serving our customers, communities, and planet a little better every day.

Salary Range – up to £65,520 + & Benefits & annual bonus

Work Level – 2

Location – Newcastle, Edinburgh, Glasgow, Southampton or Reigate, Permanent blended working

Shift: Monday to Friday 09:00 - 17:00. 36 hours per week

Closing Date - Applications close 29 May 2025 at 5pm

We deal in the personal – from pet insurance for your best friend, and home insurance for peace of mind, to motor insurance for your dream car or travel money for that trip you’ve worked hard for. And that means we always work with heart. Whether we’re helping our customers or looking after our people, you’ll find there’s a warmth and friendliness to everything we do.

Opportunity

We’re looking for a Risk Manager to join our Risk and Compliance team. You’ll work with the Head of Risk, contributing to the development and embedding of an end-to-end comprehensive risk management framework. Identifying and managing risks across the business but primarily focused on Financial and Insurance Risk.

You’ll work with a professional team in developing and delivering, risk controls and quality assurance activities within Finance, Pricing and Underwriting.

Providing oversight and challenge to the business on the risk it faces, with a large focus on quantitative analysis for financial risks, pricing and underwriting and the quantification of risks and net control environment.

To provide support to senior risk management and the business in the management and reporting of Insurance and Financial risks as applicable to the company’s current and planned future business activities.

You’ll play a key role in ensuring Insurance & Money Services has a robust risk and control environment which is aligned to the Risk Management Framework and is embedded across the business.

The Role

• Planning and organising own workload daily to support the delivery of Finance and Underwriting work objectives.
• Assist in the development of the organisation's Insurance & Financial risk appetite, tolerances and limits to ensure they are aligned to the company’s Strategy in order to inform business decision making.
• Support in the drafting and liaison of ORSA Stress & Scenario testing.
• Assist with drafting and liaison on other ORSA process activities including stress testing, SCR capital allocation, etc
• Assist in providing second line of defence oversight of and challenge to the business to identify, measure, manage, monitor and report on key Insurance & Financial risks.
• Support in drafting risk reporting to internal Forums and other governance bodies.
• Support the embedding Emerging risk best practice, updating of Emerging Risk log and draft reporting to ERC.
• Contributing to stakeholder engagement through our business partner relationships (specifically Finance and Underwriting Functions), finding out their needs/issues/concern and reacting to these by arranging meetings and events and drafting supporting materials to promote understanding and commitment.
• Delivering assurance and oversight assignments in nominated client areas. Developing individual assurance and oversight plans and detailed scope, delivering the fieldwork, report findings and opinions, agree on corrective actions with business owners, and referring serious or contentious issues to the Head of Risk.
• Maintaining and renewing a deep knowledge and understanding of our policies and procedures, assist in review and oversight of Finance and Underwriting Risk Policies and of relevant regulatory codes and codes of conduct.
• Ensuring the organisation is not exposed to undue risks by using risk management systems to achieve specific goals within a designated area of the business.
• Recommending changes to policies, processes, standards and practices that would improve operational support.
• Exploring and developing a detailed understanding of external developments or emerging issues and contribute to the evaluation of their potential impact on, or usefulness to, our organisation.
• Identifying, within the team, instances of non-compliance with the organisation's policies and procedures and/or relevant regulatory codes and codes of conduct, reporting these and escalating issues as appropriate.
• Helping develop procedures for a business area and monitoring their implementation.
  
  

We need you to have

• Excellent communicator with the ability to utilise multi-mode communications that convey a clear understanding of the unique needs of different audiences.
• Ability to interact with stakeholders at all levels.
• Demonstrable track record in risk management, preferably in general insurance.
• Great understanding of risk assessment and data analysis.
• Be competent at review and report writing.
• Broad understanding of the legal and regulatory framework within which general insurers operate.
  
  

And if you have any of these, even better.

• Comfortable working independently or as part of the wider team, planning and organising your own work in line with the annual risk plan.
• Depth of knowledge of the insurance sector; able to demonstrate an understanding of how business operates and key business processes
• Breadth of knowledge of risk management frameworks and methodology with detailed knowledge and experience of Solvency II; understands current trends and UK regulation
• Knowledge of both the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) regulatory framework and compliance/governance requirements
• Experience in developing procedures and monitoring their implementation.
• An understanding of Finance and Underwriting Risks
  
  

We don’t expect you to tick every box, and if you feel you hit the majority of the brief, it’s worth exploring to further develop your career here with us.

What’s in it for you?

• Prepare for your retirement with our colleague pension scheme.
• Private Healthcare for WL2 and Virtual GP Service for you and your family 365 days a year.
• Performance related annual bonus.
• Indulge in a generous holiday allowance with a minimum of 7.2 weeks, with the opportunity to buy holiday.
• Embrace the benefits of our Colleague Clubcard, enjoy a 10% discount that increase to 15% every payday. As an added perk, we’ll give you a second card to share with someone else.
• Green Car Leasing Scheme.
• Critical Illness cover.
• Benefit from our family-oriented initiatives, encompassing enhanced maternity leave pay, a shared parental leave policy, and a generous 8-week paid paternity leave.
• A place to get on - take advantage of our ongoing learning opportunities and award-winning training, to help you achieve the job and career you want.
• Take part in our Buy as you Earn and Save as you Earn share schemes.
  
  

Everyone’s welcome

We want all our colleagues to always feel welcome and be themselves. We’re committed to building a more inclusive workplace and celebrating everything that makes colleagues unique, and value the richness and diversity this brings to our business. A more diverse business helps us deliver on our purpose to serve our customers, communities, and planet a little better every day.

We also know the importance of balancing work with life’s other commitments. Please talk to us at interview about the flexibility you need, as we’re committed to exploring part time and flexible working opportunities, at every level of the organisation.

Interviews - May 2025.

Why Tesco Insurance and Money Services?

Seeing your impact all around you: there's no better feeling.

Lucky for us, we get to feel it all the time. Because whatever our role, we're helping our colleagues and serving our customers, communities and planet a little better every day.

We deal in the personal – from pet insurance for your best friend, and home insurance for peace of mind, to motor insurance for your dream car or travel money for that trip you’ve worked hard for.

Everything we do is about making things better. Not just for others, but for you too. It's why you'll get bags of choice and plenty of development. It's why you'll always be heard and find balance that works for you. It's why you'll feel totally at home in a place where everyone's welcome.

So, if you want a career where you can do good and feel good, you've found it.

Let's make everyday a little better.

Our story

Making Insurance and Money Services more rewarding and offering great value and choice - because we know little wins can make a big difference.

We began life in 1997 and now help more than 2 million customers protect what matters to them.

We want to deliver a helpful service in everything we do and to make life easier for our customers. Our policies are really easy to manage online for our customers, but we know that being able to speak to our customer service staff when you need to is really important. This is why our customer service centres are open seven days a week.

Delivering great customer service means having great people behind the scenes – people who understand our customers and are driven by doing the right thing for them. We offer colleagues a place where they can feel totally at home in a place where everyone's welcome, where they can be part of a great team focused on making a real difference for our customers.

How to apply

We value our people and diverse teams and believe the variety of backgrounds and experiences make us stronger to achieve our goals.

Our colleagues are working hybrid, taking time to meet with colleagues in our offices for moments that matter, such as team catch ups, planning meetings and more. If you’re interested in finding out more about what a career at Tesco Insurance and Money Services looks like, click apply to find out more!

Seniority level

• Seniority level

  Mid-Senior level

Employment type

• Employment type

  Full-time

Job function

• Job function

  Finance and Sales

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