Risk Manager

Faraday Underwriting Limited; City Of London; On-site; GBP 70,000 - 85,000; Full time

Job summary

Faraday Underwriting Limited is seeking a Risk Manager to enhance its risk management framework and support governance processes within its Risk team. This pivotal role involves collaboration with senior leadership, managing risk initiatives, and engagement with various stakeholders, fostering a proactive risk culture within the organization.

Qualifications

• Proven experience in risk management within the general insurance industry.
• Experience within the Lloyd's Market is highly desirable.
• Broad understanding of the current risk management environment.

Responsibilities

• Lead internal model validation process and regular risk assessments.
• Contribute to the full ORSA lifecycle and support risk reporting.
• Collaborate with stakeholders and present findings.

Skills

Analytical Skills

Communication Skills

Interpersonal Skills

Problem Solving

Education

Relevant professional qualification (e.g., CII, IRM, IFoA)

Relevant university degree

Job description

Join to apply for the Risk Manager role at Faraday Underwriting Limited

Join to apply for the Risk Manager role at Faraday Underwriting Limited

Faraday is part of the General Re Corporation, a wholly owned subsidiary of Berkshire Hathaway. In this respect we have a uniquely solid and stable financial capability.

Faraday's Syndicate 435 at Lloyd's underwrites Aviation, Casualty (North American Specialist Lines, Financial Lines, International Casualty and UK Liability Insurance), Property (Direct & Facultative and Treaty), Accident & Health, Agriculture and Energy.

Ten distinct teams underwrite a diverse range of risks worldwide both on an insurance and reinsurance basis, developing close and mutually supportive relationships with clients and brokers in our chosen markets. Our customers are at the heart of everything we do.

We are currently offering an excellent opportunity for a Risk Manager to join the Faraday Risk team.

Main Purpose of the Role

As a risk manager you will leverage your strong quantitative and qualitative skills to enhance and embed the risk management framework across Faraday and the wider Gen Re Group. Collaborating with senior leadership and contributing to global risk initiatives, you will play a crucial role in supporting risk governance, reporting, and internal control processes.

Context of the Role

As part of a focused Risk team of three, this role offers broad exposure across the business and opportunities for professional development. You will be involved in a wide range of activities that includes internal model validation, ORSA, and regulatory deliverables, while working closely with actuarial, underwriting, and other core functions. The position also involves regular interaction with group-level stakeholders and supports both local and Group-wide risk initiatives.

Key Responsibilities

• Lead and manage the full lifecycle of the internal model validation process, including planning, execution, documentation and reporting, ensuring its independence, robustness, and adherence to regulatory requirements.
• Proactively identify topics and areas requiring in-depth assessment.
• Undertake the identified deep dives to analyse these areas and deliver the report to the appropriate governance forums (Risk Committees and Board).

Own Risk and Solvency Assessment (ORSA):

• Contribute to the full ORSA lifecycle, including he development, execution of stress and scenario testing stress and scenario testing, business planning analysis, and risk profile assessments and the documentation of such activities.
• Actively contribute to the maintenance and enhancement of Faraday’s risk management framework through systematic review, analysis, testing, and reporting on risk and control evaluations.
• Contribute to group-wide risk projects and regulatory deliverables, such as Group Risk & Control Assessments, Group Scenario Testing and Group Deep Dives.
• Facilitate risk assessments across the Group, including the analysis of current mitigations to key risks, identification of emerging risks, root cause analysis, and scenario analysis, reviewed against risk appetite statements and tolerances.
• Support the annual cycle of risk and control assessments for Faraday and the Group where required.
• Support the preparation and delivery of insightful and timely risk reports for internal stakeholders (Risk Committees and Board) and external regulatory bodies (Lloyd’s and PRA).
• Collaborate effectively with the Actuarial & Loss Modelling Function to ensure that modelled risks are thoroughly understood and effectively embedded within the broader risk management system.
• Build and maintain effective relationships with a variety of stakeholders across all business and service units, providing risk management guidance, challenge, and consultation.
• Provide robust and independent challenge of underwriting, loss modelling & actuarial activities.

Training & Development:

• Undertake regular training and development initiatives for colleagues to enhance awareness and understanding of risk management principles and practices.
• Excellent oral and written communication skills, with the ability to articulate complex risk matters clearly and concisely to various audiences.
• Experience in presenting and communicating effectively at Committees, Boards, or similar forums.
• Proven 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.

Teamwork & Interpersonal Skills:

• Highly developed interpersonal skills, fostering collaborative working relationships across diverse teams.
• Friendly, approachable, and professional demeanour.

Results Orientation & Execution:

• Excellent planning and organisation skills, with the ability to manage multiple tasks effectively and drive projects to completion, demonstrating a proactive approach to problem-solving and task management.
• Strong ability to prioritise workload and meet deadlines.
• Attention to detail and a commitment to accuracy.
• Ability to work independently, taking responsibility for meeting deadlines and ensuring work is to a high standard.
• Ability to work under pressure.
• A strong focus on completing activities to meet internal and external reporting deadlines, with a pragmatic and solutions-oriented approach and a commitment to developing collaborative relationships with business stakeholders.

Problem Solving & Analytical Skills:

• Demonstrates initiative in identifying and addressing issues, performing thorough analysis, and developing effective solutions.
• Adopts a pragmatic and proportionate approach to problem-solving.
• Ability to work effectively with minimal supervision.

Experience & Qualifications

• Proven experience in risk management within the general insurance industry, ideally with a strong understanding of actuarial principles gained through previous actuarial roles (e.g., pricing, reserving) or close collaboration with actuarial teams.
• Experience within the Lloyd's Market is highly desirable.
• Broad understanding of the current risk management environment and awareness of key developments in risk management best practice.
• Technical understanding of insurance risk principles and practices.
• Experience in preparing high-quality reports and presentations for Senior Management, Committees, and Board review.
• Relevant professional qualification (e.g., CII, IRM, IFoA) or a relevant university degree is required.

Closing Date

Address

Corn Exchange

55 Mark Lane

London

EC3R 7NE

Seniority level

• Seniority level

  Associate

Employment type

• Employment type

  Full-time

Job function

• Job function

  Other

• Industries

  Insurance

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