Senior Risk Manager

International General Insurance Co. Ltd; London; On-site; GBP 70,000 - 90,000; Full time

Job summary

A leading international insurance firm in London is seeking a Senior Risk Manager to manage execution of their risk program. The ideal candidate will have over 5 years of experience in risk management within the Lloyd's/London market and possess strong communication and strategic thinking skills. This critical role will engage with various stakeholders and contributes to overall risk culture and framework development.

Qualifications

• 5+ years of risk management experience within the Lloyd's/London Market.
• Thorough understanding of Risk Management Frameworks within an insurance company.
• Good understanding of insurance regulations in the EU and/or Bermuda.

Responsibilities

• Facilitate and administer the execution of the risk program.
• Oversee the effective operation of the Risk and Capital Management Framework.
• Manage and oversee the execution of quarterly Risk and Control Self-Assessment.

Skills

Risk management

Communication skills

Strategic thinking

Attention to detail

Education

Bachelor's degree in Risk Management, Economics, Insurance, Accounting, Business Management, Finance

Job description

Job Summary

As the Senior Risk Manager, the jobholder facilitates and administers the execution of the risk program and supporting the risk team, including the Group Head of Risk in applying the Risk and Capital Management Framework in IGI Group.

This role will be based in the London office and will manage all aspects of risk for IGI Group in conjunction with the Group Risk Management Team. This role reports into the Group Head of Risk who is based in Malta.

Job Description

Company Description

IGI - International General Insurance Co. Ltd. is a leading international specialist commercial insurer and reinsurer with a global portfolio of Energy, Property, Construction & Engineering, Ports & Terminals, Marine, Financial Institutions, General Aviation, Professional Indemnity, Casualty, Directors' and Officers', Legal Expenses, Political Violence, Contingency and Treaty Reinsurance. Registered in Bermuda as a limited liability company, with operational headquarters in Amman, Jordan and offices in London, Malta, Bermuda, Norway, Dubai, Kuala Lumpur and Casablanca, we aim to deliver outstanding levels of service to our clients and brokers.

Key Responsibilities

• Contribute towards embedding a strong and effective risk culture within the business.
• Oversee the effective operation and development of the Risk and Capital Management Framework (RCMF) in respect of IGI Group and its subsidiaries, including the annual review of the RCMF.
• Contribute to the development and execution of the annual risk management plan.
• Assist in identifying and managing all material risks faced by the business.
• Manage and oversee the execution of the quarterly Risk and Control Self-Assessment (RCSA) process within the newly implemented GRC system, including conducting deep dives into key risk and control areas regularly and reporting findings to the relevant boards and committees.
• Oversee the identification, monitoring, and reporting of risk events. This includes coordinating with relevant departments to understand the root cause of the event, assess the impact and identify lessons learned.
• Assist the business in setting and understanding of risk appetites and tolerance limits across key risk areas, maintaining an aggregated view on the risk profile of the Group and subsidiaries. This includes coordinating the review and update of the Risk Appetite Framework to ensure alignment with strategic objectives and regulatory expectations.
• Monitor board approved risk metrics, report any material breaches, recommend actions taken in response, and review processes and procedures to prevent future occurrences.
• Oversee the effective execution of the Business Continuity Management Framework (BCMF), Office Response plans and associated activities, including the annual Business Impact Assessments.
• Assist in evaluating, monitoring and reporting the economic and regulatory capital requirements of the Group and its subsidiaries (including Rating Agency capital).
• Coordinate with the relevant functions to maintain and develop appropriate stress and scenario tests and reverse stress tests, reporting the results and any recommended remedial actions appropriately.
• Coordinate with key functions to develop and maintain the Group and subsidiaries' pre-emptive recovery plans, including the capital management plan and liquidity management plan.
• Oversee the identification, monitoring and assessment of emerging risks and assist the business in providing relevant risk information and associated mitigation measures.
• Produce the annual Own Risk and Solvency Assessment (ORSA) report, ensuring appropriate governance around the ORSA process.
• Support the Group Head of Risk on formulating responses to ad-hoc requests from regulators, rating agencies, and other internal or external stakeholders
• Monitor and review ESG initiatives, including climate-related risks on behalf of the Group, and address the recommended actions from the double materiality assessments.
• Provide risk-related expertise, support, and challenge in key strategic and business initiatives.

Key Attributes & Professional Qualifications

• Risk management professional with 5+ years of experience within the Lloyd's/London Market.
• A bachelor's degree as a minimum in Risk Management, Economics, Insurance, Accounting, Business Management, Finance, or related fields
• A thorough understanding Risk Management Frameworks within an insurance company. A good understanding of insurance regulations in the EU and/or Bermuda would be considered an asset.
• A good understanding of ESG-related risks and ESG regulatory obligations would be preferable.
• Excellent verbal and written communications skills, and the ability to work effectively in a multicultural environment and across different jurisdictions.
• Creative, innovative and logical thinking, with great attention to detail.
• Ability to think strategically and proactively.
• Self-motivated to learn and identify areas for further self-development as well as to actively share knowledge.