Senior Risk Manager - Financial Risks

ERGO Group AG; Manchester; On-site; GBP 70,000 - 95,000; Full time

Job summary

A leading insurance firm is seeking a Senior Risk Manager based in Manchester or London. The role involves supporting the Chief Risk Officer in enhancing financial risk management frameworks, overseeing various risk management functions, and collaborating with senior stakeholders. Candidates should have deep knowledge of risk methodologies and a strong understanding of regulatory landscapes. Excellent analytical skills and stakeholder management abilities are essential.

Benefits

13% employer pension contribution

Annual bonus

25 days annual leave plus bank holidays

Qualifications

• Deep knowledge of risk management methodologies, including risk identification and assessment.
• Understanding of UK regulatory landscape and statutory/regulatory financial reports.
• Experience in regulated financial services firms.

Responsibilities

• Support management in documenting and communicating the company's risk appetite.
• Prepare Quarterly Risk Reports for review by the Risk Committee.
• Oversee and challenge the Internal Control System (ICS) annually.

Skills

Risk management methodologies

Analytical skills

Stakeholder management

Commercial awareness

Project management

Education

Relevant professional qualifications

Job description

Company
HSB
Location
Manchester, United Kingdom

Location: Manchester or London

Permanent

Job Purpose:

The Senior Risk Manager will support the CRO in designing, enhancing, and implementing the Financial Risk Management framework and reporting. This includes overseeing underwriting, capital, market, and credit risk management. The role involves regular interaction with senior leadership and the UK Executive team.

The Senior Risk Manager will collaborate with the Management team and engage with senior stakeholders across Actuarial, Underwriting, and Finance, ensuring risk considerations are integrated into decision-making. This includes managing the company's risk appetite and framework, providing guidance, oversight, and challenge on financial risk issues, and developing risk mitigation strategies, controls, and assessments.

The role requires maintaining strong relationships with HSB Group, MRAS, Munich Re's Risk Management functions, and the Actuarial Function Holder to ensure compliance with risk management frameworks and industry best practices.

Key Responsibilities:

• Support management in documenting, communicating, and adhering to the company's risk appetite, control framework, and policies.
• Maintain the Risk Strategy document and Annual Risk Management Plan/Objectives; report on these to the Risk Committee (RC).
• Prepare Quarterly Risk Reports for review by RC, Board, ROI BMC, and Munich Re Risk Committees.
• Act as an internal risk management SME and develop organizational capability aligned with business strategy and risk governance.
• Provide input into business strategy and planning to identify risks from new initiatives.
• Oversee Solvent Exit, recovery, and resolution planning, ensuring robust response mechanisms.
• Oversee and challenge the Internal Control System (ICS) and lead annual reviews.
• Monitor and report on the company's capital position against regulatory requirements in the UK and Ireland.
• Update internal risk policies regularly.
• Produce and coordinate the ORSA report to ensure compliance with Solvency II requirements.
• Validate ORSA data and lead assurance activities on material risks.
• Support new product development by assessing risks and providing SME guidance.
• Monitor regulatory developments and communicate implications and actions to management.
• Lead stress testing, scenario analysis, and reverse stress testing exercises annually.
• Develop and enhance Key Risk Indicators for monitoring risk profile.
• Monitor emerging risks and co-lead the Emerging Risk Working Group.
• Manage junior team members, providing guidance and support.
• Support regulatory reporting, including RSR and SFCR for UK and ROI entities.
• Conduct risk education and training across the organization.
• Build relationships with key stakeholders internally and externally, including Munich Re and HSB Group.
• Promote risk culture and awareness through staff education.
• Provide risk management support and training to business units.
• Communicate with external stakeholders such as rating agencies and auditors.
• Manage the risk team effectively.

Committee Attendance:

• Product Oversight Governance Group
• Underwriting, Claims and Compliance Committee
• Risk Committee (by invitation)
• Audit Committee (by invitation)
• ROI Branch Management Committee (Attendee)

Key Skills & Experience:

• Deep knowledge of risk management methodologies, including risk identification and assessment.
• Understanding of UK regulatory landscape and statutory/regulatory financial reports.
• Excellent analytical and numerical skills.
• Ability to manage stakeholders across multiple locations.
• Influencing and motivating skills.
• Strong planning, organizational, and prioritization skills.
• Commercial awareness.
• Understanding of risk management techniques relevant to the Engineering Insurance market.
• Knowledge of project management methodologies.
• Experience in regulated financial services firms.
• Relevant professional qualifications supported.
• Additional benefits include 13% employer pension contribution, annual bonus, 25 days annual leave plus bank holidays.

At HSB Group, we value diversity, equity, and inclusion, fostering innovation and resilience. We are committed to building a diverse workforce across various dimensions and ensuring an equitable, inclusive environment where everyone can succeed. Candidates can request reasonable adjustments during the recruitment process.