Senior Risk Manager - Financial Risks

ENGINEERINGUK; Manchester; Hybrid; GBP 60,000 - 80,000; Full time

Job summary

A financial services company in the UK is seeking a Senior Risk Manager to oversee financial risk management. The successful candidate will support the executive team, engage with senior stakeholders, and ensure compliance with risk management frameworks. The ideal candidate has strong analytical skills and a comprehensive understanding of risk methodologies, with the ability to influence and motivate teams. This is a permanent full-time position offering hybrid work options.

Benefits

Agile/Hybrid working

Private Healthcare (Aviva)

Employer Pension Contribution of 13%

Annual Bonus

Professional Qualification Support

25 days annual leave

x2 wellbeing days per year

Qualifications

• Comprehensive knowledge of risk management methodologies including risk identification and assessment.
• Excellent analytical and numerical skills.
• The ability to influence and motivate others.

Responsibilities

• Support the senior management team to ensure the Company's risk appetite and control framework are adhered to.
• Prepare the Quarterly Risk Report for review by the Risk Committee.
• Lead the management team through the annual review and update of the Internal Control System.

Skills

Risk management methodologies

UK regulatory landscape understanding

Analytical skills

Stakeholder management

Commercial awareness

Job description

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View more categories View less categories Sector Insurance Role Senior Executive Contract Type Permanent Hours Full Time

Role: Senior Risk Manager (Financial Risks)

Location: Manchester or London

Permanent

Job Purpose:

The Senior Risk Manager will support the CRO in the design, enhancement and implementation of the Financial Risk Management framework and reporting. This is includes overseeing aspects of underwriting, capital, market and credit risk management. This role will involve regular interaction with all of the Senior leadership and UK Executive team.

The Senior Risk Manager will work collaboratively with the Company's Management team and engage with senior stakeholders across, Actuarial, Underwriting and Finance, ensuring risk considerations are integrated Into decision making. This includes leading the management of the Company's risk appetite and framework providing guidance, oversight and challenge on financial risk issues, together with development of key risk mitigation strategies, controls and assessments.

The Senior Risk Manager will maintain strong relationships with HSB Group, MRAS and Munich Re Integrated Risk Management functions and the Actuarial Function Holder, ensuring HSBEIL's compliance with HSB/Munich Re risk management framework as well as UK industry best practice.

Key Responsibilities:

• Support the senior management team to ensure the Company's risk appetite, control framework and policies are clearly documented, communicated and adhered to.
• Maintain the Company's Risk Strategy document and Annual Risk Management Plan/Objectives. Report on the status of these objectives and other risk the Risk Committee (RC).

• Prepare the Quarterly Risk Report for review by RC, Board, ROI BMC and HSB Group/MRe North American Risk Committees.
• Act as an internal risk management subject matter expert and develop organisational capability around risk governance which is aligned with HSBEIL's business plan and risk strategy;
• Provide input into the annual business strategy and planning processes to ensure any risks from changes in business strategy or focus (e.g., new products, distribution channels or territories) are identified and appropriately documented.
• Contribute to and oversee the Solvent Exit and recovery and resolution planning, ensuring robust documentation of the Company's response mechanisms in scenarios of severe financial stress

• Provide oversight and challenge to the Company's Internal Control System (ICS). Lead the management team through the annual review and update of ICS.
• Monitor and report on the capital position of the Company against the various regulatory requirements in each territory where regulatory capital is held (UK & Ireland)

• Regular monitoring and updating of all internal risk policies.

• Produce and update of the HSBEIL ORSA report and coordination of the ORSA process to ensure the Company continues to comply with its regulatory capital and risk reporting requirements under the Solvency II framework.
• Deliver 2nd line validation of numbers supplied for the ORSA
• Lead deep dive assurance activities for material financial and insurance risks.
• Support the new product development and approval process by facilitating product risk assessment and providing SME guidance into product reviews
• Pro-actively monitor regulatory developments as they relate to prudential, risk and solvency matters; evaluate their impact on the Company and concisely communicate the key implications to management together with recommended actions to the appropriate department heads.
• Lead the stress tests, scenario analysis and annual reverse stress testing exercises to ensure these are completed and documented at least annually.

• Lead the development and enhancement of effective Key Risk Indicators for monitoring the businesses risk profile
• Proactively horizon scan and monitor emerging risks to which the Company may become exposed in order that management can be timely alerted to take action and co lead the Emerging Risk Working Group Forum alongside the operational risk manager.
• Manage junior members of the team and provide support, guidance and direction to ensure effective delivery of the functional plans and objectives.
• Support the business in the production of regulatory reporting including RSR and SFCR for the UK and ROI entities.
• Conduct continuous risk education and training for all employees of HSB UK & Ireland to ensure a sufficient level of risk awareness and culture is established in the Business
• Build and maintain relationships with key stakeholders within and outside the organisation including Munich Re, HSB Group and other entities.

• Promote risk culture and awareness through education of key staff on risk management and HSB/Munich Re risk management practices.
• Provide support and training to business units on risk matters as required.

• Communicate with external stakeholders (rating agencies, auditors) on risk management topics as necessary.
• People management of staff within the risk function.

Committee Attendance:

• Emerging Risk Working Group
• 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:

Essential

• Comprehensive knowledge of risk management methodologies including risk identification and assessment
• Sound understanding of UK regulatory landscape as well as statutory and regulatory financial reports.
• Excellent analytical and numerical skills
• Ability to manage multi location stakeholders
• The ability to influence and motivate others.
• Strong skills in planning, organising and prioritisation
• People management
• Strong sense of commercial awareness.

Desirable

• Thorough understanding of the latest risk management techniques appropriate to the Engineering Insurance market
• Understanding of project management methodology
• Relevant role held previously at regulated financial services firm

Benefits:

• Agile/Hybrid working
• Private Healthcare (Aviva)
• Aviva Digital GP
• Employer Pension Contribution of 13%
• Annual Bonus
• Professional Qualification Support
• 25 days annual leave (plus bank holidays)
• x2 wellbeing days per year

Company

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