Purpose of the Job:
To assist the Head of Risk management (GM) in implementing and embedding the risk management framework activities into the SBU, with the aim of implementing and driving policies and practices that will minimise the risk exposure of the company and to support the company in its vision is to build on its position as a leading and profitable UK-domiciled international general insurance and reinsurance group that improves the economic well-being and quality of life of all its stakeholders.
Budget and Headcount information:
To be responsible for the preparation and monitoring of the GM Risk Register.
Provide guidance, direction and regular communication on performance to the GM community and to suggest improvements to performance and policy to the Operational Risk Management Group function.
Principal Responsibilities:
Responsibility for working with the SBU members to:
- Identify and quantify risks.
- Undertake regular reviews, provide challenge and update the risk register.
- Provide regular reporting to Global Markets Committee, Operational review and Operational Risk Management Group on the SBU’s risks and controls.
- Work with SBU members to identify, quantify, document and test controls.
- Work with SBU members to define risk appetite and tolerance.
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Responsible generally for co-ordinating Risk Management database outputs and delivering standard reports, the format of which will be agreed by Risk Management Group and Company Secretary (on behalf of PLC Board, EMC and its sub-committees).
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Liaising with Internal Audit as to the effectiveness of the control environment.
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Liaising with Finance to derive other Risk Management information that would be of significant benefit to the Risk Management Framework.
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Carry out ad-hoc reviews or produce bespoke reports as directed by the Operational Risk Management Group.
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Co-ordinating Risk Management feedback for business unit.
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Co-ordinating Global Markets Annual Report information on behalf of Risk Management Group on Internal Controls for AuditCom and PLC Board.
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Linking Risk Management Framework to Internal Capital Assessment model through liaison with Actuarial and Finance.
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Work with the business to develop action plans to manage risks within pre-agreed tolerance and monitoring action plan deliverables.
- Passing PSB Policy database responsibility to Compliance.
Decision making responsibilities:
- Interrogating the Global Market’s Risk Register and reviewing changes to the SBU’s risk profile.
- dentifying and evaluating risks that may limit the SBU’s ability to fulfil its strategic objectives with accountability to the RMG.
Educations, Qualifications, Knowledge, Skills and Experience:
The incumbent should be:
- educated to degree level or equivalent.
- have a good working understanding of the UK non-life insurance industry including a strong understanding of underwriting activity.
- have experience in implementing a risk management framework, including risk quantification.
- have strong written and oral communication skills including the ability to present to an audience.
- have strong IT skills including Excel and Word.