Financial Risk Oversight Manager (2244)

  • Location: Gloucester
  • Duration: Permanent
  • Working hours: 35 hours per week, Monday to Friday
  • Application end date: 03/12/21

About the role

To provide oversight, advice and independent challenge to the management of financial risk across the Group and includes Market, Insurance, Credit, Liquidity, Investment and Solvency

Key accountabilities

  • Support the Head of FRO in the development of the function and its priorities
  • Support the Head of FRO with the execution of the Group’s Risk Management vision and strategy, ensuring alignment of risk management activity and associated internal control activities across the Group 
  • Support the Head of FRO in maintaining an Enterprise Risk Management framework to assist the Group in its realisation of business objectives and strategic development 
  • Support the Head of FRO to ensure that risk identification and assessment activities are performed effectively across the Group, and that appropriate review, challenge and escalation procedures are in place 
  • Support in the development and execution of appropriate risk monitoring and reporting frameworks across the Group (including model risk) 
  • For areas of responsibility work collaboratively to proactively engage senior management in the continual development of risk management culture, practices and actions across the Group 
  • Support the Head of FRO in providing robust independent oversight and challenge of risk-taking activities 
  • Support the development and execution of risk management knowledge and best practice sharing across the Group to enhance risk management standards 
  • Where required provide independent risk management challenge on key management governance committees, including deputising for the Head of FRO where appropriate 
  • Provide oversight of the Group’s continued compliance with all elements of the PRA’s Solvency II Rules, providing appropriate assurance to the Board
  • Monitor the prudential regulatory environment to ensure awareness of future developments and that potential impacts on the Group are addressed in a timely and appropriate manner
  • Support the Head of FRO in the production of the Group’s Own Risk and Solvency Assessment process and report
  • Support the Head of FRO in the development and provision of quality, timely, comprehensive and comprehensible risk management information to GMB and GRC and Boards and other bodies as needed. 
  • Provide oversight to the management of model risk across the Group
  • Support the Head of FRO in the provision of challenge, opinion and risk management advice to selected key strategic developments and business plans
  • Support the Head of FRO in the independent oversight of financial risks across the Group
  • Provide advice and challenge to relevant SBUs and business management to enhance their risk management effectiveness 
  • In conjunction with the Group Actuarial teams, develop and maintain an appropriate framework for capital management, allocation and optimisation, and development of uses of the Internal Model as a risk management tool

Key Performance Indicators

  • Feedback from Head of Financial Risk Oversight and Group Chief Risk and Compliance Officer
  • Feedback from Business Unit Managing Directors and the 1st line Risk SMEs
  • All key issues identified actioned within defined SLA’s
  • Effective contribution to Risk strategy discussions

Knowledge, skills and experience

  • Significant relevant experience in business operations or operational risk roles
  • Solid risk management knowledge including risk and Solvency II regulations and best practice 
  • Credible, with proven ability to build effective relationships and to influence key stakeholders, including Directors, business managers and staff 
  • Excellent communication and influencing skills 
  • Demonstrates sound and commercial judgement and ability to design  practical and proportionate solutions
  • Strong analytical skills, proficient in analysing the underlying issues in complex problems and relating specific issues to overall risk management strategy
  • Relevant qualifications desirable but not essential