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The Risk Management function is responsible for ensuring that the Risk Framework Policy remains current, effective and suitable for the risk profile of the business and is implemented in such a way that is aligned to the company's objectives. The Risk Management function operates as a second line of defence to assist the business in managing and measuring risk.
ROLE DESCRIPTION AND PRINCIPLE DUTIES
Risk Management Framework:
-Provide support in maintaining the Risks Universe and Risks Register in accordance with Risk Management objectives; and to reflect the business risk profile, and new and emerging risks.
-Assist the business in risk awareness, knowledge and training.
Risks and Controls Assessment Cycle:
-Provide support for the undertaking, documentation and reporting of risks and controls assessments in conjunction with business risk and control owners.
-Update and maintain risk management information in Magique (Risk Management software system).
Risk Management Reporting - work collaboratively to support and enable the:
-Regular reporting of risk management activities and results to key stakeholders.
-Collection, analysis and development of Key Risk and Key Control Indicators.
-Collection and analysis of Risk Reported events including 'Losses and Near-Misses' reporting.
-Regulatory deliverables including Own Risk and Solvency Assessment (ORSA) Reports.
Key Risk Scenarios and Parameters - assist with the preparation of key Internal Model inputs.
Stress and Scenario Testing - contribute to the development and performance of testing for risk and capital and solvency management.
Validation and Assurance - support the planning, management and undertaking of testing and reporting on the validation and assurance of the Internal Model and Standard Formula.
Committees and Working Groups:
-Provide support in the preparation of materials and documentation of meetings including minutes, actions and outcomes arising from the Risk and Capital Committee; and Capital Modelling and ORSA Working Groups.
-Maintain and update the Risk Management function's suite of policies, processes and procedures in accordance with the on-going governance review cycle.
-Maintain and update the Risk Management function's activity and deliverables schedule including identifying and tracking key dependencies and deadlines.
KNOWLEDGE, SKILLS AND EXPERIENCE
2-3 years of relevant insurance experience in Lloyd's / London Market within Risk Management.
Educated to degree level. Progression towards ACII or similar designation desirable but not essential.
Solvency II knowledge and awareness of insurance regulatory matters.
Knowledge of key risk types as applicable to commercial (re)insurance.
Strong Microsoft Office skills including Excel, Word, and PowerPoint.
Good interpersonal skills to positively interact with risk and control owners and business stakeholders.
Team player - willing to perform all types and levels of work from leading and coordinating activities to producing detailed output and performing administration tasks when required.
Excellent written and verbal communication and presentation skills.
Enthusiastic, self-starter and willing to learn.
Proactive and efficient with an ability to quick grasp issues and work at both summary and detailed levels.
Previous experience with Magique or another risk management system desirable but not essential.
CONDUCT & BEHAVIOUR
Act with Integrity. (PRA/FCA)
Act with due skill, care and diligence. (PRA/FCA)
Be open and co-operative with the FCA, PRA, Lloyd's and other regulators. (PRA/FCA)