Location: London/ Hybrid
Salary: Competitive
About the role
To contribute to the management of Financial Risk at the company with a particular focus on ensuring that the business maintains an appropriate solvency position and balance sheet strength to support its activities and strategic objectives
Principal Accountabilities: 8-10 outcomes
- To lead, or contribute to as part of the team, the appropriate management, use and oversight of the business Internal Model (LIM).
- Responsible for the governance processes and forums (incl. the Internal Model Oversight Committee) to ensure the LIM activity is appropriately scrutinised and overseen
- Responsible for the ensuring key processes and frameworks relating to the Internal Model remain fit for purpose including Model Change Policy, Governance and Use processes. Where any changes are identified, the role will lead the appropriate governance sign-off including input into Minor or Major Model Change applications
2. To lead, or contribute to as part of the team, a range of key capital
management processes intended to support stakeholders quantify risks relating to the business solvency position.
management processes intended to support stakeholders quantify risks relating to the business solvency position.
- Lead the development of the Capital and solvency sections of the ORSA (annually and quarterly), including future solvency projections
- Co-ordinate Stress and Scenario Testing and Reverse Stress Testing to support key activities such as model validation, ORSA, business plan stress testing and ad-hoc regulatory stress test exercises
- Support with activities in the maintenance of the business Recovery and Resolution Planning
3. Provide risk input into key capital management initiatives
- Work with colleagues in Finance to provide second line support and challenge around capital management strategy and initiatives
- Produce risk opinions to support decision-making by senior stakeholders
4. To support other areas of the financial risk team, particularly on the management of investment, liquidity and capital risks
5. Provide second line support and challenge of colleagues working on syndicate oversight to ensure oversight activity continues to be risk- based, forward-looking and in line with Principles Based Oversight framework
6. Support in the validation of the business Internal Model, with a particular focus on the Economic Scenario Generator, Investment Risk Model and the appropriateness of Market risk component
7. Provide ad-hoc input into risk opinions for syndicate new entrants applications
8. Maintain view on risks to financial stability
9. To respond with agility to requests (i.e. adhoc projects) from the Chief Risk Officer or Head of Risk Management
5. Provide second line support and challenge of colleagues working on syndicate oversight to ensure oversight activity continues to be risk- based, forward-looking and in line with Principles Based Oversight framework
6. Support in the validation of the business Internal Model, with a particular focus on the Economic Scenario Generator, Investment Risk Model and the appropriateness of Market risk component
7. Provide ad-hoc input into risk opinions for syndicate new entrants applications
8. Maintain view on risks to financial stability
9. To respond with agility to requests (i.e. adhoc projects) from the Chief Risk Officer or Head of Risk Management
13. Leadership expectations
The role holder is expected to:
- Contribute to an open and transparent culture of risk management and demonstrate a strong awareness of the risks that should be managed within the responsibilities of the role; and
- Deliver responsibilities in line with all relevant risk appetites, policies, reporting and when applicable, membership on or input to risk committees.
- To build and maintain good relationships with all relevant Corporation departments, including ‘Heads of’ functions where appropriate.
As a member of the Risk Management team, this role is critical in delivering an effective and internal control framework. The key dimensions are noted above.
15. Role Dimensions
- N/A – role not responsible for budget or financial authority
Skills
- Numerate/enhanced analytical skills - the ability to apply technical actuarial and risk management knowledge in a wide variety of situation in both written and oral form, to assess sometimes complex, intricate and lengthy information and reach appropriate conclusions.
- High degree of stakeholder management and relationship skills to build relationships with a range of stakeholders. This will include an ability to actively influence colleagues to achieve the right risk outcomes for the organisation.
- Advanced communication skills - the role will involve a large amount of engagement with stakeholders at various levels across the Corporation, including the production of analysis reports which must be clear, accurate and easily accessible to both technical experts and those with a more general understanding of risk management.
- Time management skills - used to working to deadlines and under a certain amount of pressure. Ability to maintain effective personal workload plans that are achievable, prioritised appropriately and meet business objectives.
- Team working - should be used to working as part of a team, making effective contributions to team meetings and team initiatives and also be able to take ownership of tasks and projects
- Challenge - ability to productively challenge technical experts across Lloyd’s and be robust/resilient under scrutiny
• Strong knowledge of:
- UK insurance regulatory regime and requirements
- The operation of insurer internal models and capital modelling techniques
- The insurance industry and the Lloyd’s market
- Financial markets and the role of different asset classes in insurers’ investment portfolios
- Experience in managing stakeholders including challenging or unsupportive stakeholders
- Experience of Solvency II and current trends in UK insurance regulation
- Strong experience of risk management frameworks, tools and processes, including internal models
- Qualified actuary (beneficial)