Head of Financial Risk - Insurance - £120,000-£140,000
An opportunity has come up to play an integral part in the next stage of this insurers journey. You will lead lead the financial risk function, and report in to the CRO, as well as working closely with the investment director.
Your role will require you to lead the Financial Risk area of the Risk Function providing appropriate insight and assurance to the CRO about the financial (insurance, market, counter-party credit, credit) related risks (both current and emerging) facing the firm and the extent to which capital or other mechanisms adequately reflects these.
The Head of Financial Risk will play an important role:
- Linking the strategic objectives of the company to the way financial risks are understood and managed in support of these objectives.
- Assessing the adequacy of financial risk modelling outputs to inform business decisions.
- Developing and maintaining effective relationships needed to support these activities.
- Ensuring the framework for financial risk remains appropriate and takes into consideration internal requirements and wider industry developments.
The Financial Risk team falls within the remit of the Chief Risk Officer and works closely with the wider risk, actuarial, investment and finance departments.
This role is subject to the Senior Managers and Certification Regime, a regulatory requirement of the Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA). The occupant of this role will be a Certified Person Key Function Holder.
Role deliverables (responsibilities/duties)
Establish and maintain a comprehensive financial risk strategy and supporting components including relevant policies and procedures, risk appetite, stress and scenario testing, risk MI and risk governance. These to be delivered consistent with the holistic Enterprise Risk Management Framework.
Provide relevant assurance over Financial Risk activities undertaken within the 1st line through periodic deep dive reviews, investigations, and general oversight activities.
Establish, validate, and report risk MI to the CRO and relevant bodies within the governance framework.
Act as a member of the senior Risk leadership team contributing to the development and maintenance of an effective risk framework and culture.
Liaise with relevant first line functions to support, guide and challenge the identification, management and monitoring of financial risk including (but not limited to) where these relate to:
Insurance pricing
Technical provisions & UK GAAP reserves
Business planning
Reinsurance
Underwriting
Investments
Asset & liability management
Liquidity management
Pension fund management
- Review and validate analysis of actual financial risk related experience and report to the CRO on any arising implications.
- Advise on risk mitigation strategies and implementation across insurance risk, market risk, counterparty credit, credit, liquidity risk etc. including supporting the assessment of operational risk management supporting these activities.
- Support the development and embedding of the organisational understanding and response to the financial risks from climate change.
- Utilise subject matter expertise to lead the validation of the assessment of solvency capital either on a standard formula or economic capital basis.