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- Tasks: Lead the Financial Risk Operations team and manage key financial risk frameworks.
- Company: Join Phoenix Group, a leading FTSE 100 savings and retirement business with a commitment to sustainability.
- Benefits: Enjoy flexible working, up to £165,000 salary, generous leave, and excellent corporate perks.
- Why this job: Be part of a collaborative culture that values your input and supports your professional growth.
- Qualifications: Deep understanding of life insurance balance sheets and experience in financial risk oversight required.
- Other info: We welcome diverse applicants and offer adjustments during the recruitment process.
The predicted salary is between 110000 - 220000 £ per year.
Edinburgh, Scotland, United Kingdom
Wythall, Birmingham, England, United Kingdom
London, England, United Kingdom
(Hybrid)
Job Description
Job Type:Permanent
Location: This role could be based in either our London, Birmingham or Edinburgh offices with time spent working in the office and at home.
Flexible working:All of our roles are open to part-time, job-share and other types of flexibility. We will discuss what is important to you and balancing this with business requirements during the recruitment process.You can read more about Phoenix Flex here.
Closing Date:15.8.25
Salary and benefits: Up to £165,000 dependant upon experience, plus an indicative bonus range of 30-60%, private medical cover, 38 days annual leave, excellent pension, 12x salary life assurance, career breaks, income protection, 3x volunteering days and much more.
What are we looking for?
The role leads delivery of the ORSA and Recovery and Resolution Plans (RRP) , owns and maintains the core Financial Risk Frameworks (incl Risk Appetite, Stress and Scenario Testing and Balance Sheet Governance), and leads on the operational management of the Financial Risk Team. Through leading the ORSA and RRP delivery, working closely with the business, Financial Risk Leadership team and other Risk Pillars, the role supports overall effective oversight of the Group’s long-term financial strategy.The role supports the overall effectiveness and efficiency of the Financial Risk team through resource management and planning, working closely with the business and Financial Leadership team. The role will also input into wider Risk Reporting, working with the Leadership team to simply and effectively capture key risks and issues and flow this into key reports
Who are we?
We want to be the best place that any of our 6,600 colleagues have ever worked.
We’re Phoenix Group, we’re a long-term savings and retirement business. We offer a range of products across our market-leading brands, Standard Life, SunLife, Phoenix Life and ReAssure. Around 1 in 5 people in the UK has a pension with us. We’re a FTSE 100 organisation that is tackling key issues such as transitioning our portfolio to net zero by 2050, and we’re not done yet.
Key responsibilities
Support the Financial Risk Director through leading the delivery of the Group’s ORSA and Recovery and Resolution Plan, working closely with the business and Risk Function. In particular, this role will work closely with the Head of Balance Sheet & ALM Oversight, ensuring the individual fully understands the Group’s Balance Sheets and Business Performance. The Head of Financial Risk Operations will also own the core Financial Risk Frameworks and support with effective operational management of the team. The individual is expected to work independently with minimal managerial oversight.
The role includes supporting the risk partnering through influencing the business to take ownership of risk management and providing advice and guidance on how risk management can be improved to support delivery of business outcomes. This includes ensuring that material decisions appropriately considers key risks and trade-offs, and that that material risks have been properly identified and managed in line with Phoenix’s risk appetite. Line 2 opinions should consider the Group’s strategic objectives and consider the balance of commercial and risk implications. The individual should ensure both internal and external factors in assessing the forward looking risk profile of the Group so that all material risks are considered in the ORSA and RRP.
A key focus is fostering a collaborative work environment, helping the business navigate complex challenges and support finding commercial solutions. As such, the individual is expected to act as an escalation point for resolution of complex issues or decisions. A critical elements of the role is to communicate complex financial concepts simply and concisely to stakeholders (both financial and non-financial).
The role is responsible for defining, implementing and maintaining an effective and efficient risk oversight model as it pertains to areas within scope of this role, including providing clarity on the Line 2 activities in line with the three Lines of Defence Model. A key part of the role is ensuring the risk management frameworks and appetites remain appropriate, and that appropriate risk identification, measurement, management and MI and reporting is in place in the business, to allow for the ongoing monitoring of risk exposure against appetite.
The individual leads theFinancial Risk Operations team, developing a high-performing team that consistently exceeds expectations through strong communication, trust and accountability, business and team focus, outcome oriented goals, clear expectations and active management. Defining, prioritising and ensuring delivery of medium to long-term team priorities, ensuring delivery is efficient and meets budgetary, time and quality targets whilst maintaining effective oversight.
The individual should be active in the industry and external Risk community.
Essential
- Deep understanding of a life insurance balance sheet (assets and liabilities), balance sheet management principles. life insurance products, and regulatory frameworks (Solvency UK, IFRS 17, UK GAAP)
- Deep experience in delivering ORSA and Recovery and Resolution Plans with a good understanding of all risks facing a life insurance balance sheet and a strong understanding of financial and investment risks
- Extensive experience in effective and efficient financial risk oversight (including developing risk frameworks and setting risk appetite), focusing on material risks and balancing commercial outcomes and risk considerations.
- Proven ability in bringing teams together and leading delivery of enterprise-wide change in a large, complex organisation
- Experience in leading a medium to large team, with proven ability in developing a high-performing team
We want to hire the whole version of you.
We are committed to ensuring that everyone feels accepted and welcome applicants from all backgrounds. If your experience looks different from what we’ve advertised and you believe that you can bring value to the role, we’d love to hear from you.
If you require any adjustments to the recruitment process, please let us know so we can help you to be at your best.
Please note that we reserve the right to remove adverts earlier than the advertised closing date. We encourage you to apply at the earliest opportunity.
Find out more about #LifeAtPhoenix
- Guide for Candidates: thephoenixgroup.pagetiger.com/guideforcandidates
- Find or get answers from our colleagues:
- #LI-TT3
- #LI-REMOTE
- #LI-HYBRID
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Head of Financial Risk Operations employer: Phoenix Group
Contact Detail:
Phoenix Group Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Head of Financial Risk Operations
✨Tip Number 1
Familiarise yourself with the key responsibilities of the role, especially around ORSA and Recovery and Resolution Plans. Understanding these concepts deeply will allow you to engage in meaningful conversations during interviews and demonstrate your expertise.
✨Tip Number 2
Network with professionals in the financial risk management field, particularly those who have experience in life insurance. This can provide you with insights into industry trends and challenges, which you can discuss during your application process.
✨Tip Number 3
Stay updated on regulatory frameworks like Solvency UK and IFRS 17. Being knowledgeable about these regulations will not only enhance your understanding but also show your commitment to staying current in the field.
✨Tip Number 4
Prepare to discuss your leadership style and how you've successfully managed teams in the past. Highlighting your ability to develop high-performing teams will resonate well with the expectations for this role.
We think you need these skills to ace Head of Financial Risk Operations
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in financial risk management, particularly in life insurance. Use specific examples that demonstrate your understanding of balance sheet management and regulatory frameworks.
Craft a Compelling Cover Letter: In your cover letter, express your passion for the role and the company. Discuss how your skills align with the responsibilities outlined in the job description, especially your experience with ORSA and Recovery and Resolution Plans.
Showcase Leadership Skills: Since this role involves leading a team, emphasise your leadership experience. Provide examples of how you've developed high-performing teams and managed complex projects in previous roles.
Highlight Communication Abilities: The ability to communicate complex financial concepts simply is crucial. Include examples in your application that demonstrate your communication skills, particularly in stakeholder engagement and risk management.
How to prepare for a job interview at Phoenix Group
✨Understand the Financial Risk Landscape
Make sure you have a deep understanding of financial risk management, especially in the context of life insurance. Familiarise yourself with ORSA and Recovery and Resolution Plans, as well as the regulatory frameworks like Solvency UK and IFRS 17. This knowledge will help you demonstrate your expertise during the interview.
✨Showcase Leadership Skills
As the Head of Financial Risk Operations, you'll be leading a team. Be prepared to discuss your experience in managing teams and driving enterprise-wide change. Share specific examples of how you've developed high-performing teams and fostered collaboration in previous roles.
✨Communicate Complex Concepts Simply
You'll need to convey complex financial concepts to both financial and non-financial stakeholders. Practice explaining intricate ideas in a straightforward manner. This skill is crucial for ensuring that everyone understands key risks and trade-offs involved in decision-making.
✨Prepare for Scenario-Based Questions
Expect scenario-based questions that assess your problem-solving abilities and risk management strategies. Think about past experiences where you navigated complex challenges and how you can apply those lessons to potential situations at Phoenix Group.
