Operational Risk Oversight Manager

Chaucer is a leading insurance group at Lloyd's, the world's specialist insurance market. We help protect industries around the world from the risks they face. Our customers include major airlines, energy companies, shipping groups, global manufacturers and property groups. Our headquarters are in London, and we have international offices in Copenhagen, Miami, Dubai and Singapore to be closer to our clients across the world.

Chaucer is looking for an experienced and detail-oriented Operational Risk Manager to join our risk team in London. Operating as part of the 2nd line of defence, the role ensures that all operational risks are managed in line with the companies Enterprise Risk Management Framework and associated policies. In practice, this means providing proactive monitoring and challenge to how the business (the first line) manages its risks, and reporting on risk issues to Risk Owners, senior leadership and risk committees. The role reports into the Group Head of Risk and you will work closely with the Enterprise Risk Manager and the first line Group Head of Operational Risk and team.

Main Duties

• Actively engaging with risk and control owners to ensure effective management of the company’s operational risks.
• Monitoring the business risk and control environments, risk profile and adherence with risk appetites.
• Production of risk management information / regular reporting for committees, management meetings and the wider Group.
• Maintenance of core operational risk documentation including the Operational Risk Policy, Internal Control Framework, and elements of the Group ERM Framework.
• Undertaking risk assessments on business initiatives and emerging risks as required and report findings to the relevant risk oversight forums.
• Support the development and implementation of a group wide GRC system and ongoing management and maintenance of the system.
• Oversight of the application of the Project Risk Management Framework through the Transformation Management Office and active engagement in project teams for specific projects.
• Work with the first line in the continuous enhancement and development of specific operational risk frameworks, e.g. IT Security Risk Management and Operational Resilience Framework, Operational Risk Appetite Framework.
• Support the key regulatory reports that fall under the remit of the team such as the Annual ORSA Report, and Internal Model Validation.
• Undertake annual operational risk stress and scenario testing to support internal model parameterisation.
• Build relationships with internal stakeholders to effectively communicate key risk issues and to ensure timely receipt of key risk metrics and KPIs.

Regulatory Responsibilities

• Support in the production of Regulatory Reports.
• Broad enterprise risk management experience, ideally gained in insurance or in other financial services.
• Well established understanding of operational risk management, internal controls processes and operational risk management techniques.
• Experience of working with GRC platforms, the role requires the candidate to be a key user and advocate of our GRC system.
• Knowledge of IT risk and operational resilience practices, ideally supported by experience in applying or advising on frameworks such as the Digital Operational Resilience Act (DORA), ISO27001 etc.
• Broader risk and insurance awareness.
• Expertise in the administration of a GRC system.
• Experience within a Lloyd’s Managing Agency.
• Achieved or working towards a risk management qualification (e.g. IRM).
• Experience within an IT discipline.

Personal Skills

• Experience in preparing and presenting high quality reports for internal and external stakeholders demonstrating a strong attention to detail.
• Exceptional interpersonal skills. This is a people facing role requiring a friendly and approachable professional.
• Ability to manage and prioritise competing demands.
• Ability to work efficiently in a diverse and dynamic environment.
• Excellent planning and organisational skills.
• Strong quantitative and analytical skills.
• Able to think critically to solve problems and justify decisions.
• Capable of demonstrating judgement and decision making.
• The ability to challenge and question established practices and contribute to the development of new processes.
• Self-motivated with a professional outlook.

Why Chaucer

An established market leading Insurer, where over the past 5 years, the Chaucer Group has seen significant and successful growth. In 2019, we wrote $1.4bn of Gross Written Premium, closed 2023 with $2.7bn, and are on track to write well over $3bn in 2024. This is an exciting time for Chaucer; we have the people, the platforms, the expertise and the relationships to continue our recent success. We will remain focused on the areas where we can provide the most expertise and value to our brokers and clients. We have no appetite to change this, whilst the market is steadily moving back to 4/1 working days, we are continuing to operate on a much more flexible hybrid basis with Heads of teams working closely with employees to strike a balance of what works best in their area. Our approach has been immensely popular and a successful way of working for the business and all employees at Chaucer.

Chaucer is committed to diversity, actively values difference and respects people regardless of the protected characteristics which are outlined in the Equality Act 2010 (UK legislation) as a result of the Equal Treatment Directive 2006 (EU legislation). A diverse workforce and an inclusive workplace are core to our success as a business and integral to our winning strategy and culture. We recruit from the widest available pool of talent, and our hiring, assessment and selection process is fair, free from bias and one which ensures we select the right person for the job, based on merit. We are committed to promoting a culture that actively values difference, and recognises that everyone has the right to be treated with dignity and respect throughout their employment. We are open to considering flexible working arrangements for all roles and encourage you to outline your needs during the interview process.

Benefits

Extensive, non-contributory benefits, including pension, medical insurance, life insurance, flexi benefits, options for buying and selling holidays, not to mention a diverse and inclusive culture, we pride ourselves on managing employees welfare. We have a wide range of other benefits on offer.

Seniority level: Mid-Senior level

Employment type: Full-time

Job function: Other

Industries: Insurance