At a Glance
- Tasks: Lead risk management initiatives, validate internal models, and support governance processes.
- Company: Join a dynamic team focused on enhancing risk management in the insurance industry.
- Benefits: Enjoy professional development opportunities and collaborate with senior leadership.
- Why this job: Make a real impact on global risk initiatives while developing your skills in a supportive environment.
- Qualifications: Experience in risk management or actuarial roles is essential; relevant qualifications preferred.
- Other info: Work closely with diverse teams and stakeholders, fostering collaboration and innovation.
The predicted salary is between 43200 - 72000 £ per year.
Main Purpose of the Role:
As a risk manager you will leverage your strong quantitative and qualitative skills to enhance and embed the risk management framework. Collaborating with senior leadership and contributing to global risk initiatives, you will play a crucial role in supporting risk governance, reporting, and internal control processes.
Context of the Role:
As part of a focused Risk team of three, this role offers broad exposure across the business and opportunities for professional development. You will be involved in a wide range of activities that includes internal model validation, ORSA, and regulatory deliverables, while working closely with actuarial, underwriting, and other core functions. The position also involves regular interaction with group-level stakeholders and supports both local and Group-wide risk initiatives.
Key Responsibilities:
Internal Model Validation:
- Lead and manage the full lifecycle of the internal model validation process, including planning, execution, documentation and reporting, ensuring its independence, robustness, and adherence to regulatory requirements
- Proactively identify topics and areas requiring in-depth assessment
- Undertake the identified deep dives to analyse these areas and deliver the report to the appropriate governance forums (Risk Committees and Board)
Own Risk and Solvency Assessment (ORSA):
- Contribute to the full ORSA lifecycle, including he development, execution of stress and scenario testing stress and scenario testing, business planning analysis, and risk profile assessments and the documentation of such activities
Risk Management Framework & Governance:
- Actively contribute to the maintenance and enhancement of the risk management framework through systematic review, analysis, testing, and reporting on risk and control evaluations
- Contribute to group-wide risk projects and regulatory deliverables, such as Group Risk & Control Assessments, Group Scenario Testing and Group Deep Dives
- Facilitate risk assessments across the Group, including the analysis of current mitigations to key risks, identification of emerging risks, root cause analysis, and scenario analysis, reviewed against risk appetite statements and tolerances
- Support the annual cycle of risk and control assessments
- Support the preparation and delivery of insightful and timely risk reports for internal stakeholders (Risk Committees and Board) and external regulatory bodies (Lloyd’s and PRA)
Actuarial & Loss Modelling Liaison:
- Collaborate effectively with the Actuarial & Loss Modelling Function to ensure that modelled risks are thoroughly understood and effectively embedded within the broader risk management system
Stakeholder Management & Challenge:
- Build and maintain effective relationships with a variety of stakeholders across all business and service units, providing risk management guidance, challenge, and consultation
- Provide robust and independent challenge of underwriting, loss modelling & actuarial activities
Training & Development:
- Undertake regular training and development initiatives for colleagues to enhance awareness and understanding of risk management principles and practices
Competencies:
Communicating, Negotiating & Influencing:
- Excellent oral and written communication skills, with the ability to articulate complex risk matters clearly and concisely to various audiences
- Experience in presenting and communicating effectively at Committees, Boards, or similar forums
- Proven ability to tactfully and appropriately question and challenge the business at all levels (including Senior Management and Directors) and present considered and balanced risk opinions, findings, and recommendations
Teamwork & Interpersonal Skills:
- Highly developed interpersonal skills, fostering collaborative working relationships across diverse teams
- Friendly, approachable, and professional demeanour
Results Orientation & Execution:
- Excellent planning and organisation skills, with the ability to manage multiple tasks effectively and drive projects to completion, demonstrating a proactive approach to problem-solving and task management
- Strong ability to prioritise workload and meet deadlines
- Attention to detail and a commitment to accuracy
- Ability to work independently, taking responsibility for meeting deadlines and ensuring work is to a high standard
- Ability to work under pressure
- A strong focus on completing activities to meet internal and external reporting deadlines, with a pragmatic and solutions-oriented approach and a commitment to developing collaborative relationships with business stakeholders
Problem Solving & Analytical Skills:
- Demonstrates initiative in identifying and addressing issues, performing thorough analysis, and developing effective solutions
- Adopts a pragmatic and proportionate approach to problem-solving
- Ability to work effectively with minimal supervision
Experience & Qualifications:
- Proven experience in risk management within the general insurance industry, ideally with a strong understanding of actuarial principles gained through previous actuarial roles (e.g., pricing, reserving) or close collaboration with actuarial teams
- Experience within the Lloyd\’s Market is highly desirable
- Broad understanding of the current risk management environment and awareness of key developments in risk management best practice
- Technical understanding of insurance risk principles and practices
- Experience in preparing high-quality reports and presentations for Senior Management, Committees, and Board review
- Relevant professional qualification (e.g., CII, IRM, IFoA) or a relevant university degree is required
Risk Manager employer: The Emerald Group Ltd, Search and Selection
Contact Detail:
The Emerald Group Ltd, Search and Selection Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Risk Manager
✨Tip Number 1
Familiarise yourself with the latest risk management frameworks and regulatory requirements specific to the insurance industry. This knowledge will not only help you in interviews but also demonstrate your commitment to staying updated in a rapidly evolving field.
✨Tip Number 2
Network with professionals in the risk management sector, especially those who have experience in the Lloyd's Market. Engaging in conversations with industry insiders can provide valuable insights and potentially lead to referrals.
✨Tip Number 3
Prepare to discuss specific examples of how you've contributed to risk assessments or governance in previous roles. Being able to articulate your hands-on experience will set you apart from other candidates.
✨Tip Number 4
Showcase your ability to communicate complex risk concepts clearly. Practice explaining these ideas to someone outside the field, as this will help you refine your communication skills for interviews and stakeholder interactions.
We think you need these skills to ace Risk Manager
Some tips for your application 🫡
Tailor Your CV: Make sure your CV highlights relevant experience in risk management, particularly within the general insurance industry. Emphasise any actuarial roles or collaborations you've had, as well as your understanding of regulatory requirements.
Craft a Compelling Cover Letter: In your cover letter, clearly articulate your quantitative and qualitative skills. Mention specific experiences that demonstrate your ability to lead internal model validation processes and contribute to ORSA activities.
Showcase Communication Skills: Since excellent communication is key for this role, provide examples in your application of how you've effectively communicated complex risk matters to various stakeholders, including senior management.
Highlight Problem-Solving Abilities: Discuss instances where you've identified issues and developed effective solutions in risk management. This will showcase your analytical skills and proactive approach, which are crucial for the position.
How to prepare for a job interview at The Emerald Group Ltd, Search and Selection
✨Showcase Your Quantitative Skills
As a risk manager, your ability to analyse data is crucial. Be prepared to discuss specific examples where you've used quantitative methods to assess risk or validate models. Highlight any relevant tools or software you are proficient in.
✨Demonstrate Stakeholder Management Experience
This role involves regular interaction with senior leadership and various stakeholders. Share experiences where you've successfully built relationships and communicated complex risk concepts clearly. Prepare to discuss how you handle challenging conversations.
✨Prepare for Technical Questions
Expect questions related to internal model validation, ORSA, and regulatory requirements. Brush up on your knowledge of these areas and be ready to explain your understanding of the risk management framework and its application in real-world scenarios.
✨Exhibit Problem-Solving Abilities
The interviewers will want to see your analytical skills in action. Prepare to discuss past challenges you've faced in risk management and how you approached problem-solving. Use the STAR method (Situation, Task, Action, Result) to structure your responses.