Location
Manchester, United Kingdom
Job type
Full-Time
Work mode
Hybrid
Job level
Professional
Job ID
10222
Company
HSB
Employment type
Regular
Area of expertise
Actuarial & Risk Management
Role: Senior Risk Analyst
Location: UK
Permanent
Job Purpose:
Reporting into the Risk Manager, the Senior Risk Analyst will play a critical role in supporting the organisation's risk management framework, focusing on Financial and Non-Financial risks and ensuring risks are identified, assessed, monitored, and reported effectively across the business. The role requires strong analytical skills, sound judgment, and the ability to communicate insights clearly to senior management and stakeholders.
The Senior Risk Analyst will provide independent second line oversight, challenge, and support to the business in managing financial, operational, regulatory, and strategic risks.
Key Responsibilities:
Reporting to the Risk Manager, the key responsibilities of the role include the following:
Risk Framework & Governance
* Support the ongoing development and embedding of the Risk Management Framework (RMF).
* Contribute to review and update of the risk policies, procedures, and governance structures.
* Provide oversight and challenge on the effectiveness of first line risk management.
* Maintain the Company's Risk Strategy document and Annual Risk Management Plan/Objectives
* Promote a positive risk culture and awareness through education of key staff on risk management and Munich Re risk management practices.
Risk Identification & Assessment
* Facilitate and review risk and control self-assessments (RCSAs) via the Munich Re ORCS system.
* Analyse emerging risks, horizon scanning, and scenario planning.
* Support the business in assessing risks associated with new products, initiatives, and projects.
Risk Monitoring & Reporting
* Perform other reviews and tests of established procedures and make recommendations for improvements as needed;
* Monitor and report on the performance of actions resulting from attestation reviews;
* Produce high-quality risk reports and dashboards for senior management, risk committees, and the Board.
* Track Key Risk Indicators (KRIs) and escalate issues where tolerances are breached.
* Maintain risk registers and ensure timely updates from risk owners.
* Provide input to regulatory reporting and submissions e.g. ORSA, SFCR, RSR.
Regulatory Compliance & Oversight
* Support compliance with PRA/FCA, CBI, and Group risk management requirements.
* Monitor and interpret changes in regulatory and industry risk standards.
Operational Risk & Controls
* Investigate and analyse risk events and near misses, ensuring lessons learned are embedded.
* Provide oversight of incident management and business continuity planning.
* Evaluate control effectiveness and recommend improvements.
Stakeholder Engagement
* Build strong relationships with business leaders to promote a positive risk culture.
* Support and challenge senior managers in decision-making with risk insights.
* Deliver risk training and awareness sessions where appropriate
Other responsibilities:
* Testing the operational effectiveness of key controls (not MARSOX), including but not limited to sampling of first line checks.
* Provide proactive support and guidance to the business on control design and performance in order to manage risk exposures.
* To act as a communication champion for risk in your touch points with the business.
Key Skills & Experience:
Essential
* 5+ years' experience in risk management, financial services (insurance experience desirable).
* Excellent oral and written communication skills.
* Experience producing risk reports for senior audiences (committees/boards)
* Excellent knowledge of risk frameworks, governance, and control concepts.
* Strong stakeholder management skills.
* Strong analytical, problem-solving, and critical thinking skills.
* Ability to work remotely where required
* Ability to manage multiple priorities and work independently.
* Skilled in both Excel and PowerPoint
Desirable
* Professional qualifications (e.g., IRM, ICA, CII).
* Familiarity with Solvency II, PRA/FCA/CBI requirements, and other relevant regulation.
* Experience with risk systems/tools (e.g., Archer, Riskonnect).
* Exposure to both operational and financial risk disciplines.
Qualifications & Educational Requirements:
* Degree-level preferred
* A-levels essential
Benefits:
* Agile/Hybrid working
* Private Healthcare (Aviva)
* Aviva Digital GP
* Employer Pension contribution of 13%
* Annual bonus
* Professional qualification support
* 25 days annual leave (plus bank holidays)
* x2 wellbeing days per year