About the role:
This role reports to the Head of Operational Risk and supports them to make effective risk management simple and accessible to all staff. You will lead and develop a team of risk experts, working closely with colleagues across all lines of defence to understand the key components of the our Risk Framework, how they apply to us and implementing these in a simple and clear way. Alongside your team, you will provide risk expertise to all areas delivering product and pricing activities. You will support these areas to identify and embed robust risk management, as well as providing guidance and advice with a focus on the specific risks and issues posed by the product and pricing strategies and associated developments delivered by the Chief Underwriting Officer and their direct reports. You will ensure consistent application and delivery of the UK frameworks and policies across all business areas.
One of the areas of focus for this role will be to take accountability for the implementation and continued embedding of the Enterprise Risk Management Framework (ERMF) and associated UK and Group requirements within the Underwriting, Pricing and Product Team. This includes ensuring robust and well thought out controls, processes and policies are in place across the business areas you support and, through close working with the Senior Risk Managers supporting other areas of our business and the Head of Risk Governance & Control, ensuring the end-to-end risk taxonomy is managed effectively. This will includes embedding any new framework requirements that are either directed by the UK or Group risk functions. You will be responsible for ensuring a consistent approach is being adopted across all in scope business areas. You will be responsible for identifying opportunities to improve processes and controls and supporting risk owners to implement these effectively. You and your team will coordinate and manage the UK Risk Incident Management Framework across your areas, ensuring swift identification, root cause and remediation is in place to reduce customer harm and impact.
You will oversee 2nd and 3rd line review and audit activity that impacts the Product & Pricing Teams, which includes the development, management, and timely delivery of associated management action plans, ensuring clear responsibility and accountability is in place across all levels.
You will support the Head of Operational Risk to design and deliver an ongoing programme of work to enhance risk maturity and competency. You will work alongside colleagues in Line 1 Risk Teams, Line 2 and Line 3, to identify and embed best practice. You will be required to work closely with the Chief Underwriting Officer and their direct reports and teams to ensure the approach to risk management continues to mature UPP. Through this work, you will be responsible for identifying ways to further improve risk maturity across your areas with a focus on the design and implementation of a clear suite of controls that are then tracked and tested to ensure their ongoing effectiveness.
You will be focussed on supporting risk owners to identify and manage key risks stemming from Product and Pricing activities they undertake in their business areas. You and your team will provide expert risk advice and guidance in the following areas:
* Providing oversight and advice on product strategies, management and development activities, including formal approval and review processes to ensure products are designed and maintained effectively and delivery appropriate customer outcomes
* Provide oversight and advice on pricing strategies and processes, in particular in the context of ethical and fair pricing practices and ensuring products provide fair value to customers. You will work closely with your counterparts supporting the Distribution & Underwriting Teams to ensure the proactive identification of risks and issues with the execution of these strategies
* You will work closely with the Line 1 Governance & Control team to develop, implement, and embed robust governance, risk MI and high-quality reporting that enables clear actions to be prioritised and taken forward by the accountable risk owners
* You will work closely with the Product Governance Team to ensure the appropriate prioritisation and delivery of product governance led recommendations and initiatives
* You will lead Line 1 Risk support on all product & pricing strategy and change activity
Key accountabilities & responsibilities:
* Work closely with colleagues in Line 2 Risk to ensure our Product & Pricing Teams fully embed the requirements of the Risk Framework in a way that is proportionate and effective, with particular focus in the following areas:
* Emerging risk management
* Ensuring risk and control frameworks, policies, standards are understood and used appropriately within business areas
* Creating an environment of continuous improvement in risk management approaches through the development and delivery of an annual risk maturity plan, which will include training and coaching for employees in key areas of risk
* Supporting the team to increase focus on key risks and the supporting control environment ensure these are designed and operating effectively to manage risks in line with appetite
* Through close working with UPP Teams, support the Head of Operational Risk to maintain a holistic view of the Risk & Control profile of the BU’s and ensure this remains up to date. This will include consideration of the sufficiency of controls in place to manage risk in line with appetite, assistance in the design of KRIs to track risk exposure, the design of clear path to green activity for out of appetite risk exposures and the development of broader risk processes and tools to ensure timely risk identification and management
* Deliver timely and insightful risk reporting to the UPP leaders to enable risk owners to understand risk exposure and prioritise activity to manage risk in line with appetite
* Understand all key strategy and change activity within UPP and ensure effective support for these initiatives
* Lead the planning, prioritisation and coordination of key risk activity being delivered through the Product & Pricing Risk Team
* Be the voice of the customer within UPP and ensure that business decision making is centred around the delivery of good and fair outcomes for customers
* Support the business unit leadership team to ensure a solid awareness of and effective management of key risks
* Coaching and partnering with in-scope business areas to ensure Exec / Risk Owners can discharge their accountabilities, specifically accurate data-driven risk assessment and management towards tolerance
Specialist skills & experience:
* Ability to communicate risk management concepts in a way that is simple and accessible
* Strong understanding of product & pricing strategies and how to manage the specific risks and issues that they pose
* Good understanding of insurance risk and how this can crystalise in a diversified commercial insurance portfolio
* Ability to process, collate, and present data in a clear and consistent manner and use this information to drive meaningful action
* Ability to influence in support of a risk-aware and customer focused culture
* Proven record of delivering through others and coaching and developing direct reports and staff in wider risk roles
* Knowledge of FCA/PRA requirements and expectations, including conduct and operational risks involved in product and pricing design and implementation
* Commercial and pragmatic outlook, able to work at pace, solution oriented and delivery focussed
* Evidence of providing oversight of, and ensuring adherence to, risk and control frameworks, policies, standards, etc.
* Keen attention to detail and organisational skills
* Confident and articulate communicator – able to facilitate discussions at key risk / management forums with excellent report writing skills
* Collaborative engagement style – an understanding that you will need to work with multiple stakeholders to solve issues and challenges