Financial Risk Manager (Insurance & Financial Risk)
About the Role
We are seeking an experienced Financial Risk Manager to join a growing Risk function within a regulated financial services insurance organisation.
This role provides independent second-line oversight and challenge across key financial and insurance risk activities, including pricing, underwriting, reserving, capital management, and model governance. The successful candidate will help ensure risks are effectively identified, assessed, managed, and reported in line with the organisation's risk appetite, regulatory obligations, and governance framework.
Working closely with underwriting, actuarial, finance, and senior leadership teams, you will play a key role in strengthening risk management practices across the product lifecycle and supporting informed business decision-making.
Key Responsibilities
Independent Risk Oversight & Challenge
* Provide effective second-line review and challenge of pricing models, underwriting strategies, and related governance processes.
* Assess the effectiveness of financial and insurance risk controls and ensure activities remain within approved risk appetite and policy limits.
* Challenge portfolio performance, pricing adequacy, risk selection practices, and claims performance.
* Support oversight and review of reserving methodologies and reserve adequacy.
Risk Framework & Governance
* Support the development and enhancement of financial and insurance risk frameworks, policies, standards, and controls.
* Ensure alignment with risk appetite statements and governance requirements relating to underwriting, pricing, and reserving activities.
* Prepare and contribute to risk committee and governance reporting, providing clear and insightful risk analysis.
Risk Identification & Assessment
* Support the identification, assessment, and monitoring of key financial and insurance risks, including:
* Pricing adequacy
* Reserving adequacy
* Catastrophe exposure
* Capital adequacy
* Claims inflation
* Model risk
* Portfolio concentration
* Adverse selection
* Participate in relevant governance forums, working groups, and committees, providing risk insight and escalation where appropriate.
Monitoring & Reporting
* Support the development of risk dashboards and management information for senior stakeholders.
* Monitor key risk indicators including loss ratio trends, rate adequacy, claims inflation impacts, and portfolio volatility.
* Deliver clear and evidence-based risk opinions and reporting to senior management and governance committees.
Regulatory Compliance & Customer Outcomes
* Support compliance with applicable regulatory requirements and industry expectations.
* Provide oversight and challenge to ensure pricing and risk management practices deliver fair customer outcomes.
Change & Transformation
* Provide independent risk input and challenge on:
* New product proposals
* Pricing model developments and changes
* Underwriting rule changes
* Product lifecycle reviews
* Ensure material risks are appropriately assessed, understood, and escalated before implementation.
Skills & Experience
Essential
* Significant experience within insurance or financial services risk management.
* Strong understanding of pricing, underwriting, modelling, and insurance risk management practices.
* Experience reviewing models and challenging assumptions, methodologies, and outputs.
* Previous experience in a second-line risk, governance, actuarial, or oversight function.
* Strong analytical and problem-solving capabilities.
Desirable
* Professional qualifications in Risk Management, Actuarial Science, or a related discipline.
* Experience working within a regulated General Insurance environment.
Knowledge & Expertise
* Pricing, underwriting, reserving, and capital management.
* Model governance and model risk management.
* Reinsurance structures and effectiveness.
* Solvency UK requirements and ORSA processes.
* Enterprise Risk Management frameworks.
* UK insurance regulatory environment and conduct expectations.
Personal Attributes
* Able to provide constructive, credible, and commercially balanced challenge.
* Excellent communication skills with the ability to explain complex risk matters clearly and concisely.
* Strong stakeholder management skills with experience engaging senior leaders across actuarial, underwriting, finance, and risk functions.
* Collaborative approach with the confidence to influence decision-making at all levels.
Why Apply?
This is an excellent opportunity to join a highly visible risk function and influence key business decisions across underwriting, pricing, capital, and product governance. You will work closely with senior stakeholders and play a meaningful role in strengthening risk culture and supporting sustainable business performance.