Senior Manager - Operational Risk Lead

Emerald Group
London (Central), London (Greater)
Competitive Salary plus excellent benefits package
31 May 2019
30 Jun 2019
Contract Type

Role purpose:

  • To lead the Operational Risk strategy and framework and to provide insight and assurance to the Head of Enterprise Risk Management about the operational risks faced and emerging. Such insight and assurance to be provided in the context of the stated Risk Strategy and Appetite, its obligation to policyholders and how it conducts its business, its regulatory and other relevant obligations and requirements
  • To ensure that data used is appropriately governed and maintained

How this role fits into the business:

This role sits within Risk Team. This team contributes to the overall success of the business by providing the framework and information that supports the delivery of the strategy within the acceptable limits established by the Board.

Key responsibilities:

  • Lead on the Operational Risk strategy and framework
  • Advise the Head of ERM of new, evolving, emerging or crystallising operational risks (including cyber risk) and ensure these are maintained within the Risk Register
  • To support the management and maintenance of the Risk Register, Risk Management Framework (including operational risk and data policies and procedures), risk appetite and limits, key risk indicators, risk management information, stress and scenario testing, and risk governance framework; facilitating embedding of the framework on behalf of the Head of ERM
  • Maintain the Risk incident and reporting policies and procedures
  • Monitor compliance with operational and expense risk elements of the risk appetite and limit framework and ensure exceptions are appropriately resolved
  • Support the design, testing, documentation and approval of the Operational and Expense Risk modules of the Internal Model, including its supporting infrastructure
  • Ensure the Operational and expense Risk modules of the Internal Model are appropriately implemented within Line 1 activities
  • Review and validate analysis of actual operational and expense experience and report to the Head of ERM on any implications
  • Support the advice on the calibrations for operational and expense risk capital requirements
  • Monitor and review outsourced service providers
  • Contribute to the scenarios for the stress and sensitivity testing and to ensure that such analysis is relevant, quantifiable and taken into account in the annual and medium-term capital planning
  • Provide assurance to the Head of ERM on risk and controls through periodic deep dive reviews, investigations and general oversight work
  • Review and report to the Head of ERM on the Business Continuity Plans
  • To represent PIC at external forums including ORIC
  • To support the Model and Data governance committee to ensure that changes to data are appropriately monitored, documented, reviewed, challenged, approved and implemented in a co-ordinated manner between business and assurance functions
  • To liaise closely with Internal Audit and Compliance and assist in the preparation of the Integrated Assurance Report
  • Engage in any decision, activity, initiative, project or process to the level the Head of ERM believes appropriate and necessary

Person specification:

Knowledge, experience, skills and abilities (technical competencies):

  • Essential:
  • ·Experience in developing and embedding operational risk frameworks ·Knowledge of business processes, standards, policies and procedures ·Knowledge of legal regulatory and industry requirements ·Ability to distil information and apply judgement
  • Desirable:
  • ·Knowledge and experience of cyber risks including processes for monitoring and controlling these risks ·Knowledge of non-financial risks associated with reputation, conduct, compliance and culture and associated frameworks and controls ·Experience of ORSA processes including development and assessment of operational risk scenarios ·Experience of UK Insurance and outsourced business models

    Core capabilities:

  • Commits to the team
  • ·Collaborates ·Manages conflict ·Supports others ·Builds strong relationships ·Displays integrity and respect
  • Communicates effectively
  • ·Adapts to suit the audience ·Distils information ·Has open, honest conversations ·Communicates with impact ·Listens to others
  • Manages self and others
  • ·Provides direction ·Recognises success ·Develops others ·Empowers others ·Manages performance
  • Does things differently
  • ·Open to learning ·Questions and challenges ·Proposes new ideas ·Works flexibly ·Demonstrates curiosity
  • Understands the business
  • ·Puts the customer first ·Manages risk ·Displays commercial awareness ·Applies in-depth technical capability ·Acquires organisational knowledge
  • Strives for excellent results
  • ·Plans and prioritises ·Shows resilience ·Displays passion and enthusiasm ·Acts decisively ·Delivers on objectives ·Focuses on quality


  • Advanced qualification reflective of a high degree of numeracy (FIA, CFA, ACA, ACCA, CIMA, CAIA or similar)
  • Extensive prior experience of a risk management role in a relevant financial services entity (insurance, asset management, banking)
  • Familiarity with the UK regulatory environment and specific solvency regimes

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