Risk Officer

Work as part of a small team of actuaries within the Group Risk function that provides oversight over financial risk exposures that could affect the solvency, headline earnings or liquidity of entities within the group. The aim is to ensure that financial risk exposures are identified, classified and measured consistently and that exposures are managed within a clearly defined risk appetite.

The role offers a challenging blend of strategic input and governance, technical comprehension and relationship building, leading with influence and conscientious execution. It offers the opportunity of close interaction with senior man

Lead 2nd line deliveries in terms of the Stress and Scenario testing framework:

Develop scenarios with the assistance of internal and external stakeholders

Engaging with modelling teams to ensure that scenarios are accurately and consistently assessed across solvency, liquidity and earnings metrics

Ensure that stress testing models are regularly validated and that model output is reviewed in terms of governance structures

Own the delivery of management reporting on scenario testing outcomes and the available management actions to mitigate impacts

Engage with Management Structures (CMC, ALCO, BU Excos) on the outcomes and insights of scenario testing.

Perform assessments of risk interconnectedness within the Group to:

Understand contagion risks to which the group are exposed through financial transactions and operational arrangements in place

Understand the causal relationships between different risk types that could trigger contagion risk

Develop scenario testing to coherently assess the impacts of contagion risk

Assist in developing risk appetite limits and management frameworks to mitigate and control potential contagion risk.

Ensure that the following model validation activities are regularly performed:

Validating models used for Earnings at Risk (EaR) calculations (scope, risk factor shocks & diversification assumptions, address identified model limitations)

Lead the EaR re-development project from a 2nd line perspective to ensure alignment with new IFRS17 accounting standard

Validate models used for market and liquidity risk management

Validate Investment Guarantee Reserving models and Economic Scenario Generators

Provide 2nd line oversight and support to the Model Risk policy owner with respect to model risk management practices in the Group generally.

Oversight of Financial Risks 

Assist the CRO and Head of the Actuarial Control Function in their review of the impact of material financial transactions (i.e. special and normal dividends, corporate activity) on the risk profile

Assist with the technical review of regular exercises to confirm risk appetite limits and targets for solvency, liquidity and EaR exposures

Assist with the oversight of market and liquidity risk across the Group.

Leadership requirements

Demonstrate leadership behaviours that are aligned to the company values

Set an example of high performance, personal growth, and professional excellence

Self-motivated and oriented towards developing new approaches.

Personal attributes

Excellent verbal and written communication skills

The ability to perform under pressure, related to both time and consequence

Requirements

Senior Actuarial Student or Qualified actuary, CA or CFA

Minimum of 6 years’ experience in an insurance group