Head of Financial Risk

Canada Life Limited
Potters Bar, United Kingdom
23 Jun 2022
23 Jul 2022
Job Function
Risk Management
Industry Sector
Finance - General
Employment Type
Full Time
Duration: 18 months contract

Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.
Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.
Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.
Job Purpose
Support the Head of Quantitative Risk by managing the UK Division's Financial Risk team within the Risk Function. Responsible for producing the ORSA Report and managing the various ORSA processes throughout the year. Ensuring that the financial risk aspects of CLL's Enterprise Risk Management Framework facilitate effective and appropriate financial risk management across the business.

Key Accountabilities
1) ORSA ownership:
• Co-ordinate and report the results of the ORSA which is the collection of defined processes, aligning the ERM framework with capital management and business planning, adhering to the requirements of the relevant ORSA Policy. The ORSA Report provides a forward-looking assessment of the risks inherent in the business and assesses the corresponding capital needs.
• Co-ordinate the various processes across teams / business units, engaging with CLG and reporting up to Executive and Board level committees.
2) Risk Management Framework:
• Develop, deliver, maintain, monitor and report the end-to-end risk appetite framework and risk strategy.
• Set, review and report on overarching risk appetite limits, aligned to the risk strategy and risk preferences of the business and consistent with CLG risk appetite limits.
• Analysis of risk capital exposures, and a wide range of other risk-related information and KRIs, through the development and timely regular production of a holistic risk dashboard for CLL.
• Oversee the management and periodic reviewing of the CLL Capital Management policy.
• Ensure that the business planning process incorporates appropriate consideration of risk appetite limits and capital requirements and is aligned with the ORSA.
3) 2nd Line Oversight:
• Support Risk Business Partners in providing independent risk oversight and governance of the Business Unit's activities (including new business initiatives and strategic initiatives).
4) Advisory:
• A Risk centre of excellence where the business comes for value-add input to assist and drive business activity (over and above what is required through 2nd Line Oversight).
5) Regulatory and Group Engagement:
• Support risk-related engagement with all regulators that the UK division interacts with (PRA, FCA, CBI, IOMFSA, EIOPA and OSFI).
• Ensure the UK division adheres to Group (CLG and Lifeco) standards and requirements.
6) Financial Risk Team
• Recruit, motivate and manage the Financial Risk team (consisting of four Risk Actuaries and two Senior Actuarial Students) in the achievement of their business and individual objectives, including support to other members of the Risk Function.

Desired Knowledge / Experience / Skills
• Comprehensive knowledge of integrated risk and capital management, enterprise risk management frameworks and Solvency II requirements
• Ability to manage and motivate a team from with varying levels of experience
• Strong communication skills, demonstrating a clear and articulate standard of written and verbal communication in a complex environment, tailored for all levels of management.
• Attention to detail
• Strong influencing skills, with experience of engaging with senior management in order to get desired outcome
• Good interpersonal/networking skills, with the ability to maintain a variety of relationships with multiple stakeholders
• Proven track record at delivering reporting requirements under tight time pressure
• Self-motivated, well-organised, pragmatic and able to perform tasks independently
• Experience in the life insurance industry.
• Experience in applying technical expertise to analyse risk and capital information
• Experience of embedding and maintaining an enterprise risk management framework
• Experience of second line of defence risk oversight activities
• Qualified actuary or relevant risk management qualification

What you'll like about working here
As a Canada Life UK colleague, you'll receive a competitive salary and comprehensive reward package including income protection, private medical insurance and life assurance, along with a generous pension and bonus scheme. You'll also receive the support you need with your personal and professional development.

Diversity and inclusion
Canada Life is committed to a diverse and inclusive workplace. Our role as an employer of choice is to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences

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