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Head of Risk & Compliance - Operations, People & Customer

Canada Life Limited
Potters Bar, United Kingdom
Closing date
Dec 5, 2023

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Job Function
Risk Management
Industry Sector
Finance - General
Employment Type
Full Time
Please note this position is being recruited under the SMCR regime.

This position can be located either within our London (City) or Hertfordshire (Potters Bar) Office.

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:
- A direct report of the Chief Risk Officer (CRO) and a key leader across Canada Life UK (CLUK) and in the Risk & Compliance function.
- This role is responsible for the oversight of non-financial risk across CLUK, advising the CRO and Director of Compliance on these risks, including drivers of regulatory compliance risk.
- This role provides key support to the CRO in ensuring that there is appropriate risk management across the business aligning strategy, risk appetite, and guaranteeing good customer outcomes. The role holder will encourage, advocate and lead an appropriate risk culture across CLUK to meet the needs of the full range of stakeholders (including Board, executive, Lifeco group and regulators).
- This role is primarily responsible for the oversight of non-financial risks in all our operations, people and legal functions, including change programmes, and acts as the Risk and Compliance partner for those functions covering the full CLUK risk universe. Working across the Risk & Compliance function, it shares insight with other risk and compliance business partners contributing to the oversight of non-financial risk in insurance, investment, and wealth functions. A key relationship for this role is with the Head of Compliance Effectiveness & Oversight to whom it will provide conclusions from non-financial risk oversight for consideration as drivers of conduct, customer, and regulatory compliance risk. To align with the embedding of customer focus and consumer outcomes as part of CLUK's strategy, this role provides a balanced combination of risk and compliance oversight across CLUK.
- The role holder will lead a team of operational specialists focusing on operations, customer risk and IT (including cloud technologies).
- This role will hold regulatory responsibility for risk and compliance functions within Canada Life Platform Ltd. The role holds a dotted reporting line to the Director of Compliance to support the exercising of the CLUK compliance mandate and development of compliance opinion.

1) Risk and Compliance Leadership Team
Member of the Risk and Compliance leadership team supporting the CRO in leading the Risk and Compliance function, the engagement with the full range of stakeholders, including regulators, and in providing excellent quality appropriate and relevant reporting to the Executive and CLUK boards and committees.

2) People Leadership
Recruit, motivate and manage direct reports in line with our corporate values, and ensure similar from them for their teams, in the achievement of the business and individual objectives, including the provision of operational, regulatory and technical risk guidance. This specifically includes leading a team of Risk and Compliance business partners focused on operations and IT, including cloud, people and customer.

3) Risk Management Framework
Champion the three lines of defence model for risk management across Operations, People and Legal functions.
Ensure the implementation of the Great West Life ERM framework across the relevant divisions overseeing compliance with relevant regulations and that they meet the wider expectation of regulators, and follow good practice relative to peer companies. This will include implementation, embedding and maintenance of:
• Risk strategy, consistent with the business strategy and business objectives
• Risk universe
• Risk appetite framework
• Risk and Compliance policies
• Risk and Compliance oversight and assurance, including regulatory and reputational
• Risk identification, assessment, measurement, monitoring and reporting
• Risk and Compliance mandate requirements

4) Business Partnering
Lead risk and compliance engagement with and oversight of Operations, People and Legal functions. This covers oversight and challenge of the nature of risk exposures, capital requirements and governance and their subsequent impact on CLUK across the whole risk universe. Specific accountabilities for this role include the oversight across our Operations, People and Legal functions of the following risk types:
o Conduct
o Business continuity and operational resilience
o Technology, including cloud activity
o Supplier, outsourcing and material contracts
o People
o Process & Infrastructure
o Regulatory
o Fraud
o Reputational
o Strategic

5) Compliance and Non-Financial Risk
Work closely with the Head of Compliance Effectiveness and Oversight to:
• Develop a shared compliance and non-financial risk monitoring and oversight plan and support delivery.
• Understand regulatory priorities and ensure that the business teams are progressing the delivery of new regulatory requirements to meet regulators' expectations.
• Support the understanding and management of compliance and risk skills and capabilities across the risk and compliance teams.
• Support the evaluation of compliance effectiveness and maturity.
Work alongside other Heads of Risk & Compliance, Director of Compliance, Head of Compliance Effectiveness and Oversight and Head of Enterprise Risk Management, to ensure that non-financial risks and impacts on customer outcomes and potential for customer harm are understood and reflected in Business Line Risk Management and decision making.
Understand CLUK compliance requirements from Director of Compliance & Regulatory Affairs, and communicate across CLUK to reflect those needs and provide customer and regulatory compliance insight to Director of Compliance to meet requirements. This role has a dotted reporting line to the Director of Compliance to support the exercising of the CLUK compliance mandate and development of compliance opinion.

6) Reporting and Review
Lead the quality review process for CRO and CCO reporting across non-financial risks, including Executive and Board committees for all CLUK entities. Advise the CRO on aggregate risk profile deriving from non-financial risk.

7) Act as CRO and Chief Compliance Officer for CLP, engaging as required with board and committee members

Knowledge / Skills / Experience:
• Good interpersonal/networking skills, with the ability to maintain a variety of relationships with multiple stakeholders
• Strong communication skills, demonstrating a clear and articulate standard of written and verbal communication in a complex environment, tailored for all levels of management including Board level.
• Significant experience in the life insurance industry, including management positions.
• Comprehensive knowledge of enterprise risk management and the relevant regulations, including the technical aspects relating to the quantification and analysis of a wide range of risks.
• Significant experience of embedding and maintaining an enterprise risk management framework.
• Significant experience of second line of defence risk oversight activities.
• Strong skills and experience of managing and motivating a team from a diverse range of professional backgrounds and with varying levels of experience.
• Proven track record at delivering reporting requirements under time pressure with attention to detail.
• Self-motivated, well-organised, pragmatic and able to perform tasks independently.
• Strong influencing skills, with experience of engaging with Boards and senior management in order to get desired outcome.

Relevant risk management or compliance 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

We appreciate that everyone has different work and life responsibilities. We're happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for.

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