Operational Risk Manager

1 month ago

London Area, United Kingdom The Emerald Group Ltd, Search and Selection Full time

Purpose of the Job:

The Operational Risk Manager will be responsible for managing operational risk associated with all regulated entities in line with the Group’s Risk Management Framework.

Principal Accountabilities:

Risk registers and risk events

  • Ownership and accountability of all risk registers and risk controls, including production of annual risk register reviews;
  • Responsible for identifying, assessing, managing and reporting operational risks in line with the Risk Management Framework.
  • Providing operational risk oversight and challenge alongside monitoring and reporting on operational risk matters to various risk committees;
  • Ownership and accountability for risk event / incident reporting, including engagement with the business to assess, remediate and report risk events
  • Carry out operational risk analysis as required e.g. thematic reviews/deep dives and process reviews.
  • Responsibility for maintaining the Risk management system.

Risk reporting and governance

  • Ownership and accountability of annual review and reporting of operational risk appetite framework;
  • Providing relevant operational risk commentary and metrics where required, e.g. for the risk committee updates, ORSA etc and participating in the identification of emerging risks and reverse stress testing scenarios (specifically operational risk related ones, e.g. cyber-security risks)
  • Ensure timely review of operational risk owned policies in line with the agreed timetable;
  • Monitor and support the development of internal policies and procedures to manage the Group’s exposure to operational risks.
  • Support the validation of the internal model output in relation to operational risk when required
  • Ensure compliance with the Operational Risk aspects of relevant regulations and guidance, including the Lloyd’s RIO principles
  • Manage the preparation of the agenda, collation and circulation of papers for the quarterly Operations Committee
  • Represent Risk on committees as required

Risk Culture

Ownership and accountability for maintaining, developing and reporting the Groups Risk Culture Framework

General

  • Contribute to the articulation, monitoring and reporting of the Group’s operational risk appetite at all levels, ensuring that the operational risks are fully understood, and the right risk/ rewards balance is achieved at an operational level;
  • Regular engagement with risk owners and the wider business to promote risk management practices and culture across their respective areas.
  • Assist in the performance of ad-hoc reviews or produce bespoke reports as directed by CRO / EC or other key committees.

BC/DR

  • Ownership and accountability for biannual update of the Risk and Actuarial Business Continuity Plan


Decision Making Responsibilities:

  • Management of Operational Risk Analyst, including recruitment when required, performance reviews and employee relations.
  • Support the Head of Operational Risk in leading, motivating and developing an effective Operational Risk team, ensuring that Operational Risk is well embedded in the business.

Education, Qualifications, Knowledge, Skills and Experience:

  • Previous operational risk management experience gained within the insurance sector;
  • Functional background that includes implementing risk management frameworks in insurance companies;
  • Comprehensive knowledge of risk management tools and disciplines as well as a firm grasp of the commercial drivers and dynamics affecting risk decisions in the insurance sector.
  • Proven track record of operating at a senior level across an organisation and achieving buy-in (particularly to embedding risk management).
  • Experience of complex change across an organisation, recognising the stresses and strains that change puts on the business.
  • Experience of PRA, FSC and Lloyd’s regulations and attitudes to management practice in relation to Operational Risk.
  • CII or IRM certification, or progress towards, is desired
  • Excellent IT skills, in particular an advanced level of MS Excel, Word and PowerPoint.

Personal Qualities:

  • Excellent interpersonal skills with the ability to establish and maintain effective working relationships across the organisation;
  • Strong written and verbal communication skills;
  • Commercial and pragmatic approach, combined with a willingness to challenge and question established practices and contribute to the development of new processes (with input from management and subject matter experts);
  • Confident, self-motivated and highly organised;
  • Numerate and analytical, with an attention to detail.

Regulatory Conduct Rules

  • Act with integrity.
  • Act with due skill, care and diligence.
  • Be open and co-operative with Lloyd’s, the FCA, the PRA, and other regulators.
  • Pay due regard to the interests of customers and treat them fairly.
  • Observe proper standards of market conduct.
  • Act to deliver good outcomes for retail customers

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