Risk Business Partner

1 month ago

London, Greater London, United Kingdom WTW Full time

Summary:

This role affords the opportunity to work directly within the business, and across all GB CRB business areas, and to act as a Risk Management steward for coordinating all key Enterprise Risk Management (ERM) activities that require completion by management within the 1st Line. The role will require daily interaction with the BU / Corporate Function's Senior Management (CRB Leadership) to identify, assess, manage and monitor the risk profile. It is a great opportunity to develop a deeper understanding of our CRB business teams, and to build a network at senior level across the organisation.

The Risk Business Partner will interact with the Enterprise Risk Function as required to understand the direction expected of the 1st Line, in relation to risk management framework, practices and challenge of managements. Risk Profile and/or to seek Subject Matter Experts (SME) input. The role will report into GB CRB business management with a matrix reporting line into UK Chief Risk Officer.

The Role:

  • GRC: Support the implementation, maintenance and embedding of the GRC (Governance, Risk and Compliance) system (Riskonnect) within WTW.
  • ERM Framework : Support the implementation of the ERM Framework and supporting policies and procedures. Monitor the 1st Line adherence to the ERM Framework and policies and escalate to Senior Management any areas of non-compliance.
  • Risk Appetite : Be aware of WTW's Risk Appetite and challenge the business where undue risk is taken that may be out of appetite.
  • Governance and Reporting : Attend local Management meetings as required. Provide effective risk MI for the management meetings.
  • Risk and Control Assessments : Execute the Risk and Control Assessments (RACA's) for CRB. Facilitate periodic reviews and ensure that risk and control assessments are completed in a timely manner. Challenge the risk identification and assessment conducted by the Risk & Control Owners using supporting data. Support the business in determining the appropriate actions to reduce the level of residual risk or address control weaknesses identified, if appropriate. Monitor the overall risk profile (risks and controls) to identify and report key challenges and trends. Record and maintain the RACA in Riskonnect if relevant.
  • Risk Incidents : Support the implementation of the Risk Incident process in the business. Work with key stakeholders to track, monitor, and report and analyse the incidents until their resolution and closure. Conduct root cause analysis to identify the source of control failures. Report the status of risk incidents to your management and ERM. Ensure incidents are logged in Riskonnect in a timely manner.
  • Issues and Actions: Support business in determining whether an issue exists, and action is required to address known gap or weakness in the design or effectiveness of a performed activity that could lead to financial loss, reputational damage, non-fulfilment of regulatory obligations or business disruption. Establish realistic timeframes for implementation of the actions to resolve issues. Review the appropriateness and success of actions implemented. Escalate actions to management that have not been successful in resolving the issue/s or completely implemented.
  • New Products and change initiatives: Execute the risk assessment for any new products and strategic initiatives within your line of business. Ensure the respective Risk, Compliance and Legal functions are notified and engaged in the process. Ensure the new products or product changes in scope are reviewed by the appropriate governance bodies.
  • Emerging Risks : Contribute in the identification, assessment and monitoring of key horizon risks and their reporting to management
  • Training : Deliver risk management training across the business. Ensure colleagues have an adequate understanding of risk management framework and processes as appropriate to their responsibilities.
  • Reporting : Produce management risk reports and analysis of RACA, risk events etc. Provide effective MI for the Business Governance Forums and subsequently the 2nd Line. Liaise with 2nd Line as they challenge the risk profile / actions proposed by management.
  • Governance, Risk and Compliance (GRC) : Support the rollout and training of the GRC tool.
  • ERM Forums/Meetings: Attend appropriate ERM forums/meetings to support risk management activity, provide feedback on the progress/issues of embedding the ERM framework, and share knowledge and experiences.
  • Culture : Promote a positive risk management culture within your business.

The Requirements:-

  • Professional experience within an insurance broking or insurance environment or within a highly-regulated business environment would be desirable but not essential
  • Preferably with some experience or exposure to risk management, with an understanding of risk roles in a regulated environment (preferably in the Insurance and Broking sector)
  • Educated to Degree level or equivalent
  • Strong regulatory and corporate governance knowledge/understanding.
  • Proactive and a self-starter
  • Excellent interpersonal skills
  • Ability to work, both individually and as a team, under pressure to tight timelines and without direct supervision.
  • Organised and methodical.
  • Excellent analytical problem-solving skills.
  • Strong communication skills, both orally and in writing.
  • Commitment to continuous professional development and maintaining excellent understanding of regulatory developments.
  • Must be committed to maintaining a robust compliance culture and high ethical standards.
  • Fluent business English essential.
  • IT literate – knowledge of Microsoft office packages needed.

Equal Opportunity Employer

At WTW, we believe difference makes us stronger. We want our workforce to reflect the different and varied markets we operate in and to build a culture of inclusivity that makes colleagues feel welcome, valued and empowered to bring their whole selves to work every day. We are an equal opportunity employer committed to fostering an inclusive work environment throughout our organisation. We embrace all types of diversity.

At WTW, we trust you to know your work and the people, tools and environment you need to be successful. The majority of our colleagues work in a "hybrid" style, with a mix of remote, in-person and in-office interactions dependent on the needs of the team, role and clients. Our flexibility is rooted in trust and "hybrid" is not a one-size-fits-all solution.


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