Head of Financial Risk

6 days ago

London, United Kingdom Saga Group Full time €110,000

Salary – Up to £110,000 per annum dependent on experience

FT – 35 hours per week

As the Head of Financial Risk at Saga, you will be the lead contact in the insurance risk function for Acromas Insurance Company Ltd (AICL), Saga’s in-house underwriter. You will also lead the design, implementation, and oversight of the enterprise risk framework in respect of all prudential and financial risks for Saga Insurance (AICL and SSL) and Saga Money (SPF).

In this varied role, you’ll lead the team providing the independent 2nd LOD for AICL, acting as the key contact for the AICL management team on all matters to do with risk and control.

As Head of Financial Risk, you’ll work closely with the Enterprise Risk Manager taking the lead within that framework on all matters to do with prudential risk, including insurance, credit, capital, market, model and liquidity risk, for both AICL and SSL (Saga Services Ltd) covering design, implementation and oversight.

We offer flexibility over where you work – you choose a place where you feel most comfortable and productive, either from home or in one of our hubs in London or Kent. We are open to considering applicants based in the UK or Gibraltar, and there would be an expectation to travel between these locations.

Role Responsibility

As our Head of Financial Risk you will be responsible for both prudential risk oversight for Insurance (including model risk management) as well as acting as a Risk Business Partner for AICL.

Accountabilities will include:

  • Ensuring that there is a fit-for-purpose, comprehensive, efficient and effective insurance, credit, capital, market, model and liquidity risk framework and procedures that are adopted by the 1st LOD.
  • Ensuring that there is a clearly articulated and approved framework for risk appetite.
  • Identifying, developing and deploying appropriate prudential and financial risk management tools, techniques and strategies.
  • Presenting to relevant committees (ARCCs, ILTs, Boards) and liaising with as required with FCA and GFSC.
  • Monitoring industry trends to benchmark Saga’s risk management, especially prudential and financial risk management.
  • Implement and oversight of an appropriate model governance approach.
  • Monitoring the finances of the Saga PLC to provide second line input on questions of Group solvency and liquidity.
  • Leading the risk business partnering team across AICL and actively promoting a risk culture that encourages appropriate risk taking, aligned to strategy and risk appetite, with effective and timely response to risk events according to the risk they present to the business.
  • Enabling all AICL employees to have a sound understanding of the Enterprise Risk Management framework as it is relevant to their individual roles.
  • Oversight of all the prudential risks of AICL including the oversight of the reserving of large claims.
  • Working closely with the Compliance function to ensure Conduct Risk is sufficiently embedded within the enterprise risk management framework for AICL.
  • Working closely with the Head of Enterprise Risk and other Risk leaders to ensure that the enterprise risk management framework is appropriately tailored for AICL.
  • Ensuring there is an open and collaborative relationship between all 1st LOD and 2nd LOD teams.
  • Assisting in the formation, review and ongoing delivery of appropriate risk governance in AICL.
  • Providing 2nd LOD review as required to support decision-making by AICL 1st LOD managers.
  • Annual 2nd line review and development of key prudential risk management reports including TC2.4 and wind-down plans for SSL and SPF Own Risk and Solvency Assessment (‘ORSA’) report, and Solvency and Financial Condition Report (‘SFCR’) for AICL.
  • Oversight of the Top Risk in claims provider by co-ordinating with their risk business partner.
The Ideal Candidate

As our Head of Financial Risk, you would have a proven track record of working effectively with senior management on the risk and capital agenda within a Solvency II regulated business.

Ideally you would be a qualified actuary (FIA) and have a risk management qualification (CERA or IRM).

Technical skills required include:

  • Risk and capital (standard formula and USPs) – calculations and reporting.
  • Insurance claims, pricing and financial management.
  • Modelling and model governance.
  • Risk opinions.
  • ORSA and SFCR in a Personal lines.
  • Recovery and resolution plans.
  • External Environment & wider market knowledge.
  • Data quality assurance, review and validation.
  • Insurance Claims, Pricing and financial management.
  • Data, data storage, data governance.
  • Quality assurance.
Package Description

Everyday our colleagues deliver exceptional experiences to our customers. We believe exceptional work deserves even more exceptional rewards, that's why we have put together an amazing benefits package for all colleagues.

We offer total flexibility over where you work you choose a place that you feel most comfortable and productive, either from home or in one of our hubs in London, Ashford or Sandwich.

BENEFITS AVAILABLE TO ALL COLLEAGUES:

  • Our working week is 35 hours per week, these can be worked flexibly to suit your working style.
  • 25 days holiday + bank holidays.
  • Option to purchase additional leave up to 5 extra days.
  • Pension scheme matched up to 10%.
  • Colleague discounts including family discounts on cruises and holidays.
  • Range of reductions and offers from leading retailers, travel groups and entertainment companies.
  • Enhanced maternity and paternity leave.
  • Grandparents leave.
  • Company performance related annual bonus - Up to 15%.
  • Car allowance of £4,800.
  • Income protection.
  • Access to Saga Academy, our bespoke learning platform.
About the Company

Over the past 70 years we have become the UK's specialist provider of products and services to people aged over 50 in the UK. The Saga brand has become one of the most recognised and trusted brands amongst UK consumers in this demographic, recognised for its high quality products and exceptional standards of service. These include cruises and holidays, insurance, personal finance and the Saga Magazine.

At Saga we are committed to treating all employees fairly and to offering equal opportunities in all aspects of employment and advancement. We value diversity not just because it is the right thing to do, but because diverse teams perform better.

We’re passionate about diversity, equity, and inclusion. Championing diversity is important to us, and diverse teams really are the best ones. We’re dedicated to creating a culture where every colleague feels like they belong. So that at Saga, more than anywhere else, you can be your best, be yourself and make a difference.

Fair consideration is given to all applicants, including those with disabilities and those over who are over the age of 50. As champions of age inclusivity and signatories of the Age-Friendly Employer Pledge, we are proud of our multigenerational teams. We are also an official Disability Confident Committed employer and ensure that our recruitment process is inclusive and accessible and we will make reasonable adjustments as required.

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