Head of Operational Risk

2 weeks ago

London, United Kingdom Bupa Full time

**Head of Operational Risk**

**Hybrid - Brighton, Staines or Salford Quays**

**Permanent role**

**Full Time**

**37.5 hours per week**

**Here you’ll be welcomed. We champion diversity and we understand the importance of our people representing the communities and customers we serve. You’ll find an inclusive environment where you can be yourself and where everyone is driven by the same purpose.**

**Role Overview**

The Head of Operational Risk (HOR) is a key 2nd Line of Defence (2LOD) role directly supporting the Chief Risk Officer Insurance through the provision of leadership and direction to the Insurance Operational and Enterprise Risk Management Team comprising the UK Regulated Entities (BINS and BISL) team and the 2LOD staff operating under the Bupa Global Trading name.

The HOR is responsible for establishing, maintaining and continuously developing an effective risk management framework across all operational risks affecting the UK Regulated Entities (BINS/BISL) enterprise, including establishing and maintaining the BINS/BISL framework for identification, reporting and escalation of risk to the appropriate senior Executive teams and Board, so that BINS/BISL operates within its risk appetite. This role covers Operational and Environmental risks. Enterprise risk governance and financial operations but does not include IT risk except through oversight of risk framework adherence, risk reporting, co-ordination of Annual Plans and ORQ assessments. The HOR is also responsible for the leadership and direction of the 2LOD operating under several legal entities under the Bupa Global Trading name ensuring that consistent risk management practices are adopted as appropriate to the operating markets.

The role is a Key Function Performer and plays an important part in supporting the CRO deliver their BINS and BISL responsibilities as particularly as SMF 4 Chief Risk Officer and SMF 16 Compliance Oversight. In addition, the team support the CRO, through the Head of Financial Risk, to deliver their Prescribed Responsibility for the performance of the firm's Own Risk and Solvency assessment (ORSA) with specific accountabilities for the role regarding Operational Risk Quantification work.

**What you’ll do**:
**Risk Management Framework**
- Work closely with the senior executives, middle managers and 1st Line risk leads to foster a high-achieving, well-controlled organisation which can achieve growth targets safely and ensuring strong risk management practices
- Ensure that an appropriate structure of governance and oversight is in place and operating effectively, which includes Risk Committees (e.g., RE ERC and RERC), operating to a three lines of defence risk management model
- Develop, maintain, and promote the approved Risk Management Framework (RMF) which includes risk appetites, emerging risks and incident capture and analysis
- Develop and oversee the 1LOD implementation of a robust control framework to meet FCA SYSC 3 requirements and best practice.

**Identify**
- Provide assurance and independent opinion for material financial, insurance, operational and IT risks and in collaboration with the Compliance function report on data and privacy risk management
- Provide and oversee the provision of high quality, timely and pragmatic risk management advice and challenge that enables customer, commercial and regulatory outcomes
- Collaborating with Head of Financial Risk in the identification of appropriate operational risk scenarios to support the Operational Risk Quantification component of the ORSA
- Be accountable for delivering the co-ordinated Risk response to the Annual Risk and Compliance plan in collaboration with Head of Financial Risk and Head of IT Risk and Assurance.

**Assess**
- In conjunction with the Head of Financial Risk, ensure adequate independence and validation of the Operational Risk Quantification component of the ORSA report and the results of scenario testing
- Ensure that the data used by the firm to assess its risks are fit for purpose in terms of quality, quantity, and breadth
- Ensure an appropriate and insightful suite of stress and scenario tests are undertaken in the business to inform strategy, business planning and development of emerging risks

**Report**
- Develop, manage and refine qualitative and quantitative risk reporting in order to support effective decision making
- In terms of the Key Function Performer responsibilities, the role is to specifically support the CRO in their SMF4 responsibilities to:

- Work with the Head of Financial Risk to ensure the risk management system covers the risks to be included in the calculation of the SCR as set out in Solvency Capital Requirement
- Provide oversight and challenge of the firm’s systems and controls in respect of risk management.
- Provide oversight and validation of the firms reporting of risk.
- Ensure the adequacy of risk information, risk analysis and risk training to members of the BINS Board and Insurance

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