Head of Risk Analytics

1 month ago


London, United Kingdom IQUW Group Full time

Overview:
**Reporting to**: Group Chief Risk Officer

**Location**: London

**About us**

IQUW is a speciality (re)insurer at Lloyd’s (Syndicate 1856) underwriting a diverse range of Property, Commercial and Speciality (re)insurance products from Cargo and Marine to Political Violence, Terror and War. We combine data, intelligent automation and human expertise to make smart decisions, fast.

ERS is the UK's largest specialist motor insurer with an A+ rating. We recognise that for some, motor insurance is more than just a must-have; it's a way of taking care of what stands at the heart of their passion or livelihood. For those people, standard insurance isn't enough. That's why we work exclusively with motor insurance brokers to help get under the skin of the most difficult insurance risks, helping build products to meet their customer’s needs.

**The role**

Provide specific support to the Chief Risk Officer to enable them to discharge their responsibilities to the Board. At the direction of the CRO, be responsible for the development and maintenance of the quantitative aspects of the risk management framework and work on specific risk initiatives and projects as required.

Lead the Validation and Risk Analytics team, responsible for supporting the independent validation of the internal model and supporting the Risk function’s deep dives and risk opinions on topics that span the whole business.

The validation framework extends beyond the Internal Model to encompass pricing and reserving activities and the role holder will be expected to provide a holistic picture of the way the risk profile of the business is managed and represented.

During the remainder of the year, the role supports the Risk function in performing deep dives and providing risk opinions. Each year a number of deep dives are scheduled, with topics agreed with Senior Management and the Risk & Compliance Committee. These are areas that the business is concerned about at any particular point in time. They may arise from changes in the internal risk profile or external environment, regulatory focus areas or emerging risks. Future topics are likely to span the areas of underwriting, reserving, investments and operational risk.

In addition to this, the Head of Risk Analytics will help the CRO provide formal risk opinions on key business decisions and processes, such as strategy, business planning, outwards reinsurance purchases and mergers and acquisitions. The role holder will therefore have exposure across the business at all levels of seniority.

Other general Risk management activities may be needed to support the broader needs of the Risk function.

**Key responsibilities**

The purpose of the role is to assist the Group Chief Risk Officer with the development and oversight of IQUW’s quantitative risk analysis. This includes the following key aspects:

- To enhance the model validation process currently in-place
- To develop a risk intelligence capability within the organisation, working closely with other internal functions/departments

**Independent Model Validation**

Providing effective challenge to quantitative and qualitative aspects of the Internal Model, including:

- Model design;
- Methodology;
- Parameterisation and Model Results;
- Governance; and
- Documentation

The role will be supported by the work of all teams involved in the operation of the Internal Model to provide relevant Validation information, challenge and testing outputs, in particular the capital team.

To produce the Internal Model validation report and present it at the Board and to raise awareness of model limitations.

To contribute to Risk Management Committees, by preparing materials for discussion and providing updates on validation work.

Supporting coordinating, planning and delivery of validation activities in collaboration with first line teams

Engaging with stakeholders on validation issues, including clear and impactful written papers

**Stress and Scenario Testing**
- Supporting scenario testing framework and design of tests, including reverse stress testing
- Engaging with stakeholders across the business to elicit expert views on risk and scenarios
- Using outputs to validate and challenge the results of the internal model
- Monitor the ongoing results of stress and scenario tests to provide risk insights to the business
- Using the outputs from the process to support risk management processes, including ORSA

**Risk Deep Dives**
- Horizon scanning to inform selection of deep dive topics
- Engaging with stakeholders to plan, coordinate and perform deep dives
- Providing challenge to first line processes and ways of working, making recommendations for improvement
- Providing specialist input on technical issues from an actuarial perspective
- Reporting on results to a range of stakeholders across the business

**Team**
- Champions the company values and works in accordance with the organisational behaviours
- Take responsibility for their



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