Head of Financial Risk

2 weeks ago

Salford Quays, United Kingdom Bupa Global Full time

Head of Financial Risk

**Job Description**:
**Head of Financial Risk**

**Contract**:Hybrid**

**Location: Flexible
- all UK locations considered**

**Permanent**

**Full time**

**Closing date: Monday 13th May 2024**

**We make health happen**

The Head of Financial Risk is a 2nd Line of Defence (2LOD) role and the role holder plays an important part in supporting the CRO to deliver their responsibilities as SMF 4 Chief Risk Officer and their Prescribed Responsibility for the performance of the firm's Own Risk and Solvency assessment (ORSA).

The Head of Financial Risk is accountable for delivering 2nd line oversight of solvency, capital and financial risk management at Bupa Insurance Limited ("BINS") level. This includes delivering technical reviews and instructions and overseeing and challenging financial risk exposures of the BINS (including insurance risk). In addition, the Financial Risk team support the CRO to deliver their Prescribed Responsibility for the performance of the firm's Own Risk and Solvency assessment (ORSA)

The role 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. Specifically, the team support the CRO to deliver their Prescribed Responsibility for the performance of the firm's Own Risk and Solvency assessment (ORSA).

**How you'll help us make health happen**:

- Perform 2nd line validation of numbers supplied for the Own Risk and Solvency Assessment (ORSA) from finance functions (Own Funds, SCR, Economic Capital Assessment, Economic Balance Sheet adjustments/capital coverage appetite). (Once annually or when there are material changes conduct independent validation of the data, assumptions and methodology, calculation outputs, process, and governance. At other times this will be limited to review of 1st line controls and governance). Represent the 2nd line at Technical Forum meetings to ensure challenge and oversight is delivered in a timely fashion.
- Ensure that an appropriate structure of governance and oversight for financial (Market, Credit, Liquidity) and insurance risks, including pricing and commercial activity, is in place and operating effectively, which may include technical and Risk Committees (e.g., RE ERC and RERC), operating to a three lines of defence risk management model
- Work closely with the BINS/BISL Finance and Actuarial teams and Market Unit 2LOD Finance Business Partner to foster a high-achieving, well-controlled organisation which can achieve growth targets safely
- Performing 2nd line oversight of USP (ongoing validation and governance of methodology, expert judgements, data, results).
- Provide 2nd line oversight and challenge of management of financial risks (market risk categories, insurance-related risk, tax-related risk, liquidity risk, the ORSA report e.g. Pillar 1 SCR, Pillar II Economic Capital calculations, Operational Risk Quantification, Own Funds and the results of scenario testing)), including contributing to reporting to the appropriate Risk Committees, and providing a financial risk view on business projects and transactions.
- Develop, maintain, and promote the financial risk components of the Risk Management Framework (RMF) including risk appetites, emerging risks and incident capture and analysis
- Through ownership of the relationships with 1LOD and facilitation, support the Head of Operational Risk in the delivery of risk management tasks such as ICRMA, Risk Outcomes, annual top, and emerging risk.
- Support ongoing development and implementation of Risk Management Framework. Lead on ownership and oversight of embedding of Expert Judgement Standards, Materiality Standards and Validation Standards. As part of this, oversee the documentation of valuation processes and ongoing maintenance of this.
- Provide support to the business with interpretation of, and compliance with, technical PRA/EIOPA rules and guidance, including supporting the Compliance Director with responses to consultations relating to actuarial matters and 2nd line oversight of regulatory compliance.
- Set direction and provide oversight and challenge as the technical lead - in particular, oversight of the actuarial and Finance functions and our approach to pricing and underwriting including the delivery of assurance activities
- Ensure that the data used by the firm to assess its risks are fit for purpose in terms of quality, quantity and breadth and provide oversight and challenge on the implementation of the Solvency II Data Quality policy.
- Oversee the Stress and Scenario testing for BINS / BISL for the ORSA and business plan, and undertake analysis which provides Senior Management with insight into sensitivities and longer-term issues
- Develop, manage, and refine regular financial and insurance risk reporting information from across BGUK Insurance to support effective decision making by senior executives and risk committees
- Provide risk managemen

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