Head of Financial Risk

Job Introduction
**Head of Financial Risk**

**Permanent or contract considered**

**FT - 35 hours per week**

**Remote or Hybrid**

As our new Head of Financial Risk at Saga you will be the lead contact in the insurance risk function for Acromas Insurance Company Ltd (AICL), and 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).

Known internally as the Head of Prudential Risk you will 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. The Enterprise Risk Manager has overall lead accountability for design, implementation and oversight of the enterprise risk management framework; you will work with that manager to take the lead within that framework on all matters to do with financial risk, including insurance, credit, capital, market, model and liquidity risk, for both AICL, our underwriter, and SSL, our broker.

You’ll be identifying, developing and deploying appropriate prudential and financial risk management tools, techniques and strategies to ensure prudential and financial risk management across Saga Insurance is value adding and contributes towards the overall strategy and performance of the business.

We are at a pivotal point in our business turnaround plan for AICL and by joining us now, you will play a key role in completing the turnaround, learning and embedding the cultural changes critical to the ongoing success of our business. You will be 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.

Main Responsibilities
As our Head of Prudential Risk you will be responsible for 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.

Your accountabilities will include;
- Leading the risk business partnering team across AICL, liaising as appropriate with the Heads of Enterprise Risk and Conduct Risk
- With the Head of Enterprise Risk, ensuring that there is a clearly articulated and approved framework for risk appetite, and appropriate prudential and financial risk appetite statements that support senior management decision making and formation of strategy.
- Enabling all AICL employees to have a sound understanding of the Enterprise Risk Management framework as it is relevant to their individual roles through formal training, informal discussion, online tools, policies and guidance documents.
- 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, through the formation, attendance and participation in risk committees and other governance fora where risk engagement is required.
- Presenting to relevant committees (ARCCs, ILTs, Boards) on relevant topics in prudential and financial risk management.
- Liaison as required with FCA and GFSC on topics in prudential and financial risk management
- Monitoring industry trends to benchmark Saga’s risk management, especially prudential and financial risk management.
- Providing 2nd LOD review as required to support decision-making by AICL 1st LOD managers, including periodic 2nd LOD reviews of dividend capacity, actuarial reserve setting and capital calculations, business plans and strategic objectives.
- Monitoring the finances of the Saga PLC group to provide second line input on questions of Group solvency and liquidity.
- 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.

As our Head of Prudential 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).

Other skills and experience required include:

- Risk and capital (standard formula and USPs) - calculations and reporting.
- Modelling and model governance
- External Environment & wider market knowledge.
- Data quality assurance, review and validation.
- Data, data storage, data governance
- Insurance Claims, Pricing and financi