Head of Operational Risk

2 months ago

London, United Kingdom Lloyd's Full time

Lloyd’s is the world’s leading insurance andreinsurance marketplace. We share the collective intelligence and risk sharing expertise of the market’s brightest minds, working together for a braver world.

Our role is to inspire courage, so tomorrow’s progress isn’t limited by today’s risks. 

Our shared values: we are brave; we are stronger together; we do the right thing; guide what we do and how we act. If you share our values and our passion to build a future that’s more sustainable, resilient and inclusive, you’ll find a home at Lloyd’s – build a braver future with us.

Lloyd’s are seeking to recruit a Head of Operational Risk, to ensure operational risks to Lloyd’s are effectively managed in line with the appetite set by Lloyd’s Council. To lead strategic engagement with functions responsible for management of operational risks, providing robust oversight and challenge to risk exposures

Principal Accountabilities

Strategy and leadership

To operate and enhance the framework to identify, assess and monitor the operational risks faced by Lloyd’s, principally people, process, systems and external risks arising from the activities of the Corporation

To develop and maintain strategic relationships with the C-suite and Heads of business functions. Proactively influence the senior stakeholders in ensuring the effective management of operational risks for which they retain accountability.

Operational risk management

To provide robust risk oversight and challenge to the functions responsible for managing operational risks, making recommendations for improvements in the control environment where necessary. Maintain ongoing monitoring of the key current and emerging operational risks facing Lloyd’s.

Lead strategic, thematic reviews of key risk areas, reporting conclusions to the executive, Risk Committee and Board where required. Lead Lloyd’s response to regulatory engagement on operational risks, including those in relation to overall market resilience.

Working with executive management, ensure the operational resilience of Lloyd’s remains within the risk appetite of the Council and Lloyd’s remains able to deliver core services and regulatory responsibilities, both at a Corporation and market level.

Strategic and change risk

Strategic risk – Regularly assess the strategic threats to Lloyd’s and the risks to delivery of the strategy. Provide robust, ‘top-down’ risk oversight of the strategy and business model of Lloyd’s and recommend action where required.

Change risk – Provide robust, ‘top-down’ risk monitoring and challenge to the portfolio of change projects and programmes across Lloyd’s and recommend action to mitigate delivery risks where required. Establish and maintain a proportionate framework for change risk management and ensure effective embedding of the framework across the change portfolio

Digital and technology risk

Cyber – Provide robust, ‘top-down’ risk oversight of the cyber risks facing Lloyd’s and recommend action where required. Provide leadership to the Digital Risk team and ensure Lloyd’s maintains an effective forward looking framework to identify and manage cyber risks.

Risk Management

To lead the Operational Risk team within the Risk Management Function, in accordance with the responsibilities delegated by the Head of Risk Management.

To respond with agility to requests (i.e. ad hoc projects) from the Chief Risk Officer or Head of Risk Management.

To support the broader Risk & Regulatory Function, and the Corporation as a whole, address risks and issues arising from the Lloyd’s risk profile. To engage effectively with risk representatives and other risk specialists embedded across the business

Skills Knowledge and Experience

Expert knowledge of Risk management tools and framework and Solvency II requirements

Good knowledge of business operations and processes and key associated risks, including people, process and technology

Good understanding of the insurance industry and the Lloyd’s market

Understanding and confidence in utilising leadership and management skills

Experience in leading high performing teams to successful risk management outcomes

Experience in dealing with complex regulatory communication and negotiation

Experience in managing senior stakeholders including challenging or unsupportive stakeholders

Experience of risk management frameworks, tools and processes

Demonstrable risk management skills are essential to be able to define and shape industry leading risk management tools which are tailored to the unique Lloyd’s business model as well as satisfying regulatory requirements

Problem solving and analytical skills – this role is focussed on establishing and maintaining an effective operational risk framework within the unique context of Lloyd’s, including the interaction between the Corporation of Lloyd’s, individual market participants and market-wide services and providers. 

Demonstrable ability to effectively engage and influence senior operational leaders and owners of technical processes across the business, including within Operations, Technology, Procurement, HR and other key operational functions.

High degree of stakeholder management and relationship skills to build relationships with a range of senior stakeholders and in particular with the PRA and FCA. This will include an ability to actively influence at Executive and Board levels with a confidence to deliver the right risk outcomes at senior levels of the organisation.

Project management skills – to lead and deliver change within areas of responsibility (for example following changes in the regulatory environment)

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