Operational Risk Specialist

Purpose of the Role

As an Operational Risk Specialist, you will have specific responsibility for supporting Line 1 to implement and embed the risk management framework across the business. This will be in line with principles and rules for managing Operational Risks and must be within the Board’s stated Risk Appetite. You will also work closely with Line 1 during the Risk & Control Self-Assessments, providing insights, advice, and constructive challenge to stakeholders at all levels of seniority.

Experience required for this role

• An in-depth understanding of the risk and financial drivers of the life insurance industry and/or investment platform sector, with relevant professional qualifications or extensive experience in a key role.
• Risk management as well as risk frameworks and reporting.
• Sound understanding of different categories of risk from a technical and operational perspective.
• Broad commercial experience with experience in the financial services sector, particularly the life insurance industry and/or investment platform sector.
• Experience of operating in a multi-jurisdictional environment.
• Experience of working in a business undergoing continuous upgrading, change, and growth.
• Understanding of market knowledge and regulations/legislation within the industry, ideally from the financial services sector.
• Skills in effective communication, professional scepticism, due care, report writing, data analysis, and training of other staff.

Personal Capabilities Required

• Problem Solving: Analyses situations, identifies solutions, and presents complex problems clearly.
• Influencing: Develops sustainable relationships, persuasive, articulates information well, challenges ideas constructively and insightfully, deals with stakeholders with humility and respect – a trusted advisor and credible subject matter expert.
• Adaptable: Enjoys new challenges, embraces change, resolves conflict, flexible support to the wider team.
• Results Driven: Organises resources, establishes priorities, puts planning and governance structures in place, establishes risks.
• Reliable: Delivers on commitments and upholds standards and principles.

Risk

• Support the Head of Risk to ensure the Board and Risk committee feel sufficiently informed about risk; and that business practices are developed in line with best practice.
• Support with opining on and constructively challenging the degree of compliance with the Risk Appetite Statements and make recommendations as appropriate to strengthen the arrangements.
• Support with the review of Risk Appetite Statements and reporting to the Board on the suitability of any proposed tolerances, having regard to the Group’s capital resources and Business Plans.
• Support with the review of significant strategic initiatives and report to the Board on the risk and capital assessment carried out in support of such proposals.
• Support with ensuring the Group operates within an appropriate and agreed risk management framework.
• Support with writing accurate, clear, and concise reports for Management and the Board; providing top-of-mind, insightful consolidated risk position, proactive and forward-looking that supports risk-based decision making.
• Work closely with Line 1 to develop and embed appropriate monitoring measurements in response to risk exposures and risk appetite, such as key risk indicators. Regularly obtain and review the results of the monitoring measurements from Line 1.
• Work closely with Line 1 during product development, client take-ons, transformation projects, and other key corporate change activities for appropriate risk identification.
• Support Line 1 with undertaking the tasks associated with the Risk and Control Self-Assessment (RCSA) process.
• Escalate material operational risks clearly and ensure that appropriate root-cause analysis is completed and the control environment is strengthened.
• Review and challenge recommendations received from the business to manage risks back within appetite; and to risk accept.
• Undertake risk and control “deep dive” reviews across the business, identifying areas of control improvement and agreeing appropriate actions with local management.
• Manage the annual review process for Risk Policies with the relevant stakeholders.

Team and Culture

• Take personal responsibility for agreeing clear objectives which reflect and support the delivery of the business plan.
• Take personal responsibility for the identification and implementation of a personal development plan of training needs.
• Proactively monitor and manage own performance through regular reviews/appraisals with Line Manager.
• Flexibility and support other members of the team as required – lives and breathes, believes in, and supports team culture, displays behaviours and values.
• Demonstrate an understanding of the core values.

Demonstrate a full understanding of the fair treatment of customers and be risk aware.