- 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
- Support Finance and Actuarial teams in consistently applying the RMF to identify, assess, manage, monitor, and report all material risks using appropriate tools (e.g., risk registers) and key performance and risk indicators and thresholds
- 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 management advice and guidance to all BINS/BISL Finance and Actuarial business areas as appropriate
- Provide advice, guidance, and challenge in support of any consideration to the development or potential adoption of a partial or full internal model including opining on the effectiveness of project plans and delivery execution of such a model
- Professional qualification (e.g., MIRM, risk management, accountancy, internal auditor, actuary etc) with extensive proven post qualification experience in a risk related role. If a qualified actuary will require solid experience of confirming operation to Technical Actuarial Standards.
- Sound knowledge of Solvency II requirements.
- Market knowledge
- Business strategy and business model
- Risk management and control
- Governance, oversight, and controls
- Regulatory framework, requirements, and expectations in particular around Solvency II standard formula requirements for General Insurance
- Significant experience of working in Financial Services at a senior level
- Deep experience of managing financial and insurance risk and control (1st, 2nd or 3rd line) in an insurance business
- Strategic and tactical thinking, able to manage complex and a high level of data and information and deliver operationally
- Proven track record in apply good judgement based on business information and assessment frameworks to determine the degree of business and regulatory risk posed by actions and issues within the business
- Advanced problem-solving and decision-making skills, with the ability to analyse complex information to identify the key issue/action and drive resolution
- Commercial mindset and judgement
- Motivational leadership
- Skilled communicator, able to engage, positively influence and motivate others, particularly at Executive and senior management level
- Extensive knowledge and experience of best practice financial and insurance risk management and governance frameworks, methodologies, and emerging practice
- Strong experience of working in financial services at a senior level
- Experience of the UK domestic and international regulatory environment and key regulatory regimes
- Experience of leading teams / functions of a relevant size and scale (people, resources, challenges, and opportunities)
- Strong track record of hiring, retaining, developing, and motivating top tier talent
- Experience of leading and working successfully in a large complex, matrix organisation. The role holder will operate across a wide organisation and UK geography and across multiple teams
- Demonstration of the highest level of integrity and the ability to deliver good customer, regulatory and commercial outcomes
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Head of Financial Risk - Staines-upon-Thames, United Kingdom - Bupa
Description
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:
Key Skills / Qualifications needed for this role:
Benefits
Our benefits are designed to make health happen for our people. Viva is our global wellbeing programme and includes all aspects of our health – from mental and physical, to financial, social and environmental wellbeing. We support flexible working and have a range of family friendly benefits.
Joining Bupa in this role you will receive the following benefits and more:
• 25 days holiday, increasing through length of service, with option to buy or sell
• Bupa medical insurance for you and your family as a benefit in kind
• An enhanced pension plan and life insurance
• Free health assessment for you and your spouse
• Target bonus of 25% based on individual and company performance
• Company car allowance
• Onsite gyms or local discounts where no onsite gym available
• Various other benefits and online discounts
Why Bupa?
We're a health insurer and provider. With no shareholders, our customers are our focus. Our people are all driven by the same purpose – helping people live longer, healthier, happier lives and making a better world. We make health happen by being brave, caring and responsible in everything we do.
