Head of Risk

The Head of Risk is responsible for the identification and mitigation of risks that may impact on the various companies within the our client portfolio. The Function will report to the Managing Executive for Legal, Risk and Compliance and various audit and risk committees, where applicable.

Core responsibilities:

Develop and monitor the implementation of a comprehensive risk monitoring plan, following a risk-based approach, as well as monitoring relevant policies, procedures, systems, and processes to support business by identifying and responding to key risks.Stay abreast of relevant industry regulations, laws, and standards applicable to the Financial Services Industry.
Ensure that the Own Risk and Solvency Assessment (“ORSA”) is completed in accordance with the relevant Prudential Standards and Group and Company policies at least annually, maintained and submitted to the Board of Directors for approval and subsequently to the Prudential Authority.
Monitor and analyse market trends, industry developments, regulatory changes, criminal trends, and statistics etc, and identify any emerging risks and/or opportunities.
Monitor company performance against key performance indicators and trends and identify concerns and opportunities for improvement.
Monitor actual performance against the Board approved budget and identify and monitor any concerns.
Engage with key stakeholders and risk owners to create a strong risk culture, identify any change in strategies that could impact risk oversight to update the plan.

Proactive and responsive risk management:
Review investigation outcomes and implement actions to prevent future incidents and to minimise damages and losses.
Monitor the effectiveness of risk identification and assessment processes by tracking the number of risks identified, assessed, and mitigated.

Monitor the implementation of action plans to ensure risk mitigation efforts are proceeding as required.
Evaluate the financial impact of risk mitigation strategies. This includes measuring cost savings, avoided losses, and improved financial performance.
Improve risk reporting protocols by consistently refining processes that enable risk owners to communicate risks and concerns effectively to the risk department.

Regulatory reporting and governance:
Oversee regulatory reporting as required by the Prudential Authority and the Financial Services Conduct Authority insofar as it relates to the Risk function.
Ensure that the Own Risk and Solvency Assessment is completed and submitted to the Board of Directors in accordance with the relevant Prudential Standards and Group and Company policies.
Analyse reports and identify patterns and trends in data to anticipate potential compliance issues and proactively address them.

Direct operations on mitigating against risks identified.
Prepare and present regular risk and compliance reports to the executive team and the board of directors, highlighting key findings and recommendations and demonstrate compliance status and risk exposure.

Auditing:

Conduct data-driven audits to assess the effectiveness of internal controls and identify areas for improvement, providing combined assurance with Internal Audit and the Compliance function.
Maintain accurate records and documentation related to governance and risk management.
Stakeholder management & engagement:

Complete a stakeholder assessment and ensure that all relevant stakeholder expectations are met.
Engage effectively with stakeholders at stakeholder meetings and forums by sharing knowledge, changes, and new developments.

Functional Leadership:

Ensure that the function is appropriately structured and resourced.
Actively recruit resources that will fit the company culture and deliver competently against performance standards in accordance with policies and procedures.
Direct team outputs in accordance with functional plan and performance requirements
Provide or facilitate education, training and support to personnel to build awareness and understanding of the principles of risk management and importance to the business, thereby enhancing the risk culture.

Minimum Requirements:

5-7 years in Risk Management (Financial Services Industry preferred)
3 years in a management role
Registered with recognised Risk Management Institution (Preferable)
B.Com honours degree or actuarial qualification with a speciality in risk management. (Essential)

Required Knowledge:

Knowledge of the Financial Services Industry. Specifically, Life Insurance and Non-Life insurance
In-depth knowledge and expertise in relevant laws and regulatory frameworks impacting the Financial Services Industry
Regulatory reporting (Prudential Authority and Financial Services Conduct Authority)
Analytic and problem-solving abilities
Risk management and monitoring
Risk mitigation & prevention strategies and methodologies
Investigation management
Auditing processes
Functional Planning
Policy and procedure development
Experience in using appropriate tools and technologies (e.g. CURA software and Microsoft Excel)
Financial management principles and practices
Risk management principles and practices
Ready for the challenge? Reach out and be part of our dynamic Risk Department at The client!

Salt is acting as an Employment Agency in relation to this vacancy.