Agile Working Options

Flexible / Variable Hours, Job Share, Other Agile Working Arrangements / Open to Discussion

Job Description Summary

An exciting opportunity has arisen to join the Financial & Insurance Risk Team, part of the Insurance & Wealth Risk team.

The Head of Insurance Risk will report directly to the Financial & Insurance Risk Director and will focus on leading relevant second line of defence oversight of the Insurance & Wealth business activities to ensure effectiveness of the risk control environment as well as delivering an oversight plan on behalf of the Risk team.

This role provides an outstanding and exciting opportunity to build your network as you’ll have great exposure to a wide range of business areas and senior executives across the Group and provides the opportunity to gain insight into the complexity of operating within a group framework and will provide you with excellent experience to broaden your career.

The team is also at the beginning of an exciting journey looking to transform our ways of working, by simplifying our processes, changing our operating model and driving valuable insight for our partners. If you're inquisitive and passionate about continuously challenging yourself to reach your full potential, then this role is right for you!

Job Description

So, what will you be doing?

You'll be responsible for leading a small team to;

• Define and lead the execution of the I&W risk oversight plan identifying, and coordinating oversight activities based on the current and future risk profile of the business to cover financial risk.
• Work directly with the relevant business areas to ensure effective I&W risk engagement providing independent risk views, value-adding insight and sound business understanding of insurance risk and associated risks.
• Work closely with the I&W Risk Enterprise Risk Partners providing insurance risk management expertise and data to inform their analysis of the overall strategy and risk profile within the propositional business areas.
• Own the Insurance Risk Appetite Framework.
• Act as the key contact for matters relating to Insurance Risk, and by providing subject matter expertise you will ensure effective risk team engagement with all stakeholders and you’ll provide independent risk views, value-adding insight and sound business understanding of risks relating to Financial Reporting. You will also educate IWR colleagues on this topic.
• Apply your extensive understanding of Insurance Risk and risk mitigation including:
• The Own Risk Solvency Assessment (“ORSA”) framework and process within the Insurance Group and its impact on the overall capital regulatory framework
• Product pricing and reserving, actuarial assumptions and experience analysis, insurance profitability metrics, drivers and reporting
• Risk mitigation strategy, for e.g., re-insurance, hedging and actuarial techniques such as Unit Matching and associated setting of risk appetite
• All elements of the Solvency 2 balance sheet including the Matching Adjustment Portfolio ("MAP"), underlying SCR calculations for insurance risks, Risk Margin, TMTP etc to ensure ongoing compliance.
• Technical input and challenge as part of model governance
• Internal and external stress tests, scenarios analyses and reverse stress tests and recommendations in relation to proposed mitigating actions
• A good understanding of all other significant risk areas facing the Insurance & Wealth Division
• Contribute to high quality risk reporting to meet internal and external deliverables including high profile reporting to I&W Committees in line with requirements of each committee
• Provide your input to risk management standards, procedures and processes in line with Insurance Risk Management Framework requirements including risk appetite statements and key risk indicators.
• Contribute to broader strategic planning and business decision-making ensuring both quantitative (financial) and qualitative (non-financial) risks are sufficiently considered, assessed and reported to senior management.
• Provide forward looking risk opinions and thought leadership on material projects including Merger and Acquisition activity, and product development as required

What skills will you need?

• Recognised as an expert in insurance and financial risk, with industry experience gained within a large complex financial services organisation, including management of regulatory and relevant risk management frameworks.
• Can demonstrate technical experience/ understanding to successfully oversight all elements of Insurance Risk (across Life, Investment and GI)
• Proven experience in insurance company operations including Solvency II and own risk and solvency assessment (ORSA), accountancy practices and standards (applicable to both insurers and Banks), insurance products and regulated sourcebooks as applicable to Insurance
• Advanced knowledge and application of risk management best practices across all risk classes within an Insurance and Banking organisation including risk identification, risk assessment, control environment assessment, risk appetite framework, risk measurement and risk planning.
• Excellent verbal, written and interpersonal communication skills to work with people at all levels.
• Proven ability to prepare senior management, Executive and Board level presentations.
• Recognised Strategic Leadership and thinking, with the ability to think laterally, look ahead to future possibilities, be innovative and find creative solutions in a complex and ambiguous environment.
• High level of integrity, tenacity and resilience.

What you’ll receive in return…

You’ll be offered a competitive package which includes...!

• Salary – dependent on location and experience,
• Bonus,
• A generous pension contribution; and
• Flex cash to spend on a host of benefits to suit your lifestyle

As a new colleague, you’ll join us on our journey to build a 21st century bank that reflects modern Britain, and craft an inclusive culture where all colleagues feel welcomed and valued.

We're committed to building a workforce which reflects the diversity of the customers and communities we serve, and to building an inclusive environment where all our colleagues can be themselves and succeed on merit. We support the principles of agile working and are happy to consider flexible working arrangements. We're an equal opportunity employer and deeply value diversity within our organisation.

Together we make it possible.

We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment. Please contact us to request accommodation.

At Lloyds Banking Group, we're driven by a clear purpose; to help Britain recover. Across the Group, our colleagues are focused on making a difference to customers, businesses and communities. With us you'll have a key role to play in shaping the financial services of the future, whilst the scale and reach of our Group means you'll have many opportunities to learn, grow and develop.

We're focused on creating a values-led culture and are committed to building a workforce which reflects the diversity of the customers and communities we serve. Together we’re building a truly inclusive workplace where all of our colleagues have the opportunity to make a real difference.