Agile Working Options

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

Job Description Summary

At an exciting time of transformation both within the LBG Risk function and the Insurance and Wealth business, coupled with a fast-evolving risk environment, we have a newly created role of Head of Pensions, Stockbroking, Distribution and UK Private Banking Enterprise Risk Partnering.

This role will provide a key partnership for the Managing Director of Pensions, Stockbroking & Distribution business and UK Private Banking and will operate on an enterprise-wide risk basis, reporting directly into the Chief Risk Officer for Insurance & Enterprise Risk Director, Wealth, with dotted reporting lines to the Risk Oversight Directors.

Our Insurance & Wealth Business helps personal and business customers with their long-term protection, retirement and investment needs. We support around 10 million customers with assets under administration of £185 billion and annuity payments in retirement of over c. £1 billion every year and operate through several brands which include Scottish Widows (life, pensions and investments), Halifax, Bank of Scotland and Lloyds Bank (home and car insurance) and Lloyds Bank Private Banking and Bank of Scotland Private Banking (Wealth).

Pensions, Stockbroking and Distribution is one of the core business areas in the Insurance and Wealth Division with £130bn of AUA. It is responsible for the design and development of Scottish Widows flagship financial planning products (Workplace Savings, Retirement Account, and Scottish Widows Protect), and distribution via our front-line colleagues to our diverse client base of corporate advisers, employee benefits consultants, financial advisers and employers. This customer base includes 23,000 employers, who have over 2m members, 3000 IFA firms ad 540,000 active stockbroking customers.

We’re a multi-product distributor covering 5 core product sets: Individual Pensions (Retirement Account), Workplace Savings, Protection, Annuities, and Share-dealing.

Workplace Savings is our largest proposition, contributing over 40% of the Division’s AuA, having successfully used the opportunity presented from the acquisition of the Zurich Workplace Savings Business in 2018. Currently number 2 in the market, our ambition is to be number 1.

The Pensions, Stockbroking and Distribution team comprises of 600 colleagues, located all over the UK with key hubs in Edinburgh, Bristol, Leeds, London. The UK Private Banking business is made up of 350 colleagues based nationally, who provide Banking, Savings, Specialist Lending, Trust Management and Estate Administration services to our Private Banking customers.

The Group has an impressive ambition in the individual wealth planning & investment sector, demonstrated by the recent acquisition of Embark Group, a fast growing, investment and retirement platform business which will enable our digital strategy and allow customers to manage their own portfolios without financial advice, through modern, easy to use technology, whilst also enabling the modernisation of our intermediary proposition, Retirement Account. This will complement the established partnerships to meet the more complex financial planning and investment needs of mass-affluent and high net-worth customers through Schroders Personal Wealth and Cazenove.

Job Description

What you'll be doing...!

• Hold responsibility for relevant second line of defence oversight of the entire Pensions, Stockbroking, Distribution and UK Private Banking product lifecycle, from product development to pricing and distribution, through to financial analysis and reporting and customer outcomes.
• Contribute to papers produced by the business for executive committee or board reporting, and provide 2LOD risk reporting and insights, collaborating closely with colleagues in the broader Risk function.
• Operate as a true partner of the business helping them to grow, deliver and operate their customer propositions safely and within the risk framework and insurance regulatory regimes providing regular insight, independent risk views and value-adding thought leadership and guidance.
• Contribute to broader strategy 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 opinion and thought leadership on material projects, initiatives and product development as required.
• Apply an extensive understanding of enterprise risk management including insurance regulatory regimes and risk requirements and practice (not limited to insurers), insurance operations (e.g. business model, profitability drivers, underwriting and business processes), insurance products, impacts of risk on our business, key insurance market risk issues, regulatory requirements, trends and implications and a good understanding of all other significant risk areas facing the Insurance & Wealth Division
• Work closely with the Chief Risk Officer Insurance, the I&W Risk leadership team, I&W Executive, Insurance Board, and other senior colleagues in delivery of this role.
• Act as the single point of contact for proposition / business leads providing subject matter and technical support for insurance risk management.
• Provide high quality risk reporting to meet internal and external requirements including high profile reporting to I&W Committees in line with requirements of each committee
• Executive and Board level presentations on enterprise risk management activities, deputising for the Chief Risk Officer Insurance and Enterprise Risk Director, Wealth, as appropriate.

What skills are we looking for?

• Ability to demonstrate an understanding of the Group and I&W’s products and services offering, the market in which I&W operates and its competitive landscape.
• Knowledge of the Intermediary & Distribution marketplace, financial promotions & marketing consents would also be an advantage.
• Recognised as an expert in all aspects of risk management (strategic, insurance, market, liquidity, operational and regulatory/ legal), with experience gained within a large financial services organisation, including management of regulatory and relevant risk management frameworks.
• Knowledge of industry standards, legislation, practice and regulation relating to risk management applicable to insurance.
• A proven track record in successful relationship management, delivering high quality business partnering utilising constructive challenge and alternate thinking.
• A focus on finding solutions with strong leadership and courage to test new ways of working
• Excellent communicator, both written and verbal, able to build positive relationships at all levels and adapt messaging for a range of different audiences.
• Excellent leadership, interpersonal, analytical, and problem-solving skills.
• Strategic leadership and thinking - with the ability to think laterally, look ahead to future possibilities, be innovative and find creative solutions.
• Create strong identity teams with a clear purpose that apply their diverse skills and perspectives to achieve common objectives.
• Recognise and deliver the changing skills required for the Risk function of the future and adequately upskill and build a team of Risk professionals.

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.