Financial Risk Associate

Role Purpose:

The Financial Risk Associate position within the LIC’s risk team involves implementing and managing the design of the risk management framework for LIC’s key financial risks: underwriting risk, reinsurance risk, counterparty default risk, company profitability, market risk and capital adequacy. The role also covers responsibility for ensuring that LIC (including its branch offices in EEA countries) operates according to its risk management framework and in line with risk appetite by monitoring risk exposures and by assessing adherence to LIC’s policies.

Principal Accountabilities:

ORSA and Business Plan

• Undertake delivery of the financial risk sections of the ORSA and the coordination of the quantitative sections of the annual ORSA Report
• Ensure that the LIC Business Plan projection of the capital position aligns with company strategy by challenging the first line capital projection, balance sheet and P&L
• Define the list of the SSTs (Scenario and stress tests), including sensitivities and reverse stress test to be modelled in the annual ORSA, in coordination with the first line Actuarial team, ensuring alignment with LIC’s risk profile and regulatory requirements
• Identify LIC's top risks and perform financial risks analysis for the ORSA report
• Prepare and deliver presentations to the Executive Committee and Audit & Risk Committee members, providing insights on key risk exposures, capital management, and stress test results

Reporting

• Undertake maintenance of the relevant quantitative sections of the annual RSR
• Perform second-line review of the financial risk aspects of the Solvency II quarterly and annual reporting
• Reviewing and challenging first line risk owners on their reported risk appetite metrics and other relevant financial risk information in the quarterly risk report
• Support the compilation, assessment and reporting of risk information to the Head of Financial Risk and CRO, identifying significant risk management issues
• Support the compilation of an annual risk plan and the performance of detailed reviews of key risks

Second line responsibilities

• Support the development, delivery and implementation of the Company’s financial (incl. market, underwriting, reinsurance and counterparty default risks) risk management framework to monitor and measure risk within the Company, and to ensure financial risk appetite and policies are appropriate and in line with regulatory expectations, broader industry developments and the company’s strategy
• Engage key stakeholders by effectively communicating actuarial methodologies and results as required
• Challenge and advise first line on LIC’s solvency and capital management
• Support the definition of the Company’s risk profile and the monitoring of risk exposures for all financial risks (market risk, counterparty default risk, underwriting risk and liquidity risk), through close collaboration and challenge of the first line business teams
• Provide risk opinions or thematic reviews of key strategic priorities impacting LIC’s short- and long-term capital requirements, where necessary

Actuarial reviews and Risk Management approach methodology

• Review first line models related to financial risk areas

Work with the Head of Financial Risk Management to define action plans and capital requirements to support the recovery plan report and maintain the company’s recovery plan.

Support the delivery of the company’s sustainability risk management framework with regards to the quantitative sections (e.g., climate risk), and where necessary the company’s annual sustainability report.

Support delivery of the financial risk management policies, financial risk appetite metrics, and other key financial risk management framework documentation including the policy life-cycle process.

Coordinate and contribute to financial risk projects, providing guidance and technical expertise to others involved.

Support the embedding of the risk management system throughout the organisation and promote good risk culture through training, communication and promotion of good practice.

Undertake development/coaching to acquire the necessary skills for current role, to support business needs and to fulfil career potential.

Skills

• Ability to manage high volume workloads and produce workable solutions that meets the immediate demands of the situation(s)
• Experience of mitigating financial risks and of assessing the effectiveness of controls
• Ability to engage, communicate and influence at all levels – internally, externally and globally, and build trusted relationships in the business areas which the role supports
• Proven track record of exceeding stakeholder expectations and achieving high professional standards in specialist area
• An ability to work accurately with minimal supervision and make administrative decisions based on a broad understanding of relevant policies and procedures and of operational requirements
• Fluency in both written and spoken English required. Any other European language is considered as an asset

Knowledge

• Knowledge of Solvency II regulatory environment, regimes and requirements
• Insurance market knowledge including Lloyd’s, London Market & International Markets and other financial services markets
• Knowledge of financial and business processes in the insurance industry
• Knowledge of corporate governance principles and structures
• Knowledge of Dutch and/or French a plus

Experience

• Has experience of working in the Financial Services regulatory environment in a role that involved ensuring compliance with Belgian or EU regulatory requirements relevant to the role
• Has good market awareness and industry knowledge
• Is an analytical, strategic thinker, with good reasoning and problem solving skills
• Has a financial or actuarial background
• Is a confident and clear communicator
• Has well developed management and organisational skills, able to work with teams across multiple business areas

Competencies

Delivering Results and Meeting Customer Expectations

• Anticipates customer needs and champions initiatives to increase customer satisfaction
• Stands by the decisions and actions of their team, openly accepting responsibility and accountability

Working with People

• Actively builds and nurtures effective relationships with people across all organizational levels and with external contacts
• A team player, strong interest in the performance of the business as a whole, rather than a single focus on their own area of expertise
• Proactively consults with a broad cross-section of stakeholders during all aspects of decision making
• Maintains and extends a broad and effective network of links with individuals both internally and externally and uses these to benefit the business
• Proactive, focused and diligent with outstanding communication skills, able to develop productive relationships at all levels

Creating and Innovating

• Produces a range of workable strategies aimed at solving a number of complex, possibly related issues
• Contributes radical ideas, approaches and insights that offer up new avenues of exploration

Adapting and Responding to Change

• Anticipates changes in the position of their customers, market or organization and adjusts their own and others approach to take account of this
• Versatile, adaptable, proactive and comfortable with taking a hands-on approach, capable of delivering change, and transformation
• Uses many different approaches to interact successfully with others, adapting interpersonal style to fit the situation and the characteristics of groups and individuals
• Promotes large scale change initiatives across teams, creating a managed sense of urgency to bring the changes about

Leading and Supervising

• Provides teams and departments with clear directions that are translated from organizational strategy
• Guides conversations to desired end points; negotiates effectively by exploring a range of possibilities
• A collaborative leader who inspires trust and confidence in others. Pragmatic and operates with pace, energy and drive.
• Commercially focused, energetic and positive with a ‘can do’ attitude

Applying expertise and technology

• Demonstrates detailed and comprehensive knowledge of own area and is recognized as an expert by people across the organization
• Shares knowledge and expertise openly and freely, positioning knowledge sharing as an organizational priority
• Strong attention to detail and also sees the bigger picture. Able to move seamlessly from focusing on detail to the broad strategic challenges, and contributing to the development of the business as a whole

Diversity and inclusion are a focus for us – Lloyd’s aim is to build a diverse, inclusive environment that reflects the global markets we work in. One where everyone is treated with dignity and respect to achieve their full potential. In practice, this means we are positive and inclusive about making workplace adjustments, we offer regular health and wellbeing programmes, diversity and inclusion training, employee networks, mentoring and volunteering opportunities as well as investment into your professional development. You can read more about diversity and inclusion on our website.

By choosing Lloyd's, you'll be part of a team that brings together the best minds in the industry, and together with our underwriters and brokers, we create innovative, responsive solutions allowing us to share risk and solve complex problems.

Should you require any additional support with your application, or any adjustments, please click the following link;

https://cleartalents.com/apply/lloyds-msa1645695881

Please note, clicking on this link does not register your application for the vacancy