Senior Risk Analyst

Job Description

Senior Risk Analyst

Job Market - Insurance Risk Management

Location - London / Work from home



Senior Risk Analyst - About the role

As a key member of the Risk Management Team, the Senior Risk Analyst is expected to assist the Risk Manager with the developing, leading and maintaining an effective risk management framework across the business and ensuring that Lloyd's and Solvency II requirements are being met.

The role requires insurance industry experience of specialist lines in the Lloyd’s market, in a relevant position in one of the following functions: Risk Management, Internal Audit or in a specific Solvency II role.

Senior Risk Analyst - Key duties

Risk Management and ORSA

Planning and coordinating the collation of information for the Own Risk and Solvency Assessment (ORSA) report and support the Head of Risk in producing the final report.

Coordinate Risk and Control Self-assessment, collate and validate risk and controls information from the business, update sections of the Risk Register.

Coordinate the business to implement effective controls and ensure actions are followed up to address control weaknesses identified.

Coordinate the annual update of the Risk Appetite Statement; prepare the quarterly monitoring reports, provide challenge of the RAG ratings, agree the actions to improve the ratings.

Own the Risk Event reporting and maintaining the Risk Event Log. Ensure that root cause analysis has been carried out and follow up the agreed actions.

Scope and perform in-depth reviews of business areas to ensure that their risks and controls are accurately reflected in the Risk Register.

Ensure that internal audit findings over the risk management systems are taken into account in the Risk Framework and provide challenge where necessary.

Facilitate the identification and reporting of emerging risks with impact analysis. This includes regular updates to those previously identified.

In every aspect of their work ensure that the Risk Management Function is consistent with the Lloyd's Risk Management Minimum Standards.

Produce Part of Risk and controls MI reports.

Develop, coordinate and, where appropriate, deliver training sessions for Risk and Control owners and senior management on risk, Solvency II and Internal Model topics.

Prepare regular and ad-hoc risk analysis, Risk MI reports and dashboards for the Executive Management, First Line of Defence committees, Risk committees and the Board.

Internal Model

Support the Risk Manager in the planning and coordination of the Internal Model Validation process.

Perform validation of certain components of the Internal Model and draft sections of the Validation report under the guidance of the Risk Manager.

Support parametrisation of the Internal Model.

SharePoint Librarian duties.

Assist the business with ad-hoc requests, queries and projects that require the involvement of the Risk Management Function.

Provide proactive Risk Management support and advice for major initiatives and projects.

Develop and update various Risk and Internal Model documents/part of documents - e.g. ORSA, Risk Management and Internal Model policies. Review other key policies in the business against the latest Solvency II, Lloyd's and PRA/FCA requirements as part of their annual update cycle.

Build strong alliances and maintains collaborative relationships throughout the company to promote the business engagement in risk management

Senior Risk Analyst - Key requirements

Previous insurance industry (or financial institution) experience with senior management exposure.

Experience in Risk, Audit or Solvency II implementation team within an insurance company or a consultancy.

Experience in risk identification and analysis.

Experience in documenting processes, risk and controls.

Experience in the development and production of Risk/Control MI reports.

Knowledge of Solvency II and experience within a Lloyd's Syndicate will be considered an advantage.

The role requires a self-motivated team player capable of working with limited supervision.