Head of Risk Insurance

Job Description

Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation. Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues. Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers. Job Purpose The Insurance division of Canada Life UK is a key part of the business, with product lines including bulk and individual annuities and group protection. It is also a consumer of equity release assets originated by Canada Life Home Finance. Insurance division business is exposed to a diverse set of risks including financial, credit, market, operational, conduct and customer, reputational and strategic risks. The Head of Risk - Insurance supports the Chief Risk Officer by managing the UK Divisions Risk Function within the Insurance division (including the Annuity and Protection businesses and with the support of the Head of Risk, Investments for matters relating to Equity Release business) on a day-to-day basis to deliver strategic risk objectives and support the execution of the business strategy. It involves oversight of the full risk universe relating to the Insurance division. Role responsibilities include membership of the Insurance division senior management team to oversee activity and influence continued risk culture embedding in the division, membership of key committees at management level for the running of the Insurance division, membership of the risk function senior management team and membership/chairing of risk committees; including being the senior risk representative on the Annuity Price Committee, chairing of FIRC and responsibility for bulk annuity oversight, a strategic growth area. Support the Chief Risk Officer in ensuring that CLUKs Enterprise Risk Management Framework facilitates effective and appropriate risk management across the business, encourages an appropriate risk culture and meets the needs of the full range of stakeholders (including Board, executive and regulators). This is a permanent position, but will also consider interim applications. Key Accountabilities Risk Management Framework Champion the three lines of defence model for risk management across the Insurance division (including the Annuity and Protection businesses and with the support of the Head of Risk, Investments for matters relating to Equity Release business). Ensure the implementation of the Great West Life ERM framework within the Insurance division (including the Annuity and Protection businesses and with the support of the Head of Risk, Investments for matters relating to Equity Release business) businesses is compliant with relevant regulations and meets the wider expectation of regulators, and follows good practice relative to peer companies. Business Partnering Lead risk engagement with and oversight of Insurance division. This covers oversight and challenge of the nature of risk exposures, capital requirements and governance and their subsequent impact on CL UK and includes: • Providing input on business decision-making, including due diligence on potential business M&A transactions • Being risk representative on Insurance division senior management team • Being a member of key Insurance division committees and responsibility for oversight contributing to committee discussions • Responsibility for oversight of bulk annuity transactions • Providing oversight of business change relative to Insurance division and representing risk function at senior panels to manage change • Collaborating with the Compliance function to provide consistent second line oversight to Insurance division, as appropriate Contribute to risk oversight and challenge to initiatives across the wider CL UK structure, as appropriate Recruit, motivate and manage direct reports, and ensure similar from them for their teams, in the achievement of the business and individual objectives, including the provision of operational, regulatory and technical risk (market, credit and insurance) guidance. Risk reporting, measurement and monitoring Lead the quality review process for CRO reporting to Executive and Board committees. With a primary focus on the Insurance division: • Support the development of appropriate methodologies and processes for ensuring financial stability i.e. ORSA • Advocate and drive use of Partial Internal Model Desired Knowledge / Experience / Skills • Strong influencing skills, with experience of engaging with Boards and senior management in order to get desired outcome • Good interpersonal/networking skills, with the ability to maintain a variety of relationships with multiple stakeholders • Strong communication skills, demonstrating a clear and articulate standard of written and verbal communication in a complex environment, tailored for all levels of management including Board level. • Significant experience in the life insurance industry, including management positions. • Comprehensive knowledge of enterprise risk management and the relevant regulations, including the technical aspects relating to the quantification and analysis of a wide range of risks • Significant experience of embedding and maintaining an enterprise risk management framework • Experience of second line of defence risk oversight activities • Strong skills and experience of managing and motivating a team from a diverse range of professional backgrounds and with varying levels of experience • Proven track record at delivering reporting requirements under time pressure with attention to detail. • Self-motivated, well-organised, pragmatic and able to perform tasks independently Qualified Actuary and/or relevant Risk Management qualification What youll like about working here As a Canada Life UK colleague, youll receive a competitive salary and comprehensive reward package including income protection, private medical insurance and life assurance, along with a generous pension and bonus scheme. Youll also receive the support you need with your personal and professional development. Diversity and inclusion Canada Life is committed to a diverse and inclusive workplace. Our role as an employer of choice is to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences