Purpose

The Risk Manager reports directly into the Flood Re Chief Risk Officer and delivers key components of the Enterprise Risk Management framework, with particular focus on (a) Leading the Flood Re 2nd Line in Operational Risk Management, (b) Independent Model Validaiton Oversight, (c) Delivering a number of wider elements and tools within the Scheme’s risk management framework, including the Risk Register, KRI & Risk Appetite Monitoring. This FTC role is required at this point to manage key person risk in the Risk Function and ensure sufficient resource is available within the Risk Function to manage a number of upcoming changes and projects within the Flood Re Scheme and risk assessments of them.

Principal Responsibilities

Lead 2nd Line Operational Risk Management:

• Lead the delivery of the Operational Risk Management Framework, including leading the Operational Risk Deep-dives with the Head of Operations, Director of IT and Director of Operations
• Drawing together and reviewing the feeds of information/metrics/assessments from the 1st line processes/oversight including data quality, info sec, DR/BCM teams, Outsourcing performance management into the ERM framework.
• Presenting to ExCo and RCC latest developments and findings relating to Flood Re’s Operational Risk Profile
• Lead the delivery of the Operational Risk section of the ORSA
• Lead engagement with ORIC (reporting incidents, completing benchmarking analysis, delivering independent stress and scenario testing comparison etc)
• Work and liaise with the Capital Modelling Team on the delivery of Operational Risk Scenarios (feeding in elements from Risk Register, Incident Log, ORIC etc)

Plan, Oversee and Direct External 3rd Party Delivering Model Validation

• Plan and manage 3rd party validator through each stage of Flood Re’s independent model validation, oversee exhibit/evidence delivery, 3rd party review, queries and follow-ups and engagement with 1st line capital team
• Ensure delivery of finalised validation results and reporting to committees
• Ongoing oversight and progress against open validation issues and recommendations with 1st line

Delivery of the wider Risk Management Framework

• Ensure the firm’s Risk Register is continuously updated and maintained, thereby representing the firm’s comprehensive and accurate up to date risk profile Lead delivery of content for the Quarterly Risk and Control Reviews
• Work with the CRO and the chairs of Sub Committees to ensure that meeting agendas, discussion, outcomes and minutes demonstrate good 1st line risk management of risks relevant to their remit
• Draw together and Review monthly/quarterly KRI’s
• Review and opine on Flood Re’s Risk culture and emerging risks
• Work with the CRO to ensure that an effective and efficient ORSA process is established and maintained in Flood Re, that a comprehensive range of inputs is routinely captured to draft the annual ORSA report.

Deputising for CRO

• Deputise or alternate for the CRO at the Operations Sub-Committee, and Underwriting and Claims Sub-Committee and when Committee and other meetings clash where Risk representation is expected

Knowledge and Experience

• Strong understanding and experience of Solvency II/Solvency UK and UK General Insurance
• Experience in delivering 2nd line Operational Risk Assessments
• Experience in managing and overseeing 2nd Line Independent Model Validation
• Experience in delivering and engaging with a range of risk management tools and processes including RCSAs, Risk Registers, KRI’s, Emerging Risk Analysis and stress and scenario testing.