Lloyd’s is the world’s leading insurance and reinsurance marketplace. We share the collective intelligence and risk sharing expertise of the market’s brightest minds, working together for a braver world.
Our role is to inspire courage, so tomorrow’s progress isn’t limited by today’s risks.
Our shared values: we are brave; we are stronger together; we do the right thing; guide what we do and how we act. If you share our values and our passion to build a future that’s more sustainable, resilient and inclusive, you’ll find a home at Lloyd’s – build a braver future with us.
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:
ORSAandBusiness Plan
- UndertakedeliveryofthefinancialrisksectionsoftheORSAandthecoordinationofthe quantitative sections of the annual ORSA Report
- EnsurethattheLICBusinessPlanprojectionofthecapitalpositionalignswithcompany strategy by challenging the first line capital projection, balance sheet and P&L
- DefinethelistoftheSSTs(Scenarioandstresstests),includingsensitivitiesandreverse stresstesttobemodelledintheannualORSA, incoordinationwiththefirst lineActuarial team, ensuring alignment with LIC’s risk profile and regulatory requirements
- IdentifyLIC'stoprisksandperformfinancialrisksanalysisfortheORSA report
- Prepare and deliver presentations to the Executive Committee and Audit & Risk Committeemembers,providinginsightsonkeyriskexposures,capitalmanagement,and stress test results
Reporting
- Undertakemaintenanceoftherelevantquantitativesectionsoftheannual RSR
- Performsecond-linereviewofthefinancialriskaspectsoftheSolvencyIIquarterlyand annual reporting
- Reviewingandchallengingfirst lineriskowners ontheirreportedriskappetitemetricsand other relevant financial risk information in the quarterly risk report
- Supportthecompilation,assessmentandreportingofriskinformationtothe Headof Financial Risk and CRO, identifying significant risk management issues
- Supportthecompilationofanannualriskplanandtheperformanceofdetailedreviewsof 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 frameworktomonitorandmeasureriskwithintheCompany,andtoensure financialrisk appetite and policies are appropriate and in line with regulatory expectations, broader industry developments and the company’s strategy
- Engagekeystakeholdersbyeffectivelycommunicatingactuarialmethodologiesand results as required
- ChallengeandadvisefirstlineonLIC’ssolvencyandcapital management
- SupportthedefinitionoftheCompany’sriskprofileandthemonitoringofrisk exposures forallfinancialrisks(marketrisk,counterpartydefaultrisk,underwritingriskandliquidity risk), through close collaboration and challenge of the first line business teams
- ProvideriskopinionsorthematicreviewsofkeystrategicprioritiesimpactingLIC’sshort- and long-term capital requirements, where necessary
ActuarialreviewsandRiskManagementapproach methodology
- Reviewfirstlinemodelsrelatedtofinancialrisk areas
Work with the Head of Financial Risk Management to define action plans and capital requirementstosupporttherecoveryplanreportandmaintainthecompany’srecoveryplan.
Supportthedeliveryofthecompany’ssustainabilityriskmanagementframeworkwithregardsto the quantitative sections (e.g., climate risk), and where necessary the company’s annual sustainability report.
Supportdeliveryofthefinancialriskmanagementpolicies,financialriskappetitemetrics,and other key financial risk management framework documentation including the policy life-cycle process.
Coordinateandcontributetofinancialriskprojects,providingguidanceandtechnicalexpertiseto others involved.
Supporttheembeddingoftheriskmanagementsystemthroughouttheorganisation andpromote 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
- Abilitytomanagehighvolumeworkloadsandproduceworkablesolutionsthatmeetstheimmediate demands of the situation(s)
- Experienceofmitigatingfinancialrisksandofassessingtheeffectivenessof controls
- Abilitytoengage,communicateandinfluenceatalllevels–internally,externallyandglobally,and build trusted relationships in the business areas which the role supports
- Proventrackrecordofexceedingstakeholderexpectationsandachievinghighprofessional standards in specialist area
- Anabilitytoworkaccuratelywithminimalsupervisionandmakeadministrativedecisions based onabroadunderstandingofrelevantpoliciesandproceduresandofoperational requirements
- Fluency in both written and spoken English required. Any other European language is considered as an asset
Knowledge
- KnowledgeofSolvencyIIregulatoryenvironment,regimesand requirements
- InsurancemarketknowledgeincludingLloyd’s,LondonMarket&InternationalMarketsandother financial services markets
- Knowledgeoffinancialandbusinessprocessesintheinsurance industry
- Knowledgeofcorporategovernanceprinciplesand structures
- Knowledge of Dutch and/or French a plus
Experience
- HasexperienceofworkingintheFinancialServicesregulatoryenvironmentinarolethatinvolved ensuring compliance with Belgian or EU regulatory requirements relevant to the role
- Hasgoodmarketawarenessandindustry knowledge
- Isananalytical,strategicthinker,withgoodreasoningandproblemsolving skills
- Hasafinancialoractuarial background
- Isaconfidentandclear 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
