Head of Enterprise Risk

Canada Life Limited
Potters Bar, United Kingdom
21 Jan 2023
20 Feb 2023
Job Function
Risk Management
Industry Sector
Finance - General
Employment Type
Full Time
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 Head of Enterprise Risk (HoER) is a key leadership role across Risk and Compliance, positioned as Canada Life UK's (CLUK) subject matter expert on our risk framework.

The CLUK Enterprise Risk Management Framework (ERMF) pulls together all the core risk management components and the HoER is responsible for implementing, maintaining and evolving it. A member of the Risk & Compliance leadership team and reporting to the Head of Risk & Governance, the HoER supports the CRO in ensuring that CLUK's ERMF drives effective and appropriate risk management across the business to align with strategy and risk appetite, encourages an appropriate risk culture and meets the needs of the full range of stakeholders (including Board, executive, Lifeco group and regulators).

The role is responsible for the development and maintenance of the ERMF to reflect current and emerging risks and developing best practice in risk management, built on risk process outputs in the first and second lines of defence

The HoER will lead a team of risk specialists focusing on the framework development, risk governance, risk reporting and oversight of non-financial risk. This team works across the whole of CLUK to support the effective use of the ERMF by advocating, training and providing oversight on the ERMF.

Key Accountabilities
1. A senior member of the risk and compliance management team supporting the CRO in leading the risk function, the role will engage with the full range of stakeholders, including regulators, providing quality, appropriate and relevant reporting to the Executive and CLUK boards and committees.

2. Recruit, motivate and lead a team of risk professionals focused on ownership and development of CLUK's Enterprise Risk Framework (ERMF); ensuring the team delivers business and individual objectives, providing commercial and pragmatic operational, regulatory, and technical risk advice and guidance. Working across risk and compliance the team draws on specialist skills and knowledge to provide expert advice and guidance to all operational areas on the application and use of the CLUK ERMF

3. Responsible for the development of CLUK ERMF (based on the Great West Life ERM framework) to provide appropriate methodologies and processes for ensuring strong risk management and governance across the UK Division in line with strategy, risk appetite and regulatory environment. This will include design and maintenance, advocacy and oversight of embedding of CLUK ERMF aligned with UK division accountabilities

4. Responsible for the second line of defence aspects of key risk identification, monitoring and reporting activities across UK Division. Working with the risk and compliance business partners and teams as necessary ensure that core risk management processes and tools are effective, fit for purpose and appropriately used across the first line of defence. These include;
* Risk & Control Self-Assessment (RCSA) * Risk Events & Losses * Policy Framework * Non-Financial Risk Appetite

5. Responsible for ensuring that robust mechanisms & processes are in place to support effective risk oversight & assurance, including:
- Coordination of periodic "deep dive" assessments of key business processes
- Identification and assessment of Emerging Risks
- Standards for providing and monitoring Risk Opinions
- Oversight on effectiveness of the ERMF application and use as well as training across CLUK on the application of the ERMF

6. Act as the CLUK expert on all aspects of the CLUK ERMF, championing the three lines of defence mode to enable continued use and development of the framework and embedding of risk culture across CLUK - driving best practise risk management across CLUK

7. Responsible for second line oversight of operational risk modelling and reporting across the UK Division, ensuring that effective and consistent processes are in place to facilitate operational risk scenario generation and assessment. Key components include:
- Ensuring that the 1st line of defence have appropriate limits in place for measuring and escalating local operational risk events
- Collation and reporting of operational risk exposures across the UK Division, including appropriate analysis and commentary
- Input to and challenge of operational risk modelling, including the linkage between operational limits and operational capital requirements, and assessments of control limitations

Desired Knowledge / Experience / Skills
• Extensive experience in the life insurance industry.
• Comprehensive knowledge of risk governance practices and processes, as part of a wider enterprise risk management framework and associated regulations, including Solvency II.
• Experience in overseeing the management of operational risks and the various approaches to monitor, model and report on operational risks.
• Experience of embedding and maintaining an enterprise risk management framework.
• Experience of "second line of defence" risk oversight activities.
• Ability to manage and motivate a team with varying levels of experience.
• Strong communication skills, demonstrating a clear and articulate standard of written and verbal communication in a complex environment, tailored for all levels of management.
• Attention to detail.
• Strong influencing skills, with experience of engaging with senior management in order to get desired outcome.
• Good interpersonal/networking skills, with the ability to maintain a variety of relationships with multiple stakeholders.
• Proven track record at delivering reporting requirements under tight time pressure.
• Relevant risk management qualification (desirable)

What you'll like about working here
As a Canada Life UK colleague, you'll 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. You'll 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

"We appreciate that everyone has different work and life responsibilities. We're happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for you "