Operational Risk Manager

Canada Life Limited
Potters Bar, United Kingdom
26 Jan 2023
16 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 COO function of Canada Life UK is a key part of the business, providing Customer Services, IT, Business Change and Procurement

The first line risk team, within the COO office, are responsible for managing the division's 1st line risk, oversight, and management of controls on a day-to-day basis to deliver support to the execution of the business strategy.

The role of the Operational Risk Manager is to support the team in ensuring that the 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).

The Operational Risk Manager will also execute the monitoring of Conduct Risk across CLUK, both in relation to identification and reporting of events impacting Conduct, together with overseeing the Conduct risk dashboards for CLUK and the entities within. In addition, overseeing and reporting on CLUK's performance in relation to incoming Consumer Duty requirements on a consistent and transparent basis across the different business lines and legal entities. For both, the Operational Risk Manager will lead on ensuring that policies and operating standards are fit for purpose and that requirements are communicated out to the required areas of the business.

The role will also lead on the development of clear and consistent metrics in relation to the measurement of operational risk across the COO division, ensuring consistency across CLUK. This will also include the development of clear operational risk measurement for relevant committees, boards and working groups, including supporting the development and embedding of operational risk appetite measures, key risk indicators and RCSA processes.

Key Accountabilities
1) Risk Reporting, Measuring and Monitoring

Supporting the implementation of processes for measuring risks across the COO divisions. Ensure the accurate and timely reporting of risks within the required working groups, executive committees, risk committees and board where appropriate.

2) Risk and Control Management

Ensuring that all material risks & key controls are recorded and assessed using a Risk System provided by the 2nd Line Risk Function. This should cover all risk categories (within CL UK's Risk Universe), as well as emerging and reputational risks, and risks arising from change activities or key initiatives. Ensure risks outside tolerance and weak or deficient controls are managed appropriately, have documented action plans in place and appropriate governance as defined within supporting Standards.

Manage the implementation of risk indicators (Key Risk Indicators (KRIs) and Risk Indicators (RIs)) and associated tolerances within COO teams and the 2nd Line Risk Function, and maintained within the Risk System to ensure timely escalation and reporting

Support a culture of awareness, openness, and accountability, to ensure the Risk Event Reporting process is managed in line with the Risk Event Standard.

Support coaching and support to colleagues in support of risk and control reporting to Boards and Management Committees

3) Conduct Risk

Operate as the SME for Conduct Risk across the Canada Life UK businesses. Ensure that the Conduct Risk Policy is consistently and transparently applied and understood across Canada Life. Ensuring that reporting of Conduct Risk events is accurate and actions plans are executed timely. Oversee and contribute to the Conduct Risk dashboard for CLUK and constructively. Take a lead role in ensuring that Conduct Risk dashboards accurately reflect the Conduct Risk profile across the Canada Life, drawing up remediation plans where risk are not accurately reflected or recorded.

4) Consumer Duty

Take responsibility for ensuring that reporting for Consumer Duty is accurate, timely and always developing as CLUK takes on and embeds new FCA requirements (due April 2023). Ensure that reporting of outcomes across Canada Life UK is undertaken in line with regulatory expectations and requirements, with an eye to consistent improvement and developments as new regulatory requirements are embedded across the industry.

5) Policy Management & Attestation

Manage the COO annual attestation to applicable policy requirements by reviewing and challenging their responses and ensuring that policy gaps are communicated to the Policy Owner.

Provide the Risk Business Partner with feedback/issues on compliance with any requirements, and formerly report any known policy exceptions to the Policy Owner and Risk.

Desired Knowledge / Experience / Skills
- 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.
- Experience in the life insurance industry
- 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
- Experience of embedding and maintaining an enterprise risk management framework
- Knowledge of second line of defence risk oversight activities
- Experience of people management
- Proven track record at delivering reporting requirements under time pressure with attention to detail.
- Strong time management and organisational skills

Specialised qualification in risk/compliance - have or working towards a financial services or regulatory qualification
Ideally degree or equivalent experience in the industry

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 "
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