Risk Analyst - Emerging Risks

The Strategic and Systemic Risk team plays a pivotal role in ensuring our business is well-prepared to respond to emerging risks and challenges. This is through implementing strategies to protect the business as well as ways to capitalise on the opportunities presented. Climate change, the Covid-19 pandemic, geopolitical tensions and macroeconomic challenges all highlight the urgent need to advance global resiliency. The insurance industry has a long history of providing solutions to manage and mitigate risk and will be a key player in steering the world to a more resilient future.

As the team's Quantitative Risk Analyst, you will use data and exposure analysis, scenario quantification, and cooperation with wider teams to develop clear reporting and new insights into our developing risk environment. This will cover the latest environment of systemic risks across established risk categories (i.e., underwriting, reserving, market, credit, and operational risks; and the dependencies between them) as well as the specifics of new emerging risks.

Key Responsibilities:

• Contribute to the Stress and Scenario Testing framework, which brings together the scenario work undertaken throughout for the purposes of Risk Management reporting (including the ORSA), Internal Mode Validation, and strategic decision making at the level of business functions and the Board. Ensuring appropriate legal entity focus within this reporting.
• Provide an administrative role within the regular Stress & Scenario Testing Working Group, in coordinating meetings, set agendas, and monitoring ongoing actions.
• Engage with subject matter experts within business functions in current areas of scenario analysis, and to provide stakeholder support in the assessment and final reporting.
• Take ownership of areas of quantitative scenario analysis.
• Tailor analysis towards specific requirements of deliverables. For example, for scenario analysis for Internal Model Validation, ensuring this meets Solvency II Validation requirements of Stress and Scenario Testing and Reverse Stress Testing.
• Assist with the assessment of new emerging risks for further thematic review, with business function engagement, and with ownership of resulting areas of assessment and analysis.
• Proactively conducts own research, across relevant industry, economic, and academic resources, which supports our analysis.
• Support the Climate Change Risk project, including but not limited to:
  • Support climate change risk assessments (physical, litigation and transition risks) across core functions including Underwriting, Investments, and internal Operations
  • Support in the ongoing design of data needs, MI, and new reporting.
• Support the development of Climate Change Key Risk Indicators (KRIs), including within Insurance, Investments, and Operational Risk.
• Proactively monitor new regulatory requirements and guidelines and communicate these to relevant teams.
• Provide ownership of areas of quantitative and qualitative scenario analysis, with detailed engagement with business functions to ensure the use of latest models and data
• Work closely with business functions to monitor risk exposures and advise on risk mitigation strategies where required. Ensure key information is distributed to stakeholders as relevant.
• Support the delivery of the Risk Management Plan and any thematic review and business challenge work identified, including ad hoc projects and review work as they may arise.
• Act as an ambassador to champion Responsible Risk Management priorities through proactive education of and engagement with different business units.
• Support an effective risk culture. Adherence to all relevant regulatory requirements forms part of your role, and the demonstration of behaviours as set out in the Conduct Risk Policy and our Values.
• To play an active role in the preparation of the Own Risk and Solvency Assessment (ORSA) process, producing annual reports for Board approval.
• Contribute to the production of all regular and ad hoc reporting from the Risk Management function, including to the Risk Management Committee, Board, regulators, and other key stakeholders.

Skills and Experience:

• Quantitative skill set (from education and previous roles)
• Substantial experience within the insurance industry essential
• Experience of London Market preferable
• Microsoft office skills for Excel, Word and Powerpoint essential
• Some experience of PowerBI (or other visualisation tools) preferable
• Proactive knowledge and interest in emerging and systemic risk, and emerging insurance industry trends
• Strong analytical skills and forms sound conclusions / judgements
• Logical mind-set, and able to translate detail into big picture, be proactive, result focused and efficient.
• Ability to proactively lead work, including discrete projects on behalf of Risk Management function.