Head of 2nd Line Operational Risk (12 Month Fixed Term Contract)
An exciting opportunity has arisen to join the EUI Risk team initially on a 12 Month FTC with the potential to become permanent.
As Head of 2nd Line Operational Risk, you will be responsible for promoting and embedding Admiral's Enterprise Risk Management Framework (ERMF) processes within the UK Insurance business. This includes implementing and embedding the tools, policies, standards and procedures required for the business to manage its current and emerging risks.
Main Duties
- Responsible for second line oversight of Operational Risk for Admiral’s UK Insurance business excluding Information Risks, ensuring that the business proactively identifies, manages, mitigates and monitors current and emerging risks to the business in line with Risk Appetite, relevant Group Risk policies and the ERMF.
- Oversight and challenge of the business' adherence to Risk Appetite for Operational Risks, ensuring the process is owned by relevant Line 1 teams. Leading the annual refresh of the Risk Appetite for Board approval and operationalising it at a more granular level within the business.
- Responsible for the Own Risk Assessment process for the UK Insurance business, aligned to the Group Own Risk and Solvency Assessment (ORSA) process.
- Oversight of risk events, challenging Line 1 risk teams, risk champions, risk owners and SMFs on remediation and resolution of risk events, escalating issues and concerns as required.
- Ensure that all material risk events are identified, evaluated, managed and proactively reported to the Risk Management Committee and other relevant stakeholders.
- Responsible for trend analysis on incidents, risk events and near misses to identify weaknesses and opportunities for improvements to operational risks and controls.
- Responsible for second line risk reviews on key current and emerging Operational risks, identifying, assessing, escalating, and reporting on potential operational risks, controls, vulnerabilities, and issues to Admiral.
- Facilitating or supporting scenario analysis or simulation exercises to assess the potential impact of risks and vulnerabilities and the businesses' ability to respond.
- Responsible for defining and maintaining the suite of Operational Risk Management Standards, which clearly articulate the responsibilities and activities to be performed by the business for effective risk management, aligned with internal and external requirements.
- Producing and maintaining the Board Risk Register and Emerging Risk Radar.
- Oversight and assessment of the adequacy and effectiveness of the Material Controls.
- Monitoring and assessing compliance with Group & entity specific Policies and Group Minimum Standards in relation to risk management and internal controls.
- Production of reports on the Risk profile for the Risk Management Committee, Board Risk and Conduct Committee as well as other relevant Committees and Boards.
- Responsible for providing training to Line 1 risk teams and risk champions, raising awareness of risk management and the ERMF processes applicable to staff.
- Providing review and challenge to operational change projects via steering committee membership or undertaking project risk reviews.
- Develop and maintain key stakeholder relationships across the business, performing the role as a 'critical friend' to help the business optimise its risk management activities.
- Represent 2nd line in relevant Committees, working groups and project steering committees.
- Act as the subject matter expert within the Corporate Governance functions for operational risk management.
- Facilitate the Risk Management Committee in role as Committee Secretary.
- Lead and oversee the Operational Risk team, ensuring high standards are maintained with a positive team culture and morale, and ensuring that team members are trained and developed to meet the needs of their role and career aspirations.
This is not a full definition of the role but covers the main aspects and drivers for success.
Salary, Benefits and Work-Life Balance
We do not have a set salary for this position, as it will be dependent on the successful candidate’s experience. We are happy to see CVs from all candidates who meet the requirements and will be happy to discuss the remuneration package.
At Admiral, we are proud to be a diverse business where we put our people and customers first. We have great benefits to ensure employees have a great work-life balance; it's one of the reasons we’re consistently voted one of the Sunday Times Best Big Companies to work for in the UK. We want you to have an element of freedom to define a working lifestyle that supports this, so accommodate flexible hours wherever possible.
All colleagues will receive 33 days holiday (including banks holidays) when they join us, and this will increase with length of service, up to a maximum of 38 days (including banks holidays). You also have the option to buy or sell up to five days of annual leave in addition to your allocation.
You can also view some of our other key benefits here.
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