Head of Market Risk
We are Direct Line Group – home to some of the country's best-known brands including Direct Line, Churchill, Privilege, Greenflag and NIG. Our vision is to create a world where insurance is personal, inclusive, and a force for good, and our purpose is to help people carry on with their lives, giving them peace of mind now and in the future.
To help us to deliver on this vision and purpose, we’re transforming our systems, products and services, and positioning ourselves as a challenger brand that disrupts the market and innovates for the future. We’re already award-winning across several of our brands, but we want to continue this evolution to be a forward-thinking technology and data company.
DLG's growth is supported by our Risk function which develops, implements and maintains risk management policies, procedures, tools, and framework for us. Reporting into our Director of Insurance Markets & Credit Risk, we're recruiting for a Head of Market Risk to support the Financial Risk team on a 12 month fixed term basis, to cover a maternity leave. The role is based in our Bromley office but there is flexibility in working from home as well.
As Head of Market Risk, you'll establish the vision and direction of the Investment Risk function, ensuring an effective Second Line of Defence oversight.
What you will be doing
- Directing the second line oversight Investment Risk function within DLG, providing a high level of support for the Director of Financial Risk. This will include refining and challenging policies and minimum standards relating to investment, credit and liquidity risk, ensuring appropriate frameworks, systems and controls exist and managing the credit and investment risk forums
- Leading the Stress and Scenario team
- Coordinating the annual calculation of the IECM operational risk capital requirement.
- Setting, managing and monitoring the risk appetite framework for Investment Risk, ensuring that risk exposures are monitored and that senior management and executive are alerted immediately to Significant and Major issues in line with the escalation procedures.
- Working with the key stakeholders (Treasury, Finance and Risk) to design and implement appropriate management information and other oversight mechanisms to cover all major areas of exposure in the relevant areas.
- Monitoring and providing input on investment risks where necessary to business strategies (such as new product, processes or systems); supporting the Risk Leadership Team by providing oversight, challenge, intervention and analysis as required.
- Leading and developing a team capable of delivering Financial Risk Strategy and Vision. Developing each team member towards their full potential in line with the division’s goals.
- Producing accurate and timely risk reporting in line with Executive, Group and senior management requirements including Risk Management Committee, Investment Committee and Board Risk Committee.
- Leading the market, credit and liquidity risk input into key financial disclosures including the Solvency Financial Condition Report, the Regulatory Supervisors Report, and Annual Report & Accounts. Providing input as required to the Actuarial Function Report.
- Operating as the Minimum Standard owner for Model Risk across DLG, including oversight of all material models.
What we are looking for
Strong knowledge of investment risk, stress testing, and PRA regulatory expectations
Excellent interpersonal, written and verbal communication skills - with the ability to manage stakeholders of all levels of seniority
Previous Risk Management experience working within a similar environment