Financial Risk Manager

At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this.

At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.

Please see our website for more information.

Financial Risk Manager

We are looking for a part / near-qualified actuary to join our London or Manchester Office seeking an opportunity to step up, increase exposure to senior stakeholders to support the implementation and embedding of the financial risk framework.

We also welcome applications from candidates seeking part-time employment on a four-day work week.

You will lead internal model validation including review of remediation activities, support the assessment and management of financial risks and controls in alignment with the enterprise risk management (ERM) framework, strategic objectives, Group and regulatory requirements. You will also support project work by providing financial risk subject matter expertise and 2nd line oversight as appropriate.

You will ensure that risk exposures and associated controls are appropriately monitored and reported on for the required management and legal entity governing bodies to ensure strong business support on key decisions, the appropriate identification and management of key and emerging risks, and compliance with Munich Re, PRA, FCA and Lloyd’s requirements.

Responsibilities:

• Support the Head of ERM in providing challenge, oversight and risk opinions on all financial risk related matters including capital, reserving, product design and pricing, exposure management, business plan, solvency, and climate change
• Lead the independent validation of the internal model to satisfy Lloyd’s and the PRA’s requirements; perform annual parameterisation review and update for Operational risk modelling
• Coordinate with and manage external consultancies on the delivery of projects
• Support the development, implementation and embedding of appropriate risk appetite and other metrics
• Support the Risk and Control Self Assessments (RCSA) focusing on areas within financial risk including looking at emerging risks and climate change risks
• Support the production of the Own Risk and Solvency Assessment (ORSA) report, including coordinating stress and scenario testing activities
• Represent the financial risk function at committees and sub-committees
• Building strong relationships with key internal and external stakeholders including Munich Re Group and GSI colleagues and external advisors
• Supporting key strategic and regulatory projects, regulatory reporting and responding to regulatory requests
• Staying up to date with technical expertise, regulations, professional guidance, and deepening your understanding of the business and strategy
• Assist with other Legal, Risk and Compliance departmental activities as and when required

Knowledge And Skills

• Part or near-qualified actuary with experience in the general insurance industry
• Experiences working in the Lloyd’s market in Capital / Risk team desired
• Strong technical proficiency in data manipulation using Excel and other analytical tools; ability to conceptualise solutions for complex problems using technology
• Demonstrated ability to produce board-level and other types of reports for a wide range of audiences on complex topics
• Excellent ability to manage one’s own time, and dealing with competing demands
• Experienced in collaborate effectively with cross-functional teams, including Underwriting, Claims, Finance and build positive relationships with stakeholders at all levels
• Must demonstrate accuracy, attention to detail and a diligent approach to work

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

Diversity, Equity & Inclusion

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.

Learning and innovating today, striving for sustainable societies and business tomorrow

At Munich Re Specialty – Global Markets our approach to ESG is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment. Our ESG strategy aims to deliver holistic impacts across environmental, social and governance topics including supporting a number of local initiatives within our community and offering volunteering opportunities for colleagues.

Learn more about sustainability at Munich Re – choose your impact!

#BePresent #BeBold #BeCurious