Solvency II Enterprise Risk Management Actuary/Senior Analyst

At M&G our purpose is to give everyone real confidence to put their money to work. As an international savings and investments business with roots stretching back more than 170 years, we offer a range of financial products and services through Asset Management, Life and Wealth. All three operating segments work together to deliver attractive financial outcomes for our clients, and superior shareholder returns.

Through our behaviours of telling it like it is, owning it now, and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.

We will consider flexible working arrangements for any of our roles and also offer work place accommodations to ensure you have what you need to effectively deliver in your role.

The Solvency II Enterprise Risk Management Team sits within the M&G plc Risk and Compliance function who are responsible for:

• assisting the Board to formulate, implement and monitor adherence to the Risk Management Framework;
• reviewing, assessing and challenging the actions taken by first line of defence to manage, mitigate and control risks; and,
• providing the Board with an aggregate view of M&G plc’s risk profile and supporting them in identifying and assessing key and emerging risks which threaten the achievement of M&G plc’s objectives.

The Solvency II Enterprise Risk Management team primarily operates across the Life business however some Group processes owned by the team also consider the wider Asset Management and Group functions. The team is responsible for a number of Solvency II enterprise-wide risk management processes, reporting into Boards and Committees.

The role provides an excellent opportunity to consider risk holistically across the business and support M&G’s growth plans. The role will interact with a wide range of stakeholders, including senior management to aggregate  risk-based information and communicate it effectively to Boards and Committees. The role is reliant on collaborating effectively with the first, second and third lines of defence to collate, challenge and present information in relation to the PRA and FCA-related enterprise risk management processes. These processes include annual reporting, maintaining compliance with the Solvency II Pillar II requirements, risk identification including analysis of emerging risks, collation of the Own Risk and Solvency Assessment (ORSA) and calculation of the operational risk capital requirements.

The role would be well suited to a qualified/part qualified actuary or someone with the relevant Solvency II knowledge looking to get experience within a Risk function.

Key accountabilities for this role:

• Advise on content relating to risks and uncertainties in the annual report and accounts of the Group’s legal entities.
• Support the coordination and production of regulatory disclosure documents, including the Solvency and Financial Condition Reports and the ORSA Report.
• Maintain Group-wide Operating Standards and monitor compliance with the Solvency II Pillar II regulatory requirements including compliance attestations and Management Information reports. 
• Support the Solvency II bottom-up and top-down risk identification process including in depth analysis around new asset investments and proposition launches.
• Maintain the emerging risk register and facilitate the annual refresh and reporting of emerging risks. 
• Coordinate the identification process for determining the suite of stress and scenario testing required to assess the resilience of the Group to risk factors and emerging risks.
• Own, maintain and coordinate the assessment process for determining the operational risk capital requirements including facilitating workshops with subject matter experts from across the business.

Knowledge Requirements

Essential

• Financial services regulatory and legislative frameworks including Solvency II
• Life, Pensions and Investment products, markets and competitors

Desirable

• Components of a risk framework
• Operations of an Internal Model
• Understanding of the balance sheet and impact of stresses
• Understanding of M&G plc products, systems and distribution methods
• Calculating operational risk capital

Experience Required

Essential

• Liaising, influencing and negotiating effectively with internal parties and external parties
• Consolidating information into succinct reports for management

Desirable

• Risk identification including bottom-up analysis, top risks, strategic risks and emerging risks
• Conducting risk reporting processes such as ORSAs
• Facilitating analysis and workshops
• Presenting to committees and senior stakeholders
• Reviewing and challenging balance sheet modelling including stress and scenario testing
• Operating or reviewing Solvency II and Internal Model process and outputs

Skills Required

Essential

• Stakeholder management, relationship building and influencing across a wide range of stakeholders including communication with senior stakeholders
• Ability to work collaboratively across the immediate team and broader Risk and Compliance function
• Ability to take accountability and organise tasks, work independently and deliver outcomes to a high standard
• Desire to strive to consistently improve and simplify processes
• Strong written communication skills including the ability to tailor technical information to a range of audiences

Desirable

• Strong analytical, numerical and problem solving skills
• Oral communication skills and ability to present to senior stakeholders and committees
• Ability to consider a holistic view to make connections between Compliance, Financial, Enterprise, and Operational risk areas and work with others to mitigate risks in accordance with business requirements.
• Good investigative skills and ability to constructively challenge
• Ability to identify risks holistically and communicate the bigger picture effectively

Qualifications

• Professional actuarial or risk qualification desirable

Experience Level: Experienced Colleague

Recruiter: Helen Simons

We have a diverse workforce and an inclusive culture at M&G plc, underpinned by our policies and our employee-led networks who provide networking opportunities, advice and support for the diverse communities our colleagues represent. Regardless of gender, ethnicity, age, sexual orientation, nationality, disability or long term condition, we are looking to attract, promote and retain exceptional people. We also welcome those who take part in military service and those returning from career breaks.

M&G is also proud to be a Disability Confident Leader, and we welcome applications from candidates with long-term health conditions, disabilities, or neuro-divergent conditions.  Being a Disability Confident Leader means that candidates who meet the minimum criteria of a job, will be offered an interview if they 'opt in' to the scheme when applying. 

If you need assistance or an alternative means of applying for a role due to a disability or additional need, please let us know by contacting us at: [email protected]