The role is to support the Enterprise Risk Management team in the operation, development and maintenance of all aspects of Risk Management, including all risk management related policies and monitoring, producing ORSA and quarterly risk reports, risk register for the Lloyd’s Syndicate operations (both London and overseas platforms).
In addition, the role is to provide extensive support in the Syndicate Internal Model Validation for Solvency II requirements. This ranges from assisting in setting the scope, performance of tests and production of the final validation conclusions.
The role further extends to lending support on the Risk Management function to our Bermuda and US-based entities fulfilling requirements outside of the Lloyd’s platform.
Lines of Responsibility:
Reports to: Enterprise Risk Manager
- Provide support in risk oversight activities including risk review meetings with all functions within the Syndicate on an annual basis; identify risks and trends and make recommendations and solutions to the Risk Committee and the Board
- Assist in the liaison with other group entities in conducting risk review meetings in both Bermuda and the US entities
- Maintain and improve Syndicate’s risk register including risks and control effectiveness review; monitor other entities and group risk register to ensure consistencies
- Produce and maintain Syndicate risk management strategy, policy and risk appetite policies, perform risk assessment of various areas (scope varies e.g. GDPR, BCP)
- Produce Quarterly Risk report and the annual ORSA document against risk appetite; Monitoring of emerging risks and provide analysis to the senior team, Risk Committee and the Board
- Prepare risk appetite metrics MI, in terms of measures, key control indicators, key risk indicators, etc. Monitor and update the risk incident log from all functions
- Assist in the Forward-looking exercise in terms of designing scenarios, model implementations and producing results to the Risk Committee and Board
- Continued review to ensure adherence to Lloyd’s minimum standards and governance assurance work in order to fulfil Lloyd’s annual attestation requirements
- Support in the regulatory / compliance projects in satisfying Lloyd’s, UK, US and Bermuda regulations
- Involvement in the wider maintenance and improvements of company-wide policies and risk appetite statements across the Ascot Group and sub entities.
- Provide assistance in preparation of papers and analysis for committee meetings and external meetings with Lloyd’s and PRA.
- Support the internal model validation process, including shaping the scope of the validation cycle, design and improving the process of the validation tests
- Assist in the maintenance of validation policy and three-year validation plan and follow the established governance process in validating the model.
- In-depth involvement in the performance of full annual cycle of validation and also following any model changes made throughout the year (major and minor)
- Perform a suite of validation tests covering a wide range of risk types within the internal model; review documentation, use tests and governance around the internal model
- Assist in the perform of different types of testing, sensitivity (type I and II), stress, scenario tests; reverse stress test; reconciliation tests; Profit & Loss attribution
- Assist in the review of model limitation log, expert judgement log as part of the validation cycle
- Assist in the production of the final validation report for the Board and Lloyd’s.
Wider actuarial work
- Involvement in wider technical actuarial activities including reserving and pricing support
- Provide actuarial support for other Ascot offices, including Ascot Re and Ascot US
- Attendance at relevant industry workshops and training for example annual Lloyd’s validation workshop.