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Head of Enterprise Risk Management

Location London, United Kingdom Job type Full-Time Work mode Hybrid Job level Management & Leadership Job ID 10734 Company Munich Re Specialty - Global Markets Employment type Regular Area of expertise Audit, Compliance & Legal
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At Munich Re Specialty Group (MRSG), individuality and intellectual curiosity is a key driver for our success and innovation. We believe that leveraging a variety of perspectives and backgrounds, and empowering all employees to make an impact, will motivate us to perform at our best and give us a competitive edge. We know there is always more work to be done, but we’re committed to building a strong and inclusive culture where everyone is welcomed and valued for their “own expression of self-identity”.

About us

MRSG is part of the Munich RE group. We are known for our dedication to excellence and quality of service provision across both primary and reinsurance.

As well as operating in the Lloyd’s of London market, we conduct our business via a global network of service companies, with offices located in the UK, Ireland, the United States, Asia, including Singapore, Labuan and Dubai.

Our group of companies provide solutions covering Casualty, Marine & Cargo, Aerospace, Cyber, Political Violence, Trade Credit and Property, Contingency and Yacht. Our purpose is to inspire our clients and people with the confidence and freedom to explore, create and build – to enable people and businesses to thrive.

Head of Enterprise Risk Management

To ensure that the Munich Re Speciality Group (MRSG) businesses meet all applicable regulatory and Munich Re Group risk management requirements and to ensure that an effective risk management system is in place, including the specific Solvency II requirements where applicable and due regard to both Financial and Non-Financial risks.

To carry out the function of a board member for Munich Re Syndicate Ltd (MRSL) and a member of the executive management and other nominated committees of other entities (including but not limited to Munich Re Specialty Insurance UK (MRSIUK)). Collectively with other Board members, advise, govern, oversee policy and direction, and assist with the support and oversight of MRSG business activities. For additional Global Specialty Insurance (MRSG) businesses, ensure an appropriate risk management framework is in place and appropriately monitored and reported on.

To lead the progression and implementation of the Risk Strategy and the Enterprise Risk Management Framework proportionately and consistently across the businesses, including but not limited to risk culture, risk appetite, escalation and risk governance frameworks across both Financial and Non-Financial risks.

The Role

  • Satisfy MRSL regulatory Senior Manager requirements:-
    • Responsibility for the overall management of the risk controls of the firm, including the setting and managing of its risk exposures, and reporting directly to the MRSL Board and other governing bodies on its risk management arrangements.
  • Comply with the PRA/FCA principles for firms and individuals.
  • Member of MRSL Board, management team and sub committees, as appropriate.
  • Member of the executive management and other nominated committees of other entities (including but not limited to MRSIUK).
  • Collectively with other Board members, advise, govern, oversee policy and direction, and assist with the support and oversight of MRSG business activities.
  • For all MRSG businesses, ensure an appropriate risk management framework is in place and appropriately monitored and reported on for the required governing bodies
  • Act as a contact to the FCA, PRA, Lloyd's, GSI, Munich Re Group and other parties regarding Risk Management issues, reporting to regulators as required
  • Appropriate interaction with other governance areas including Compliance, CoSec and Internal Audit to ensure comprehensive governance and oversight of the complete risk profile of the business. Maintain relationship with key internal and external stakeholders including (and not limited to) non-executive directors, senior management and Group colleagues, external advisors
  • Lead the development of training courses across MRSG tailored to the Board, ExCo and relevant Committees needs to enhance their oversight of the various risk types
  • Drive good industry practices in terms of identification and assessment of risks and controls consistently across the business
  • Support implementation and embedding of the Legal, Risk and Compliance Target Operating Model. Work closely with LR&C colleagues and other key stakeholders on new business and change initiatives
  • Must continue to be “fit and proper” to execute the duties of a director and comply with the requirements of Lloyd’s Byelaws and Codes of Practice. 
  • Help drive forward good Conduct for the business to deliver the best outcomes for customers / policyholders

As a Senior Manager:

  • You must take reasonable steps to ensure that the business of the firm for which you are responsible is controlled effectively
  • You must take reasonable steps to ensure that the business of the firm for which you are responsible complies with the relevant requirements and standards of the regulatory system
  • You must take reasonable steps to ensure that any delegation of your responsibilities is to an appropriate person and that you oversee the discharge of the delegated responsibility effectively.
  • You must disclose appropriately any information of which the FCA or PRA would reasonably expect notice
  • You must take reasonable steps to understand how the business of the firm, for which you are responsible, can impact customer outcomes and ensure said business contributes to good customer outcomes being delivered throughout the customer journey.

What we are looking for

  • Significant insurance experience working in an enterprise risk role, preferably within the Lloyd’s market.
  • Experience of implementing and embedding risk strategies and frameworks across organisations of differing maturities
  • Familiarity with UK regulatory requirements including the PRA and Solvency II requirements.
  • Ability to foster and demonstrate a collaborative work ethos within the Legal, Risk and Compliance function and with other parts of the Group, actively promoting close and harmonious working relationships across the business
  • Must be able to evidence strong stakeholder management skills in a challenge and support capacity, and demonstrate flexibility as required.
  • Must have a good change mindset and demonstrate ability to thrive and bring team along in a change environment
  • Must demonstrate accuracy, attention to detail and a diligent approach to work
  • Must be able to work on own initiative, have strong management and organisational skills and be business orientated
  • Excellent oral and written communication skills, including previous evidence of preparing presentation and board reports, appropriate and relative to the recipient audience 
  • Ability to develop strategic views for a department and motivate the team to achieve the goals
  • Excellent influencing and negotiating skills – achieving consensus solutions while delivering challenging goals
  • Significant experience of risk management and control methodologies, as well as their successful application
  • Expert theoretical understanding of risk concepts and techniques covering the spectrum of non-financial and quantitative financial risk assessment, risk aggregation and concentrations, and ability to translate knowledge and experience into recommendations to add value to the business
  • Experience of working in or closely with the actuarial function and good understanding of actuarial concepts

Qualifications

  • University Degree and/or relevant professional qualification

Your career with us

At MRSG, you’ll find the flexibility, development and support you need to excel your career combined with a competitive salary and a benefits package that promotes wellbeing and work-life balance, on top of the standard features that include a non-contributory pension, private medical care, life assurance and more!

Diversity & Inclusion

Creating an inclusive environment is a crucial part of the Munich Re culture, and we are committed to our Diversity & Inclusion Policy. We also seek to provide a fair and supportive work environment which provides learning and development opportunities for all.

Working together, we are an employer of choice by building the workforce for today and the future.We make it happen. Together.

Push Boundaries. With us. | Munich Re

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Your Benefits

With us, you get more than just an exciting job. Enjoy a wide range of employee benefits tailored to your wellbeing and development. Please note that regional differences may apply.

Competitive Salary

We provide fair and competitive compensation that reflects your performance and commitment.

Company performance-based Incentives

In addition to your salary, our variable compensation approach allows you to share in Munich Re's success.

Recognition and Special Rewards

We recognise outstanding individual contributions through a variety of targeted rewards and incentives.

Retirement Planning

We support your long-term financial wellbeing with retirement solutions aligned with local regulations.

Inclusive Workplace Culture

We foster a respectful, inclusive, and values-driven environment.

Learning & Development

We offer tailored learning opportunities with a strong focus on core skills and business-critical knowledge.

Work-Life-Balance

Supporting your ability to balance family, leisure, and your career.

Health & Wellbeing

We support your physical and mental health through a range of programs and activities in each location.

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