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Head of Non-Financial Risk

Location London, United Kingdom Job type Full-Time Work mode Hybrid Job level Management & Leadership Job ID 9305 Company Munich Re Specialty - Global Markets Employment type Regular Area of expertise Actuarial & Risk Management
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About us

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.

Head of Non-Financial Risk

To drive good industry practices in terms of identification, assessment and management of nonfinancial risks and controls across MRSGM (including operational risks arising from inadequate or failed internal processes, personnel or system, or from external events; as well as other non-financial risks such as group risks), in support of the Head of ERM, alongside the Head of Financial Risk.

Responsibilities:

Lead the implementation and embedding of the Non-Financial Risk framework setting out MRSGM’s approach to identification, assessment and management of non-financial risks and controls in alignment with the MRSGM enterprise risk management (ERM) framework, strategic objectives, Group and regulatory requirements. This includes implementation of associated tools and systems e.g. (GRC system).

  • For all MRSGM businesses, ensure non-financial risk exposures and associated controls are appropriately monitored and reported on for the required management and 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.
  • This includes:
    • providing effective and timely risk management support, challenge and opinions to the business including on strategic developments, change initiatives and new products;
    • supporting the development, implementation and embedding of appropriate risk appetite and other metrics; o supporting emerging risk assessments and scenario analysis activities;
    • actively promoting close and harmonious working relationships across the business and developing deep subject matter expertise of specific business areas as required;
    • reporting on the aggregate non-financial risk profile across GSI4 including material risk exposures / position against risk appetite, effectiveness of associated control environment and material incidents; o supporting ORSA report production process
  • Member and/or attendee of governance, management bodies and committees, as appropriate and in support of the Head of ERM. Escalating high priority issues or key risks to the Head of ERM, as appropriate. Present and report on a holistic view of Non-Financial Risks and controls to the Risk Committee and the Board.
  • Deputise for the Head of ERM as a contact to the FCA, Lloyd's, GSI, Munich Re Group and other parties regarding Risk Management issues, as appropriate.
  • Close interaction with other governance areas including other parts of the Legal, Risk and Compliance function, and Internal Audit to ensure comprehensive governance and oversight of the complete nonfinancial risk profile of the business.
  • Maintain relationship with key internal and external stakeholders including Munich Re Group and GSI colleagues and external advisors.
  • Support the development of training courses and risk awareness across GSI4 to enhance the oversight of non-financial risk and embedding of a strong risk culture.
  • Drive good industry practices in terms of identification and assessment of non-financial risks and controls consistently across the business.
  • Work collaboratively with LR&C and other colleagues in the business GSI on new business and change initiatives.
  • Support implementation and embedding of any Legal, Risk and Compliance Target Operating Model enhancements.
  • Lead, effectively supervise and manage members of staff as applicable, establishing appropriate objectives and development plans.

Knowledge and Skills

  • Appropriate risk management qualification or suitable experience in relevant roles
  • Strong insurance knowledge required. UK market preferred, Lloyd’s of London Market experience desirable, additional jurisdictions an advantage
  • Comprehensive understanding of the current risk management environment
  • 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
  • Excellent report writing skills, with previous experience of preparing reports and presentations for Board level review
  • 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
  • University Degree and/or relevant professional qualification

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

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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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