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Risk Reporting Consultant - 6 Month FTC

M&G plc.
Closing date
5 May 2021

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Job Details

At M&G our vision is: to become the best loved and most successful savings and investment business and we're looking for people who are excited about joining us on our journey. We're digitally transforming and investing heavily in technology and innovation to develop new and improved customer propositions that really raise the bar for our customers. To help us achieve our vision we're looking for exceptional people who live our values and behaviours and who can inspire others; embrace change; deliver results and keep it simple.

We know that an inclusive environment makes us more accessible and ensures we attract, engage, promote and retain exceptional people. We welcome applications from all individuals regardless of age, gender/gender identity, sexual orientation, ethnicity/nationality, disability, or military service and welcome those who have taken career breaks. We will consider flexible working arrangements or home working arrangements for any of our roles.

What you can expect from us:
We are committed to creating an environment where you can be exceptional at all you do. To help us deliver this, we promise to:
  • Challenge Your Limits by creating a stimulating working environment and providing opportunities for you to be involved in meaningful and challenging work
  • Support Your Aspirations with a commitment to learning and development that helps you achieve and build your experience with people who want you to succeed
  • Value Your Input whereby leaders and managers will involve you in key decisions, listen to your thoughts and recognise the important contribution you make
  • Balance Your Life through a work life partnership that focuses on making this an inclusive, diverse and friendly place to work and offers the flexibility and support that enables everyone to be at their best

How do we support our employees:
All M&G plc employees will be supported in the workplace through our M&G Employee Assistance Programme (EAP). If you need counselling, confidential financial or legal advice. The service is available 24 hours a day, 365 days a year and offers access to qualified professionals who can provide specialist information, advice and support on many issues. It offers a broad range of services, including help with family issues, maintaining work/life balance and mental health support.

Context for the role:

M&G Plc, as a major UK listed financial services provider is expected and required to maintain a Risk Management and Compliance framework, meeting regulatory standards. The FICM team is responsible for oversight of Financial, Insurance, Counterparty and Market Risks. The role of Senior Risk Manager, Capital Liquidity and Balance Sheet Risk is to focus on the identification, monitoring and management of capital, liquidity and balance sheet risks across M&G.

Purpose statements:
  • To undertake the development, review and maintenance of the Risk Appetite for the financial metrics and risks for M&G (including ICAAP and Pillar 3 activities) and PAC (for both the Shareholder and With Profits), including clear articulation of how limits and other controls in aggregate keep the business within risk appetite, involvement in the design of these limits and controls in other risk areas to ensure this is achieved, and ongoing process for assessing whether this remains the case
  • To provide oversight of impact on the balance sheet from Capital Optimisation, restructuring or risk mitigation projects.
  • To undertake thematic review process/deep dives relating to capital, liquidity and balance sheet risks.
  • To undertake the financial risk component for other key governance processes, including Use Test, Risk ID, stress and scenario testing, economic cycle indicators and ORSA.
  • Review the impact of the business plan against overall risk appetite, coordinating the risk impacts with other teams and produce main content for recovery and resolution planning documents.
  • To advise the CROs on market economic trends / monitor market movements and assess the balance sheet risks impact from regulatory developments.
  • To contribute positively and constructively to change initiatives, in particular the effective implementation of the Risk Target Operating Model.
  • To work collaboratively with colleagues and take personal accountability to maintain and enhance controls you are responsible for to support improvement of the overall control environment, customers outcomes and a reduction in M&G's operational risk.
  • To work with the business to ensure the right outcomes for customers

Work Level Accountabilities:

Manager or Expert:
  • For people managers, accountable for managing and motivating others to ensure quality of delivery to customers and stakeholders
  • For technical specialists, accountable for delivering expert advice or service, using specialist knowledge and subject matter expertise
  • Applies judgement to deliver outcomes, evaluating a range of potential solutions, considering the impact for customers, cost and risk
  • Manages conflicts that may impact delivery
  • Challenges upwards given knowledge of delivery and awareness of complex systems and the broader picture
  • Identifies and anticipates need for changes to continuously improve quality and efficiency of output
  • Manages resources and risks using expert judgment, know-how and experience

Knowledge statements:
  • Detailed knowledge of industry best practice and good network / links with individuals and external bodies
  • Detailed knowledge of UK life insurance products and pensions products, market, competitors and distribution channels, working knowledge of asset management.
  • Detailed knowledge of UK financial services regulatory environment and legislatory frameworks, including Solvency II systems of governance and EIOPA guidelines as applying to financial & insurance risks, working knowledge of ICAAP for asset managers.
  • Expert knowledge of a wide range of risk and capital management, risk appetite frameworks and risk limit setting processes, in particular in respect of financial and insurance risks
  • Detailed knowledge of investment governance arrangements and operational risk controls around risk management activities - including management of SLA's, regulatory based deep dives or regulatory changes
  • Detailed knowledge of M&G products, systems and processes
  • Expert knowledge of capital modelling, and stress and scenario testing techniques.
  • Working knowledge of SII Model validation requirements
  • Understanding of the Statements of Principle and Code of Practice

Experience statements:
  • Significant experience working with a broad range of financial risk management and limit frameworks and approaches
  • Significant experience of capital management
  • Some experience in investment management desirable.
  • Experience of Actuarial modelling.
  • Experience of reviewing & challenging new transaction, risk mitigation and capital optimisation proposals,
  • Significant experience of analysing and interpreting complex rules and regulations and applying such knowledge to provide solutions to business problems and issues
  • Experience of advising key stakeholders on impact of new regulations on ALM, capital management, risk mitigation and product strategies
  • Significant experience of advising on robust MI to monitor and report risks, including market, and insurance risks

Personal attribute/skills:
  • Strong investigative skills and ability to challenge constructively.
  • A promoter of risk awareness within the organisation
  • Able to work collaboratively across the immediate team and broader Risk function while also being able to work independently and take ownership for an area of expertise
  • Influencing skills with senior managers
  • Persistent and resilient in the face of challenge
  • Ability to build and manage strong relationships with key stakeholders across the business, adapting to the internal dynamics and politics as required.
  • Able to look beyond face value, ask the right questions, and make links and connections across the organisation.
  • Good communication skills, with an ability to articulate complex issues clearly and succinctly to senior management.

  • Relevant professional qualification (e.g. Actuarial qualification, CERA, etc)

Recruiter: Tom Hunt
Work Level: Manager/Expert
Closing Date: 03/05/2021

We live by four behaviours at M&G and we ask all our employees to:
  • Inspire Others - Support and encourage each other, creating an environment where everyone can contribute and succeed
  • Embrace Change - Be open to change, willing to be challenged and able to adapt quickly and imaginatively to new ideas
  • Deliver Results - Focus on outcomes, set high standards and deliver with energy and determination
  • Keep it Simple - Cut through complexity and bureaucracy, be clear and decisive and never overcomplicate things
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