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Operational Risk Manager

Alexander Ash Consulting
Closing date
11 Jul 2022

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Contract Type
Full Time
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Senior Operational Risk Manager

A leading Financial Services client is looking for a pro-active, punchy Ops Risk Manager to join their team.

This is a 1st line Operational Risk opportunity focusing on four different business areas.

We're currently recruiting for a Operational Risk Manager to join our clients Operational Risk Oversight team within Group Risk to provide and, as relevant, lead advice, independent opinion and assurance in alignment with the Group Risk's Mission to promote informed decision making and controlled risk-taking that improves customer outcomes and delivers long term value for shareholders.

You'll be part of a team of risk professionals focussed on developing, supporting and enhancing Line 2 operational risk relationship with various Phoenix Line 1 functions by providing advice, guidance, review, challenge and assurance in respect of operational risk and control identification, assessment, and reporting across the function, in line with the Phoenix Risk Management Framework (RMF) and Internal Control Framework (ICF).

The role will provide the successful candidate with the opportunity to positively influence the operational risk profile of the business for the benefit of all our stakeholders. You will analyse and review areas of concern in a dynamic and fast-paced business environment; making value add recommendations for improvements where necessary and interacting with assurance providers from across the three lines of defence on a regular basis. This will provide a detailed knowledge and understanding of best practice assurance provision within a large financial services organisation.

Key Responsibilities
  • Providing support, advice, guidance, risk challenge and risk training as required on each of the different components of the RMF and ICF within Phoenix Group, including the Risk and Control Self-Assessment (RCSA) process, Business Risk Profile reporting and Operational Risk Solvency Capital Requirement (SCR) assessment process;
  • Support operational risk SCR refresh activity, engaging with executive / functional head owners of scenarios as required, (in line with the relevant Solvency II approved internal model methodology) acting as a subject matter expert who is able to review and challenge individual scenario outputs on behalf of Line 2;
  • Providing assistance, observation or recommendation to risk owners on how to best adopt, embed and comply with the requirements of the RMF and ICF including delivery of education sessions within risk owner functions as required;
  • Support Line 1 management in the review / maintenance / refinement of Group Policies to improve the quality and content of Policy Owner risks and controls articulation, including explicit consideration of climate change within that process;
  • Support Line 1 management in defining, executing and reporting on Line 1 assurance activity in line with the requirements of the ICF;
  • Establish and embed new stakeholder relationships as required, driven by acquisition activity and investment in new asset classes for example.
  • Validate that the operational risk related RMF outputs from various functions meet baseline Line 2 requirements and use those to inform the basis of a wide range of Line 2 opinions and challenge that will feed into internal risk reporting to oversight committees and boards.
  • Work closely with other teams in the Operational Risk function, and the wider Group Risk function, to support the operation of a co-ordinated and cohesive RMF. Provide objective feedback to senior managers and executives across Group Risk where this is not the case, leading the definition of required actions to address actual or potential weaknesses.
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