SWE Assistant Risk Manager

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Job Description Summary

Job Description

Role: SWE Assistant Risk Manager  

Grade: Band D

Location: Luxembourg

About Scottish Widows Europe

Scottish Widows Europe (“SWE”), a subsidiary of Scottish Widows L.P., was established in Luxembourg to ensure continuity of servicing for its existing EU business after the UK’s exit from the EU, and is authorized to conduct life insurance business in Europe.

The portfolio of SWE is largely represented by with-profit policies (but also includes unit-linked policies), originally sold through the Clerical Medical Brand. The portfolio has c.€2 billion assets, with approximately 50,000 policyholders. Since March 2019, the business has been run from Luxembourg, and via its German branch. SWE relies on outsourcers to provide policyholder service and administration. 

SWE is part of Scottish Widows, a 100% subsidiary of Lloyds Banking Group (“LBG”) and a strong life and pension company in the UK. Its product range includes life assurance, pensions, investments and savings. The company has been providing financial services to the UK market since 1815. The company sells products through independent financial advisers, direct to customers and through LBG bank branches. Scottish Widows employs around 3,000 people.

LBG is a leading UK based financial services group providing a wide range of banking and financial services, passionate about personal and commercial customers. The main business activities are retail, commercial and corporate banking, general insurance, and life, pensions and investment provision. Services are offered through well-recognized brands including Lloyds Bank, Halifax, Bank of Scotland, and Scottish Widows, and a range of distribution channels.

About the Role

We have an outstanding opportunity for you to join SWE, a diverse and inclusive team based in Luxembourg, and to work in an international and informal environment. Note that this Assistant Risk Manager role is embedded within the business and will report to the SWE Chief Operating Officer based in Luxembourg.

The role includes all aspects of the management of Regulatory/Prudential, Conduct and Operational risks for the run-off of the business of SWE, including periodic reviews of recurrent activities and oversight of non-recurrent projects.

You will be responsible for the delivery of a broad range of high quality support to SWE in the area of internal control and risk management. You will proactively promote the risk culture through which business management will recognise and apply effective risk management as an essential business process.

Accountabilities will include

You will

• Be the supporting the overall owner of the risk management function for both conduct (including AML-CTF) and non-financial (including operational) risks,
• Contribute to the development of a risk culture that demonstrates our values and awareness of the importance of aligning with our risk appetite framework, policies and statements, meets and exceeds our goals for treating customers and all other stakeholders fairly, facilitates the delivery of customer, shareholder and colleague objectives,

• Report into SWE COO (with a dotted line into SWE Chief Risk Officer (“CRO”) to ensure your independence in performing your risk management function and, where necessary, to contribute to the drafting of prudential reports) and assist them in:

• Manage and support project activities, including risk identification, assessment and management in order to ensure they are delivered on time, within budget and scope and to quality expectations,
• Implement and improve SWE’s Risk Management Framework (“RMF”),
• Monitor overall adherence of SWE to this RMF, corresponding risk management policies / statements and associated requirements,
• Provide timely and accurate core and dynamic risk reviews / enquiries,
• Oversee, monitor and challenge risk control self-assessments (including Continuous Product Monitoring of Customer Fair Value in the context of the Product Risk Evaluation Process), use-test surveys, etc, both within and outside the Company / Group,
• Give SWE and LBG colleagues of the Insurance, Pensions and Investments Business Unit (“IP&I”) feedback on risk management performance within SWE operations and outsource providers by sample checking self-assessments, risk events/losses and promoting the timely and accurate reporting of risk data,
• Analyse the data received on both dynamic and emerging risks that you help identify,
• Undertake and lead the preparation and delivery of monthly and quarterly reports to SWE Management Committee and Board of Directors to provide them with early warnings on issues and risks identified,
• Interpret upcoming regulations and internal Group requirements in order to support the development of appropriate strategies to manage, monitor and control risk,
• Contribute to monitor and maintain compliance on a continuous basis with SWE Economic Crime Policy, understanding SWE’s risk exposure of and how the legal, regulatory and internal policy AML/CTF and financial sanctions frameworks apply to SWE and subcontractors, as well as other operational risk management policies across SWE and subcontractors, ensuring continuous compliance with associated regulations and internal requirements,

• Where necessary, liaise with and notify the Company's CRO and relevant IP&I colleagues,
• Suggest and deliver, where appropriate, practical actions to protect SWE’s business at all times as well as advice and guidance to remedial actions and associated implementation schedules,
• Improve risk management and control standard processes, so as to ensure an appropriate balance between profitability and risk (proportionality principle), promote the effective and efficient / optimum use of Group resources, and allow management to oversee the effective implementation of the proposed solutions,
• Assess, challenge and oversee when required new specific business proposals, providing critical analysis and recommendations to support decision making by senior management,

• Enable the Board and Management members to discharge their duties.

About you

• Master degree in Economics, Finance, Risk management or similar fields.
• At least 4 years of relevant experience in Luxembourg and / or other EU jurisdictions (preferably within another life insurer, bank, investment or consulting company),
• Good understanding of the economics and functioning of Luxembourg life insurance undertakings, including Solvency II Pillar II requirements, European and Luxembourg insurance risk management frameworks, Financial crime legal, regulatory and statutory requirements,
• Understand the nature of emerging risks and the rationale and potential impacts for SWE of upcoming laws / regulations,
• Willingness to act as a point of reference on technical and procedural issues to ensure conduct and prudential risk management requirements are satisfied on a continuous basis, and to manage and recommend changes to systems, processes and working practices in order to achieve operational improvement,
• Openness to learn and improve relevant processes and procedures in own areas of responsibility, including interpretation and application of best practices,
• Proficient in English and French; German, Luxembourgish or Italian a plus,
• Excellent analytical, organisational and communication skills,
• Excellent time management and prioritizing skills required to address a large number of requests within set deadlines,
• Good command of MS Office tools (Word, Excel, Powerpoint, Outlook, etc.) and Adobe, Access is a plus,
• Openness to discover, learn and use specific IT Tools for risk management or other purposes,
• Able to demonstrate key behavioural capabilities including ownership, proactivity, teamwork, agility.

We're dedicated to giving you opportunities and support to develop you both expertly and personally as well as to optimise and increase your potential. We are an equal opportunity employer and we foster a good working atmosphere and work life balance for all employees.

In return, you would get a package that includes:

• A competitive salary
• A discretionary performance related bonus
• Cash allowance to reflect lunch vouchers and private medical contributions
• Pension scheme
• Annual and special leave according to the collective labour agreement of the insurance sector

At Lloyds Banking Group, we're driven by a clear purpose; to help Britain prosper. Across the Group, our colleagues are focused on making a difference to customers, businesses and communities. With us you'll have a key role to play in shaping the financial services of the future, whilst the scale and reach of our Group means you'll have many opportunities to learn, grow and develop.

We keep your data safe. So, we'll only ever ask you to provide confidential or sensitive information once you have formally been invited along to an interview or accepted a verbal offer to join us which is when we run our background checks.  We'll always explain what we need and why, with any request coming from a trusted Lloyds Banking Group person. 

We're focused on creating a values-led culture and are committed to building a workforce which reflects the diversity of the customers and communities we serve. Together we’re building a truly inclusive workplace where all of our colleagues have the opportunity to make a real difference.