Head of Financial Risk

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.

Head of Financial Risk

We are currently looking for a Head of Financial Risk to be based in London on a full-time basis, reporting into the Head of Enterprise Risk Management.

This individual will drive good industry practices in terms of identification, assessment and management of financial risks and controls across Munich Re Specialty-Global Markets (MRS-GM) (including insurance, credit, capital, market, climate and liquidity risk), in support of the Head of ERM, alongside the Head of Non-Financial Risk.

Lead the independent validation process for the Munich Re Syndicate Limited (MRSL) Solvency II Internal Model, and confirm compliance with regulatory requirements (Solvency II and Lloyd's) in relation to the Internal Model.

Responsibilities:

• Lead the implementation and embedding of the Financial Risk framework setting out MRS-GM approach to identification, assessment and management of financial risks and controls in alignment with the MRS-GM enterprise risk management (ERM) framework, strategic objectives, Group and regulatory requirements.
• For all MRS-GM businesses, ensure financial risk exposures and associated controls are appropriately monitored and reported on for the required management and legal entity 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;
• 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 financial risk profile across MRS-GM including material risk exposures / position against risk appetite, effectiveness of associated control environment and material incidents;
• Supporting ORSA report production process.
• Review and challenge of validation of MRSL's internal capital model, including risk quantification and aggregation, using established techniques and methodologies.
• 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 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, Munich Re Group and other parties regarding Risk Management issues, as appropriate.

Knowledge and Skills:

• Capital Modelling experience or internal model validation skills.
• 10 years' experience working in the general insurance industry, and preferably of the Lloyd's or London market.
• Excellent report writing skills, experience of preparing reports and presentations for Senior management / Committee or Board review.
• Ability to tactfully and appropriately question and challenge the business at all levels (including Senior Management and Directors) and present considered and balanced risk opinions, findings and recommendations.
• Broad knowledge of Solvency II is an advantage in order to be able to question, review and challenge MRS-GM management of risks, internal control effectiveness, business processes and procedures.
• Quantitative university degree.
• Qualified or part qualified actuary and/or have a risk management qualification (CERA or IRM).

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!

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.