Job Title: Business Unit Risk Officer - Annuities
Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.
Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.
Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.
With direct guidance from the Risk Business Partner, provide Annuities with expert and value-adding risk advice in a business focused and pragmatic way, facilitating effective and appropriate risk management across the business, encouraging an appropriate risk culture and delivering fair outcomes within risk appetite. Co-located in the 1st Line and working under the direction of the Risk Business Partner, act as a bridge and facilitate an effective and balanced relationship between the 1st Line Business and 2nd Line Risk Function. Using the framework, tools and training provided by the Risk Function, maintain an in-depth business insight and sufficient authority to support Annuities on risk related matters, providing robust challenge and making a ‘value add’ contribution to both Lines 1 and 2.
1. Advice and Oversight – Champion the 3 Lines of Defence model for risk management across Annuities and support the Risk Business Partner in providing independent risk oversight and governance to the 1st Line Business on risk-related activities and issues in respect of business as usual activities, as well as from forthcoming business changes/project (including product developments, new/amended business processes and IT systems). Work closely with Annuities to understand their strategic objectives, and, with guidance from the Risk Business Partner, provide practical risk insights and expertise to ensure business objectives are met and services are delivered to a high standard and all appropriate risk governance assessments completed.
2. Risk and Control Self-Assessment (RCSA) - Responsible for supporting the 2nd Line of defence aspects of key risk identification, monitoring and reporting activities for Annuities providing comfort that their Risk Profile is managed within agreed Risk Appetite limits and tolerances.
3. Risk Reviews/Deep Dives – Under the Risk Business Partner’s guidance support the preparation and delivery of the planned risk reviews, ensuring that Annuities Management is appropriately engaged in the process. Provide information, as required, to planned Internal Audit Independent Assurance reviews.
4. Operational Risk Scenarios - Using tools and training provided by the 2nd Line Risk Function, ensure that an appropriate suite of severe yet plausible scenarios is maintained by the Annuities Management Actions are tracked as Action Plans
5. Policy Management/Attestation - Supported by the Assistant BURO, Facilitate and manage the Business Unit annual attestation to applicable policy requirements by reviewing and challenging their responses and ensuring that policy gaps with respect to changes in the Business Unit’s profile/operations/strategy is communicated to the Policy Owner. Provide the Risk Business Partner with feedback/issues on compliance with any requirements, and formerly report any known policy exceptions to the Policy Owner and Risk.
6. Governance - Provide updates and input, as required, to 2nd Line Risk Function reporting for CLUK Management and Board Committees. Maintain regular meetings (at least quarterly) with Shared Services SMEs to review their RCSA. Attend relevant management and business working groups, as required, and participate in Business Unit Risk Officer Forums hosted by the Risk Function.
7. Monitoring - On a quarterly basis, as defined within the RCSA Template & BURO Standard, review Annuities’ adherence to key process requirements and governance controls, escalating issues as required.
8. Communication and Training – Support Annuities Management by delivering ongoing risk training and education to staff, enabling the business to integrate the risk culture into their day-to-day work processes.
9. Skills and Knowledge - Develop and maintain a deep knowledge of Annuities products & services as well as comprehensive technical knowledge of risk governance practices and processes (as part of a wider enterprise risk management framework) and associated regulations.
Desired Knowledge / Experience / Skills
Comprehensive knowledge of risk governance practices and processes within Annuities. Including all associated regulations.
Experience in overseeing the management of risks and the various approaches to monitor and report on risks.
Experience of embedding and maintaining an enterprise risk management framework.
Experience in managing and providing risk oversight activities at a business level.
Ability to interpret the intended outcomes and drive pragmatic solutions/change by balancing regulatory requirements, cost/benefit, customer impact with business needs.
Ability to present advice in a clear, timely and focused way.
Ability to take a risk based approach to organising workloads for self to meet demanding and often changing priorities, ensuring that key deadlines are met.
Robust analytical and report writing skills.
Strong interpersonal, influencing and stakeholder management skills up to and including senior/executive management level.
What you’ll like about working here
As a Canada Life UK colleague, you’ll receive a competitive salary and comprehensive reward package including income protection, private medical insurance and life assurance, along with a generous pension and bonus scheme. You’ll also receive the support you need with your personal and professional development.
Diversity and inclusion
Canada Life is committed to a diverse and inclusive workplace. Our role as an employer of choice is to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences