Our client is a small but growing financial service organisation who due to on-going success and an internal promotion are looking to recruit a Head of Risk & Compliance to join their Senior Management Team.
The main purpose of the role isto manage the Risk Management and Compliance functions, ensuring that appropriate systems, controls, policies and procedures are in place to manage risk according to the agreed risk appetite and risk policy.
Reporting directly to the CEO the post holder will be required to pass the Regulator assessment to become an Approved Person. There may also be the opportunity to expand the role in the future by taking on the additional responsibilities of Company Secretary.
Main responsibilities:
To maintain an effective risk-management system comprising appropriate strategies, systems, controls, policies and procedures necessary to identify, measure, monitor, manage and report on a continuous basis the risks, at an individual and at an aggregated level, to which the company is or could be exposed to, and their interdependencies, including:
- Risk Policy, Risk Appetite, Risk Register and Risk Assessments
- Horizon scanning for new or emerging risks
- Develop documented Management Actions that could be implemented should specific risks crystallise
- To advise the Board on assumptions for the Forward Looking Assessment of Own Risk (FLAOR)
- To produce the ORSA Policy and ORSA Report in liaison with the Chief Actuary
- To provide oversight for compliance with the requirements of the Financial Conduct Authority and Prudential Regulation Authority, promoting the highest standards of Compliance, Corporate Governance, integrity and probity.
- To keep under review all legislative, regulatory and governance developments that affect decision-making or the Society’s operations
- To ensure compliance at all times with all PRA and FCA rules including for the avoidance of doubt, the PRA conduct standards and the FCA conduct rules
Key Skills & Experience
- Knowledge, experience and understanding of the UK regulatory environment applicable to insurance companies, including Solvency 2 would be preferable if not wider experience within financial services is essential
- Knowledge, experience and thorough understanding of Risk Management
- Knowledge, experience and understanding of Compliance, particularly relating to conduct of business and non-advised sales
- An understanding of the role and responsibilities of the Board
- A thorough understanding of the requirements of the UK Corporate Governance Code
- Keeps knowledge up to date by undergoing appropriate continuing professional development activities including attending seminars, meetings and private study