Swe Assistant Risk Manager

End Date

Tuesday 17 September 2024

Salary Range

£0 - £0

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Flexible Working Options

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.

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,
- 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 a