Risk Analyst (m/f/d)

To support and assist the ongoing development, implementation and embedding of a comprehensive and proportionate risk management framework and risk culture across MRSG, ensuring compliance with Munich Re, PRA, FCA and Lloyd’s risk management requirements.

Location
London , United Kingdom

To support and assist the central Risk Team in the overall delivery of the MRSG risk management strategy and implementation of the risk management framework across the business (comprising the entities within MRSG including its International Distribution Centres (IDCs) and Syndicates) and fully embed an appropriate risk culture.

Your job

• To support the Risk Manager with the ongoing monitoring of the MRSG legal entity Risk Profiles by being involved with undertaking, analysing and recording results of periodic risk and control assessments across the MRSG entities and escalation of exceptions to the Risk Manager. This is achieved through
• Supporting the development and maintenance of the risk registers for each MRSG entity, ensuring identified risks and their assessments are completely and accurately documented recorded.
• Supporting the on-going development and maintenance of controls in the risk register including the identification and / or updating of effective controls and making recommendations to improve identified weaknesses. This includes coordinating reporting to Munich Re Group Operational Risk Control System (ORCS) for in-scope MRSG entities.
• Ensuring an appropriate suite of key risk indicators (KRIs) are identified and maintained, and reviewing relevant business MI to assess business activity pre-defined KRI limits. These variances should be investigated on a timely basis with the business owner and reported to the Risk Manager as appropriate.

Initially, Risk Analyst is expected to collate output from meetings and document results in the requisite format. Over time, the Risk Analyst will also be allocated specific categories of risks to undertake risk assessments.

• To support the Risk Manager in the maintenance of an effective operational loss incident management process by assisting with the collation, investigation and reporting of near miss and loss events from the MRSG legal entities. This may include conducting investigations with the incident owner, determining lessons learned and remediation action, drafting factual incident reports for inclusion in reporting to governance groups and Munich Re Group. This activity is coordinated with Compliance as appropriate.
• To maintain an on-going awareness of new and / or emerging risks to the business, and ensuring such information is shared with the Risk and Compliance team and that these risks are captured appropriately. This will primarily involve performing internet based research on regulatory websites and producing briefing papers, gap analysis and provide recommendations for remediation where appropriate. This activity is coordinated with the horizon scanning process carried out by Compliance as appropriate.
• To maintain an on-going awareness of regulatory and industry risk management developments and ensure that the Risk and Compliance Department are informed and action is taken as necessary. Information sources include MR Group, Lloyd’s, the PRA, the FCA and the London Market Association.
• To support the Risk team by undertaking any ad-hoc risk management projects and activities as and when required by the Risk Manager. Examples of activities include
• carrying out administrative tasks to support the Lloyd’s Fundamental Principles process (e.g. sorting / mapping self-assessment templates), scheduling meetings for risk & control assessment papers, part contribution to risk reports.
• Assisting in thematic risk assessments, reviews or investigations of topics that may arise from time to time. Possible topics include but are not limited to: Outsourcing / Third Party Risk Management, Operational Resilience, Business Continuity Management, Data Integrity / Information Management, Cyber Security, ESG including Diversity & Inclusion and Climate Change, Solvency II.
• Assisting in solvency II / internal model related activities as may be required and subject to other primarily risk activities (acknowledging this is a qualitative role – not quantitative).

Your profile

Knowledge and Skills

• Appropriate risk management qualification or qualified by suitable experience in similar roles in Lloyd’s and / or London market insurance.
• Ability to develop technical insurance and risk management knowledge.
• Be prepared to partake in conversations and meetings – able to tactfully question and challenge syndicate and service company staff, and then present considered views and findings.
• Must have strong report writing skills, experience of preparing reports and presentations for Senior management / Committee or Board review.
• Should be focussed on completing activities to meet internal/external reporting deadlines
• Be pragmatic solutions orientated and be conscientious with developing collaborative relationships with colleagues.
• Should have broad understanding of the current risk management environment and awareness of key developments in risk management best practice (including providing Thought Leadership in specific topics or areas as requested by the Senior Risk Manager or Director of Risk and Compliance).
• Should be proactive and willing to assist in other risk activities that may arise from time to time.

Competencies for the Role

Team orientation

Work cooperatively and flexibly with other members of the team with a full understanding of the role to be played as a team member.

Communication

Communicate clearly and persuasively, both orally and in writing.

Achievement/results-orientation

Get things done well and the ability to set and meet ambitious goals, create own measures of excellence and constantly seek ways of improving performance.

Problem-solving

Analyse situations, diagnose problems, identify the key issues, establish and weigh up alternative courses of action and produce a logical, practical and acceptable solutions.

Flexibility

Adapt and work effectively in different situations and to carry out a variety of tasks.

Customer focus

Take constant care in looking after the interests of external and internal customers. Ensure that their wants, needs and expectations are given due consideration and that all efforts are made to meet them wherever fair and reasonable, in line with any standards from an industry regulator.

Planning and prioritising

The ability to decide on courses of action, ensure that the necessary resources are available and schedule the work required to achieve a defined result in a desirable manner.

Share knowledge

Share knowledge about the role you perform fully and willingly with others, where this is relevant, in the interests of the organisation.

Self-development

Take ownership for your own career and actively support ‘continuing professional development’.

Commercial/business awareness

The capacity to understand the business opportunities and priorities of the organisation and constantly seek methods of ensuring that the organisation continues to be business-like and continues to meet the standards and requirements of its regulators.

Education and Professional Qualifications Required / (preferred)

University Degree and/or relevant professional qualification

It skills:

Generic:

• MS Word
• MS Excel
• MS Outlook
• MS PowerPoint
• Sharepoint / cloud network

Company Specific:

Everbridge (mass notification emergency cascade tool) [training provided]

About us

MRSG UK Services Limited is the employing entity for staff supporting the business activities of Munich Re Syndicate Limited (MRSL), Munich Re Specialty Group Limited (MRSG), Groves, John & Westrup Ltd (GJW), NMU (Specialty) Ltd (NMU) and Roanoke International Brokers Limited (RIBL).

As well as operating in the Lloyd’s of London market, we conduct our business via a global network of service companies, with offices located in the UK, Ireland, the United States, Asia, including Hong Kong, Singapore, Labuan and Dubai. We are also represented in Lloyd’s China.

Our group of companies provide solutions covering Casualty, Marine & Cargo, Energy & Aerospace, Cyber, Political Violence, Trade Credit and Property, Contingency and Yacht.

Known for our dedication to excellence and quality of service provision, we pride ourselves on offering you a great place to work.

Munich Re’s employees are the backbone of the Group’s business success. They are the people that drive the business forward and develop new solutions for our clients.

Ensuring that we recruit outstanding staff is therefore crucial to our future success. Our objective is to make Munich Re the employer of choice for potential employees on the global job market..

To help us achieve this goal we offer a competitive salary and a generous and comprehensive benefits package which we regularly review in accordance with external market data, to ensure you are paid fairly and our benefits are tailored to suit your lifestyle. Creating an inclusive environment is an essential part of the Munich Re culture, and we are committed to our Diversity & Inclusion Policy. We also seek to provide a fair and supportive work environment which provides learning and development opportunities for all.

Please Note: All applications must be received via the website. Any CVs received via email will not be considered.

Re_think, Re_engineer, Re_define, Re_invent, the boundaries of Insurance.

Once you hit apply, there is a short, 10 minute application form to complete. Please ensure you attach your current CV when applying and include details regarding your salary expectations. If you have a disability or special need that requires accommodation, please let us know. Due to the high volume, we cannot always provide detailed feedback at CV stage.

MRSG Talent Acquisition