Head of Risk, Bermuda

Responsibilities

1. To work with the Board, Management and other stakeholders to ensure an effective risk management framework is in place at all times, across all portfolios, operating as intended and compliant with all regulatory and business requirements.

• Ensure the risk management framework remains compliant with regulatory requirements / expectations and reflects the evolving needs of the business.
• Ensure appropriate risk appetites are established, monitored and reported on, and that breaches are escalated in accordance with approved governance processes. 
• Develop and deliver the Board-approved Annual Risk Plan.
• Ensure timely, accurate and insightful risk reporting is provided to the Board, Risk and Capital Committee (“RCC”), Executive Committee, regulators and other stakeholders, including the provision of forward-looking risk assessments and analysis.
• Act as a key point of contact with the Bermuda Monetary Authority (“BMA”) on risk management matters and support regulatory reviews, inspections, submissions and information requests. 

 
2. To support the RCC in operating in according to its Terms of Reference.
 
3. To coordinate and provide oversight over the production of any Commercial Insurers Solvency Self- Assessment (“CISSA”) 

• Ensure an appropriate CISSA Policy is maintained at all times.
• Ensure the CISSA is produced in accordance with the CISSA Policy and regulatory requirements 

4. To provide independent Risk oversight, challenge and opinions to the Board and Management on material business decisions, transactions, strategic initiatives and solvency assessments.

• Assess the capital and risk implications arising from strategic initiatives, acquisitions, transactions and material business decisions. 
• Provide 2nd line challenge and oversight throughout due diligence process.
• Assess and challenge the risk impact of the integration of new portfolios.

 
5. To ensure an Emerging Risk Framework is maintained at all times 

• Liaise with business functions and key groups such as the Operational Emerging Risk Group ("OERG").
• Ensure appropriate reporting of emerging risks to Management and the RCC.
• Conduct ad hoc assessments and deep dives into emerging risks.

 
6. To further develop the existing Operational Resilience and Business Continuity Framework.

• Ensure the operational resilience and business continuity policies, procedures and governance arrangements remain appropriate and aligned with regulatory requirements and expectations.
• Oversee testing, reporting and ongoing monitoring activities in accordance with the approved framework 

 
7. To liaise with the Group Risk Function and other Risk Functions in other locations. 

• Support the Group Chief Risk Officer in maintaining consistency of risk management processes across the Group and identifying opportunities for efficiencies and synergies where appropriate. 

 
8. To continuously improve and embed a risk management culture across the business.

• Work with Management to drive a risk culture and accountability throughout the organisation. 
• Ensure employees have an appropriate understanding of their responsibilities in managing and reporting risks

 
9. On a temporary or permanent basis, you may be required to undertake other duties in addition to, or in substitution of, those listed in this role profile.