Risk Manager, ERM

This role sits within the Travelers Europe (TRVE) Enterprise Risk Management (ERM) team, supporting the Chief Risk Officer (CRO) to develop and embed the Risk Management Framework (RMF) and Risk Appetite Framework (RAF) aligned to business plans.

Under general supervision, this role supports the ERM programme by addressing financial risks, mainly through model validation, and non-financial risks with Risk Owners or subject matter experts in business units (the first line of risk management). The role requires knowledge of requirements from the Prudential Regulatory Authority (PRA), Financial Conduct Authority (FCA), Lloyd’s, Central Bank of Ireland (CBI) and Bermuda Monetary Authority.

This is a second-line role covering principal risks (Insurance, Market, Operational, Credit, Liquidity and Strategic) in collaboration with other experts. It delivers model validation and reviews capital modelling capabilities that support financial decision making. It also helps fulfil regulatory requirements and applies the RMF consistently, including the Capital Model and its uses and limitations.

The Risk Manager provides advice, guidance and challenge, engages stakeholders and produces high-quality reports for external parties. The role leads production of the Own Risk and Solvency Risk Assessment (ORSA), Model Validation report, climate risk management information and more. It contributes to maintaining policies, frameworks and reporting via the Solvency and Financial Condition Report (SFCR), Solvency Capital Requirement (SCR) Methodology Document and others. The role currently has no direct line management responsibility.

Travelers offers hybrid working: three days in the office, two at home. This policy may change at the company’s discretion.

• Leads preparation the Validation Report to PRA and Lloyd’s requirements and other documents that may be required, including the Validation Policy and Validation Standards and supporting documentation. Assists with monitoring compliance of validation processes in line with regulatory requirements reporting to the Model Oversight Committee, Business Risk Committee and Board Committees.
• Is a relationship manager for the business units (‘BU’), through ad hoc and regular Risk and Control Self-Assessment (‘RCSA’) meetings, to ensure full and consistent understanding of risk assessments, and to communicate the expectations Risk and Control Owners need to meet. Ensures there is strong collaboration across other lines of risk management.
• Works with business owners to identify and assess the internal control environment leading the reporting of risk events and challenging business actions to remediate deficiencies; and reports findings, recommendations and updates to the Boards and Committees.
• Reviews and challenges quarterly risk assessments and risk exposure reports, using experience and external benchmarking. Escalates priority items, unresolved or unexplainable issues to the CRO and Risk Owners.
• Collaborates with BU to identify and mitigate emerging risks often through working on transformation / strategic projects as the ERM subject matter expert.
• Collates and aggregates financial and non-financial risk exposure data, preparing risk reports for Boards and Committees e.g., risk appetite performance and risk register summaries. Assists with the oversight of remediation activities as they progress and/or complete.
• Develops and maintains ERM documentation (frameworks, policies and process definitions) and updates/produces risk reports owned by the Boards e.g., ORSA, Risk Book (aka ORSA Record), climate MI and others.
• Assists with the design and implementation of stress tests to be carried out on risk types modelled in the TRVE Capital Models in order to provide sufficient objective review and challenge on the functioning of the model and accuracy and appropriateness of its outputs for all model uses.
• Assist with the design and implementation of appropriate tests to provide. objective review and challenge of model inputs and the expert judgement involved in preparing those inputs.
• Assists with carrying out any specific validation tests, deep dives and thematic reviews required by regulations and guidance from the CBI, PRA and Lloyd’s.
• Assists with communicating the outcomes of all tests carried out to Model Oversight Committee, the ERC and the Boards; assists with communicating the impact and consequences of any failed tests and working with stakeholders to develop timescales and priorities for resolution.
• This role works on financial and non-financial risk projects to efficiently meet risk requirements from Lloyd’s, the Bank of England, PRA, Financial Conduct Authority, Bermuda Monetary Authority and Central Bank of Ireland and others (e.g., Travelers US Group and AM Best).
• Responsible for assisting the Boards and CRO with regulatory thematic reviews.
• Outputs will be reviewed and inform senior management and legal entity Boards.
• Individuals are expected to have working knowledge of statistical concepts and can perform model runs and testing under supervision.
• Independently prepares risk documentation and analysis for senior and external.
• Expected to attend business unit meetings and act as ERM relationship manager in completing business requests.
• Access to commercially sensitive information including future plans, regulatory disclosures and risk event data.

• Project management – experience working with management, building relationships, managing risk projects, and reporting/presenting to stakeholders with Microsoft tools.
• Education – BSc/MSc in financial risk management. Progress towards, or holding, FCAS, FIA, CFA, FRM or similar.
• Insurance – CII, LMA or similar qualifications.
• Risk Management – IRM, FERMA or similar certifications.

• Qualifications and/or experience in quantitative (financial) and non-quantitative (non-financial) risk management methods and tools in the UK/EU insurance industry.