Financial Risk Manager (12m FTC)

This job is with Munich Re, an inclusive employer and a member of myGwork – the largest global platform for the LGBTQ+ business community. Please do not contact the recruiter directly.

About us

At Munich Re Specialty – Global Markets (MRS-GM), it is our ambition to become the leading Primary Specialty Insurance provider, underpinned by an effective and adaptable strategy, superior products and industry leaders working in a supportive environment to achieve this.

At the heart of our success is a strong culture where people are encouraged to be present, bold and curious, allowing them to achieve their individual goals.

Please see our website for more information.

Financial Risk Manager (Actuarial Validation Manager)

We are currently looking for a Financial Risk Manager to be based in London on a 12 month, full-time basis, reporting into the Head of Enterprise Risk Management.

• Lead the overall validation process for MRSL's Solvency II Internal Model, and assist in confirming compliance with regulatory requirements (Solvency II and Lloyd’s) in relation to the Internal Model.
• Work closely with Group and external business experts to provide recommendations and develop validation testing & implementation plans, with a clear linkage to validation outcomes.
• Support the adoption/approval of relevant MR Group policies into the MRSG Risk Management Framework.
• Deliver IM Validation plans, reports, outcomes, recommendations and status updates to MRSL’s Risk & Capital Committee / Sub-Group and key stakeholders. Validation deliveries will be at least quarterly, with more frequent updates as required during critical periods leading up to regulatory submissions.
• Carry out second line reviews of Model Changes on a periodic basis, reporting key findings & recommendations to MRSL’s Capital team and Risk & Capital Committee / Sub-Group. Review the Model Change process to ensure there is a clear & appropriate delineation of 1st and 2nd line oversight.
• Support the risk reviews and general oversight carried out by the Financial Risk team, covering review of actuarial models as well as wider risk & financial processes. Prepare risk reports and other deliverables as required for reporting to the Risk & Capital Committee, GSI4 management and other key stakeholders.

Responsibilities:

• Validate MRSL's internal capital model, including risk quantification and aggregation, using established techniques and methodologies.
• Review and analyse data, perform tests, and evaluate model results to ensure accuracy and integrity.
• Collaborate with other risk, actuarial and finance professionals to develop and implement best practices and methodologies.
• Document validation testing, results, and findings in clear and concise reports.
• Communicate with stakeholders to provide insight and recommendations on model validation results, and develop implementation plans in conjunction with model owners.
• Perform risk reviews as part of the Financial Risk team, covering actuarial and non-actuarial processes, to drive consistency of methodologies & assumptions across teams.
• Assist in confirming compliance with regulatory requirements in relation to the Internal Model, including Solvency II and Lloyd's requirements.
• Help drive forward good Conduct for the business to deliver the best outcomes for customers / policyholders.

Knowledge and Skills

• Solid Actuarial risk modelling experience, ideally including experience of capital model validation and knowledge of Solvency II requirements.
• Strong analytical skills and attention to detail, with a proven ability to work collaboratively with actuarial & non-actuarial business partners.
• Excellent written and verbal communication skills, including actuarial report writing and ability to present complex analyses to senior management.
• Ability to work independently and as part of a team.
• Proficient in programming languages such as SQL, PowerBI or Python is a plus.
• Familiarity with insurance operations, products, underwriting and financial reporting, ideally gained within a Lloyd’s or Speciality environment.
• University Degree and/or relevant professional qualification

If you are excited about this role but your experience does not align perfectly with everything outlined, or you don’t meet every requirement, we encourage you to apply anyway. You might just be the candidate we are looking for!

Diversity, Equity & Inclusion

At Munich Re, Diversity, Equity, and Inclusion foster innovation and resilience and enable us to act braver and better. Embracing the power of DEI is at the core of who we are. We recognise diversity can be multi-dimensional, intersectional, and complex, so we want to build a diverse workforce that includes a wide range of racial, ethnic, sexual, and gender identities; economic and geographic backgrounds; physical abilities; ages; life, school, and career experiences; and political, religious, and personal beliefs. Additionally, we are committed to building an equitable and inclusive work environment where this diversity is celebrated, valued, and has equitable opportunities to succeed.

All candidates in consideration for any role can request a reasonable adjustment at any point in our recruitment process. You can request an adjustment by speaking to your Talent Acquisition contact.

Learning and innovating today, striving for sustainable societies and business tomorrow

At Munich Re Specialty – Global Markets our approach to ESG is underpinned by our desire to seize business opportunities and to nurture a stimulating and inclusive work environment. Our ESG strategy aims to deliver holistic impacts across environmental, social and governance topics including supporting a number of local initiatives within our community and offering volunteering opportunities for colleagues.

Learn more about sustainability at Munich Re – choose your impact!

Benefits

• 25 days Annual Leave + bank holidays
• 10% Non-contributory Pension
• Eligibility for an Annual Bonus
• Private Medical + Dental Insurance
• Critical illness insurance + Life Assurance + Permanent Health Insurance
• Wellbeing and Development Scheme + EAP + Health Assessments (subject to scheme eligibility)
• Electric Vehicle Salary Sacrifice Scheme
• Study & continuing Professional Development Support
• Hybrid Working + IT Home Set-up Support

#BePresent #BeBold #BeCurious