Location: London, Bristol or Potters Bar.
Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.
Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.
Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.
Job Purpose:
This is a key role for the Bulk business, ensuring that all our Enterprise Risk Framework is effective and that we are effectively managing our regulatory risks and obligations across our business.
Providing the Bulk business with expert and value-adding risk and compliance advice in a business focused and pragmatic way. Facilitating effective and appropriate risk management and compliance processes and MI. Encouraging an appropriate risk culture, delivering fair outcomes for our customers within risk appetite. Promoting 1st Line Risk ownership and accountability.
Facilitating an effective and balanced relationship with the 2nd Line Risk and Compliance oversight function.
The role holder is expected to maintain awareness of the regulatory context surrounding the strategy and its customers to advise on potential non-financial and regulatory compliance risk, including risks to customer outcomes.
Providing in-depth business insight to support the Bulk Business on all risk related matters, including regulatory. Providing robust challenge and making a 'value add' contributions. Supporting the Bulk business leadership team and helping to develop and maintain an effective risk and control environment. Including leading an effective governance and reporting regime.
Building and sustaining a business culture that helps identify measure, monitor and report risk, including regulatory risk, and our consumer duty obligations.
Providing monitoring and reporting on risks to objectives, regulatory compliance and customer outcomes linking in with other CLUK and Lifeco functions.
Help ensure that the Bulk business strategy falls with risk appetite.
What you will be doing:
1. Advice and Risk Management - Based on knowledge of the strategic goals and commercial context of Bulk, champion the 3 Lines of Defence model for risk management across the business. Provide 1st line risk, compliance and governance advice and support in the business covering non-financial and regulatory compliance risk including risks to customer outcomes. This relates to both business as usual activities and change initiatives which impact Bulk processes, controls and customer outcomes.
In collaboration from the Bulk business leaders provide practical risk insights and expertise to ensure business objectives are met and services are delivered to a high standard and all appropriate risk reporting, regulatory and governance assessments are completed, including on customer and conduct outcomes. Help the business build and maintain processes, business culture and risk behaviours that helps identify measure, monitor, manage and report risk.
2. Risk framework processes
Maintain risk framework processes within function covering full risk appetite including regulatory compliance risk:
• Risk appetite
• Risk event logging and reporting, including for conduct, privacy and regulatory breach risk events
• Control inventory
• Risk register
• Top & emerging risks
• Risk & Control Self-Assessment
• Key Risk Indicator (KRI), Risk Marker and Risk Function Indicator (RFI) reporting
• Project support and advice
A key output from the risk framework processes is identifying potential and drivers for poor customer outcomes or harms, and using this to develop risk approaches, mitigation and appropriate processes and controls to manage this risk.
Fostering a culture of awareness, openness and accountability, providing training as required, ensure the Risk Event Reporting process is easily available. Maintenance, reporting and escalation of risk and regulatory compliance processes should be in line with the ERM framework.
3. Risk and Compliance monitoring
Prepare and maintain relevant focused monitoring plan for processes and controls relating to non-financial risk and regulatory compliance. Conduct objective risk-based monitoring and testing of processes and controls in line with the monitoring plan and ensure there are effective actions addressing the underlying causes of any issues identified. Provide reporting against plan. Contribute to and support the preparation and delivery of the Annual Inherent Compliance Risk Assessment by the Risk & Compliance function.
Ensure ongoing adherence to our consumer duty obligations and good customer outcomes, and monitor those and risks to them.
Support the function on all Data Protection and Financial Crime related matters and processes
4. Governance and functional effectiveness
Coordinate and prepare reports on functional risk and compliance, including regulatory compliance, environment, and present these at appropriate forums. Facilitate and support the embedding of and annual attestation to applicable policy requirements, including relating to conduct, consumer duty and regulatory compliance by reviewing and guiding responses, ensuring that policy gaps with respect to changes in the functions profile/operations/strategy/regulatory compliance is communicated and understood by the Policy Owner. Coordination of contribution to business risk and compliance effectiveness assessments. Support in functional monitoring of intra-CLUK functional links, with appropriate entity level reporting as needed.
5. Operational risk scenarios
Provide support in the identification and development of operational risk scenarios to identify potential harms to CLUK entities and customers reverse stress testing and wind-down planning, as required. Supporting the annual documentation of ORSA, where appropriate.
6. Communication and Training - Support the business by delivering ongoing risk training and education to staff, enabling the business to integrate the risk culture into their day-to-day work processes. Continue to strengthen and embed risk awareness across bulk and seek to improve knowledge where gaps are identified.
Experience you will have:
• A comprehensive knowledge of products and services (including relevant legislation).
• Comprehensive knowledge of risk governance practices and processes, as part of a wider enterprise risk management framework and associated regulations.
• Experience in overseeing the management of operational risks and the various approaches to monitor and report on operational risks.
• Experience of embedding and maintaining an enterprise risk management framework.
• Experience in managing and providing risk oversight activities at a business level.
• Ability to interpret the intended outcomes and drive pragmatic solutions/change by balancing regulatory requirements, cost/benefit, customer impact with business needs.
• Ability to present advice in a clear, timely and focused way.
• Ability to take a risk-based approach to organising workloads for self to meet demanding and often changing priorities, ensuring that key deadlines are met.
• Robust analytical and report writing skills.
• Strong interpersonal, influencing and stakeholder management skills up to and including senior/executive management level.
• Ability to develop and maintain effective working relationships with colleagues, Business Unit leadership teams and other governance functions.
Qualifications
Desirable:
• Degree level qualification or recognised industry /professional qualification
Benefits of working at Canada Life
We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that's regularly reviewed. As a Canada Life UK colleague, you'll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with, income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regular personal and professional development.
How we work at Canada Life
Our culture is unique and incredibly important to us. We care about doing the right thing for our people, customers and community and helping others to build better futures. Our blueprint behaviours shape and influence how we work, and are central to the relationships we have with others. Every day we are encouraged to be more curious, own the outcome, face into things together and find a way forward.
We want colleagues to have rewarding careers with us so we invest in the development of our people, technology and workplaces. That's why we offer a range of training, flexible working and opportunities to grow and develop.
Diversity and inclusion
Building an inclusive workplace with a diverse workforce where everyone can feel they belong and achieve their potential regardless of gender, ethnicity or any other characteristic is a key commitment for us. We are proud of the progress we're making in DEI, and we continue for it to be a significant focus.
At Canada Life we believe in the power of great people from different backgrounds, experiences and perspectives coming together to build better futures. Emerging talent is crucial to our growth and creating an environment that continues to inspire us all." Nick Harding, Chief People Officer, Canada Life UK
We appreciate that everyone has different work and life responsibilities. We're happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for you.
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