Title:  Interim Chief Risk Officer (7months FTC)

P.S. The job application closing date is Thursday, 12 June 2025.

Together, we engage with everything we have and are, to help humankind act braver and better.

About UK Life Branch:

With the office in Munich, it forms the Life 1 division of Munich Re. The UK life market is one of the, if not the, most competitive life markets in the world. We understand that Life insurers work in a dynamic market where medical progress, demographic trends and changing lifestyles are constantly giving rise to new risk landscapes. This demanding situation is made even more challenging by changing laws and regulations and ever tougher competition. So we need a smart strategy and structure in order to succeed.

At UK & Ireland Life we have three pillars to our business strategy, protection, longevity and reinsurance structuring. All three are key to the success of our business so it’s important to look at the big picture.
In terms of clients, we trust them as experts of their business and provide them with the financial strength of the world’s largest reinsurer, global expertise and sharp pricing so that they are both competitive and profitable.

About the role:

The Chief Risk Officer is responsible for implementing and maintaining a robust risk management framework and practices across UKLB. Key activities include large deal reviews, frameworks and policies, governance, reviews of pricing bases, risk reporting and controls. He/she also takes responsibility for the day-to-day actuarial risk management activity of the UK Branch.

Key Responsibilities:

• Review of all large and complex transactions, providing risk management opinion (including with respect to operational, legal and reputational risk)
• Supervision and review of the calculation of the UKLB ERC
• Review of changes to UKLB pricing bases and tools
• Risk reporting to Munich central functions
• Promoting Risk Management principles; and communicating and raising awareness of Risk Management within UKLB
• Implementation of the Internal Control System (ICS) and wider operational risk management framework across UKLB and relevant UK shared services functions
• Risk reporting to the UK Executive Committee and Munich head office
• Overseeing compliance activity within UKLB (e.g. Bribery Act, Anti-trust training, internal guidelines etc.)
• Liaison with internal audit regarding audit activity within UKLB
• Leading and developing the Risk Management team 

UKLB Executive Committee Responsibilities:

• Drive the strategy of UKLB and contribute to the financial success of the business;
• Provide challenge to other members of the Executive Committee including the CEO on all aspects of the business including commercial, operational and cultural topics;
• Be a motivational leader, driving engagement, wellbeing and inclusion within own area of responsibility and the wider branch;
• Make courageous, timely decisions even in the face of uncertainty and ambiguity.

Regulatory & Conduct Requirements:

Over the coming years, the branch will transition to a third country branch to continue to operate post Brexit.  Therefore, in addition to the responsibilities set out above, the CRO function will also become responsible for:

• Understanding the responsibilities and adhering to the requirements of undertaking a regulated role under the Senior Manager and Certification Regime;
• Satisfying all regulatory reporting requirements in collaboration with the reporting function;
• Liaising with all relevant regulatory bodies in the UK, creating a highly credible reputation and strong, collaborative relationship; 
• Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules.

Competencies:

Drives engagement (we think big) – you create a climate where individuals understand team commitments and the Company ambition. They understand how their role contributes to both and you create an environment where they feel motivated and inspired.

Builds effective teams (we lead the ‘we’) – you build strong-identity teams that work collaboratively, applying their diverse skills and perspectives to achieve common commitments.

Values differences (we lead the ‘we’) – you recognise the value that different thoughts, generations, cultures and experiences bring to your team, business unit and wider across the Group. Thus, ensuring that team dynamics are diverse and inclusive.

Balances stakeholders (we grow with our clients) – you can anticipate and balance the needs of  multiple stakeholders (internal and external), prioritising effectively, challenging appropriately and ensuring value is provided.

Situational adaptability (we care and dare) – you recognise the need to be flexible and adapt your approach depending on the situation. Whether you are a people manager or technical expert, you lead with empathy, whilst appropriately identifying when to take a stand against complacency and conformity.

Develops talent (we care and dare) – you develop talent to meet both their personal and professional goals, but also the organisation’s goals, identifying opportunities and supporting managers in your team to develop their direct reports (for technical experts this would involve supporting the development of talent).

Instils trust (we are clear and authentic) – you gain the confidence and trust of others through honesty, integrity and authenticity, building strong relationships and inspiring those around you.

Key Skills & Experience:

Essential:

• Strong communication skills, particularly persuasion, negotiation and active listening;
• Pragmatic, big picture thinker;
• Strong technical insurance background;
• Self-starter, dedicated, driven, ambitious, courageous, not afraid to challenge the status quo;
• Strong focus on delivery and excellence;
• Experience in the UK insurance or reinsurance industry; or risk management in market, preferably in reinsurance, risk financial services management or consulting;
• A track record of successful communication, both written and verbal, at executive level;
• Confidence and diplomacy to challenge peers and manage upwards;
• Experience managing and developing a team.

At least basic knowledge and experience of the following technical areas:

• Actuarial, Solvency II and accounting reporting methodology and practice, combined with superior analytical capability;
• Risk management methodology, framework and philosophy;
• Risk and capital models;
• Asset & Liability Management;
• Pricing processes, bases and methodology;
• Life insurance and reinsurance administration practice;
• Ability to build an understanding of client strategy, reinsurance drivers and requirements.

Qualifications and Educational Requirements:

• Essential: University graduate or equivalent
• Desirable: Qualified actuary
• Desirable: A postgraduate qualification in finance (e.g. CFA), insurance or risk management (e.g. CERA)

People Leaders:

You are aware of your role (as a leader) in being able to influence your team structure and culture to promote principles of diversity and inclusion.

You strive to continuously educate yourself on best practice for inclusive leadership.

You demonstrate and role model inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well.

You support a culture in which high ethical conduct is recognised, valued and embodied by all

You treat everyone fairly and with respect.

You are responsible for recruiting new talent within your team, in addition to other people management responsibilities such as task management, providing regular feedback, having continuous conversations, development planning/career discussions etc.

You are also responsible for driving the performance of your team to meet the business’ strategic goals and objectives.

You will consider the impact on the wider business when planning and making decisions.

You will be considered part of the Senior Management Team.

The development of your team is of significant importance to you, you embrace and promote development and act as a Talent Broker, continuously looking for opportunities for them to expand their skills, knowledge and experience.

Regulatory & Conduct Requirements:

In addition to the responsibilities set out above, the risk function will also be responsible for:

• Understanding the responsibilities and adhering to the requirements of undertaking a regulated role under the Senior Manager and Certification Regime.
• Satisfying all regulatory reporting requirements in collaboration with the reporting function
• Liaising with all relevant regulatory bodies in the UK, creating a highly credible reputation and strong, collaborative relationship
• Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules

About us

You will work in an environment where we think big: Change and culture are continuously role-modelled. We create and articulate a compelling and ambitious shared purpose, vision and direction. We pave the way towards success and see failure as learning

You are going to experience that we care & dare: We are empathetic. We know when to lead and know when to let others lead. We attract, grow and coach future leaders

We communicate in a clear & authentic way: We interact with a positive and humble spirit. We solicit feedback, ask and listen, learn and unlearn

You will grow with your clients: Whatever our role, we support business, in an efficient and effective way, to create value for our clients. We embrace new ways of working using digitalisation to deliver solutions

We lead the We: We have a passion for winning and growing as a team. We inspire people to be capable of joint performance. We create an inclusive environment where different thoughts, generations, cultures and experiences are valued and encouraged

At Munich Re, embracing the power of differences is at the core of who we are. We believe diversity fosters resilience and innovation and enables us to act on our purpose of helping humankind act braver and better. 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.

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!

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.