Job Information
Hartford Steam Boiler Inspection and Insurance Company Operational Risk Manager in Manchester, United Kingdom
Operational Risk Manager
Company
HSB
Location
Manchester , United Kingdom
Role: Operational Risk Manager
Location: Manchester or London (Hybrid)
Permanent
Job Purpose:
The Operational Risk Manager is responsible for managing and mitigating operational risks within the HSBEIL and HSB Engineering Service (EISL) divisions, ensuring that the insurance and engineering service businesses adheres to the PRA and FCA regulatory requirements and the Engineering Service business follows the Company’s internal risk management frameworks. The role involves identifying, assessing, monitoring, and reporting risks, and working closely with various departments to strengthen controls and minimize potential operational disruptions
The Operational Risk Manager will work collaboratively with the Company’s Management team to lead the management of the Company’s risk appetite and framework providing guidance, oversight and challenge on operational risk issues, together with development of key risk mitigation strategies, controls and assessments.
The Operational Risk Manager will maintain strong relationships with HSB Group, MRAS and Munich Re Integrated Risk Management functions, ensuring HSBEIL’s compliance with HSB/Munich Re risk management framework as well as UK industry best practice.
Key Responsibilities:
Implement and maintain a robust operational risk management framework tailored to the HSBEIL and Engineering service business, whilst ensuring continued compliance to Munich Re group risk management practices.
Continuously review and improve the risk management framework and policies to ensure alignment with industry best practices and regulatory expectations.
Regularly conduct risk assessments to identify potential operational risks, including regulatory, process.
Coordinate the businesses completion of the Munich Re Operational Risk and Control System, providing second line review and challenge to the business.
Take the lead for overseeing the completion of risk and control self-assessments by the first line and provide effective second line challenge to the key risks and controls.
Develop and monitor the implementation of risk mitigation strategies and controls across the business.
Oversee the completion of 2 nd Line risk assurance reviews for the Insurance and Engineering services business.
Lead investigations into operational incidents by performing root cause analysis for incidents and near misses, include managing the response, overseeing remediation efforts, and ensuring lessons learned from incidents are captured and integrated into ongoing risk management practices.
Collaborate with other departments (e.g., UW, finance, claims, IT, operations) to establish and refine processes and controls that address identified risks.
Ensure the EIL has appropriate Operational Resilience, business continuity plans (BCP) and disaster recovery measures in place.
Provide Subject Matter Expertise and input on business projects and initiatives as and when required.
Coordinate the ongoing review and risk assessment of material Third parties in line with the group process and TPRM framework.
Monitor operational risk exposures and produce regular reports for senior management, the board, and relevant regulatory bodies.
Develop Key Risk Indicators (KRIs) and thresholds to monitor the effectiveness of controls and ensure timely responses to risk triggers.
Track emerging risks, external factors (such as regulatory changes), and market conditions that may impact both businesses.
Conduct training and awareness programs to promote a culture of risk management and compliance across both divisions.
Liaise with external stakeholders, including regulators, auditors, and consultants, during risk assessments, audits, and regulatory reviews.
Ensure that Risk reports are provided to the relevant committees of the Insurance and the engineering service business in a timely manner and that MI is clear, concise, and actionable, delivering accurate risk data to senior leadership.
Key Responsibilities (continued):
Promote risk culture and awareness through education of key staff on risk management and HSB/Munich Re risk management practices.
Provide support and training to business units on risk matters as required
Communicate with external stakeholders (rating agencies, auditors) on risk management topics as necessary.
Committee Attendance:
HSB UK&I Operational Risk & Compliance Group
Emerging Risk Working Group
Policy and Procedure Review Committee
EIS Management Committee (by invitation)
Key Skills & Experience:
Essential
Comprehensive knowledge of risk management methodologies including risk identification and assessment
Sound understanding of UK regulatory landscape as well as statutory and regulatory financial reports.
Excellent analytical and numerical skills
Ability to manage multi location stakeholders
The ability to influence and motivate others.
Strong skills in planning, organising and prioritisation
People management
Strong sense of commercial awareness.
Desirable:
Thorough understanding of the latest risk management techniques
Understanding of project management methodology
Relevant role held previously at regulated financial services firm
Qualifications & Educational Requirements:
Recognised industry Risk Qualification
University Degree to 2:1 or above
A-Levels (or equivalent)
Benefits:
A snapshot of some of our benefits:
Agile/Hybrid working
Private Healthcare (Aviva)
Aviva Digital GP
Employer Pension contribution of 13%
Annual bonus
Professional qualification support
25 days annual leave (plus bank holidays)
x2 wellbeing days per year