Scope of Role
Business Area PPMS Risk
Key departments / areas of responsibility Risk
Overall Job Purpose
To provide detailed knowledge and support to one or more of the regulatory guidance, liaison, assurance, business continuity, information risk, operational risk, financial risk, Reporting/MI and change processes within Prudential UK
The following roles and responsibilities will be assigned to the role as appropriate depending on the needs of the Risk function.
* To maintain up to date knowledge on new regulations ensure Prudential is compliant with new and existing regulations, spotting improvement needs and analysing where change is required
* To provide education and support embedding on existing regulatory rules and relevant regulatory development and business standards to the business and Risk
* To develop understanding and experience of the principles and practices of risk management.
* Work within the second line of defence for the UK business, supporting a wide range of risk activity covering enterprise risk, assurance, governance, regulatory compliance, conduct risk, financial risk and risk MI.
* Picking up the more complex pieces of risk analytical and review work assigned to the PPMS Risk team. This role may also involve managing more junior members of the team, formally managing their performance, development and delivery;
* To provide risk oversight and challenge to the First Line of Defence;
* To provide analytical support to one or more of the UK risk teams covering regulatory guidance, liaison, assurance, business continuity, information risk, operational risk, financial risk and change processes within Prudential UK;
* To support the embedding of existing regulations/legislation rules within the business;
* To provide effective and efficient challenge and oversight to the UK business;
* To work with others in Risk to challenge the business in its approach to risk identification, quantification, mitigation and management;
* To promote the formulation and provision of effective and efficient guidance to appropriate staff within business areas.
* To create and develop strong relationships with peers across the business
* To support influencing at senior management and Exec level to ensure the right regulatory outcomes through ongoing and regular contact with the business and strong relationships
* To have a good understanding of the business needs by meeting regularly with staff in business areas to ensure Prudential meets its regulatory requirements effectively
* To have a good understanding of our Regulators needs by meeting regularly with them to ensure Prudential meets its regulatory requirements effectively
* To challenge the business in its approach to risk identification, quantification, mitigation and management
* To support the Head of Regulatory Liaison in maintaining an open, continuous and constructive relationship with the FSA and other Regulators, including the provision of support where appropriate to regulatory inspections and visits
* To work closely with the business to decide where key regulatory issues might impact most to ensure full awareness across the business.
* To promote and actively assist with the embedding regulatory compliance into business practices /operational business decisions within Prudential;
* To provide specific guidance or advice on matters of regulation for example HMRC/TPR/DWP/PPF/FAS/FCA/PRA/ICO
* To support assurance reviews as and when required, ensuring accuracy, maintenance and tracking of documentation and activity
* To input to the presentation of MI or other information to the Executive, senior managers and committees.
* To work as directed on projects, initiatives and incidents, managing Risk input as required
* To support the delivery challenging interviews in support of the assurance process and conduct appropriate close-out meetings
* To participate in and support the development of skills and expertise across the Risk function and wider business
* To contribute to the continuous improvement of methodology across risk
* To support the Risk objective of recruiting and retaining high quality people by taking accountability for the development of people within the team or across the wider pool of risk resources
* To provide education to promote a positive compliance culture and to ensure that Risk staff are kept up-to-date with regulatory matters regardless of domain
* To promote a positive risk and control culture within Risk and across the business, balancing commercial considerations with regulatory ones
* To work flexibly in support of the wider Risk agenda
* Compliance -- To ensure that you understand and adhere to Prudential's Code of Conduct and, where appropriate, comply with all relevant regulatory policies. This includes completion of any mandatory training requirements.
* Financial Controls -- Ensure all expenditure commitments (Travel claim settlements etc) and all payments are properly authorised, controlled and monitored, in accordance with Prudential UK delegated authority requirements. The responsibilities of expenditure authorisers are documented in the company policy.
* To participate in the Performance Management Process ensuring that all personal process milestones and deliverables are met.
* To demonstrate a positive risk, compliance and control culture through the identification, assessment, monitoring and management of risks and issues within the business area, alongside ensuring timely and appropriate resolution of control weaknesses, actions and failures that arise.
Risk Leadership Team
Senior business managers
GWIA Industry bodies such as the ABI and the SPC
Regulators as and when required
Competitor organisations and applicable forums
Management and staff in business areas including outsourcers
Competence / Knowledge / Skills required
* Entry level professional qualifications
* Detailed understanding of regulatory and compliance environments
* Knowledge of industry best practice
* Understanding of the policy development and assurance process
* Subject matter expert in one or more area for example FCA, PRA, tPR, HMRC, ICO or DWP rules, legislation and guidance
* Full IT literacy, including MS Outlook, Microsoft Office and Risk related applications
* Ability to analyse and interpret rules and regulations and some practical experience of applying such knowledge to provide solutions to business problems and issues.
* A good knowledge of Prudential products, systems and distribution methods.
* A good understanding of the business drivers for Pru UK
* An excellent understanding of the regulated marketplace and the position of Prudential within that market.
* A proficient influencer and negotiator.
* Ability to liaise and negotiate internally and externally at all levels
* Excellent written and oral communication skills
* Ability to manage conflicting objectives
* Ability to provide hands on guidance, coaching and mentoring to risk resources when required.
* Good comprehension and analysis skills, along with an enquiring and persistent approach
* Credibility and confidence to challenge at all levels, escalating as required
* Enquiring and persistent approach