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Head of Financial Risk

Please Note: The application deadline for this job has now passed.

Job Introduction

Head of Financial Risk        

Permanent or contract considered

FT – 35 hours per week

Remote or Hybrid

As our new Head of Financial Risk at Saga you will be the lead contact in the insurance risk function for Acromas Insurance Company Ltd (AICL), and lead the design, implementation and oversight of the enterprise risk framework in respect of all prudential and financial risks for Saga Insurance (AICL and SSL) and Saga Money (SPF).

Known internally as the Head of Prudential Risk you will lead the team providing the independent 2nd LOD for AICL, acting as the key contact for the AICL management team on all matters to do with risk. The Enterprise Risk Manager has overall lead accountability for design, implementation and oversight of the enterprise risk management framework; you will work with that manager to take the lead within that framework on all matters to do with financial risk, including insurance, credit, capital, market, model and liquidity risk, for both AICL, our underwriter, and SSL, our broker.

You’ll be identifying, developing and deploying appropriate prudential and financial risk management tools, techniques and strategies to ensure prudential and financial risk management across Saga Insurance is value adding and contributes towards the overall strategy and performance of the business.

We are at a pivotal point in our business turnaround plan for AICL and by joining us now, you will play a key role in completing the turnaround, learning and embedding the cultural changes critical to the ongoing success of our business. You will be actively promoting a risk culture that encourages appropriate risk taking, aligned to strategy and risk appetite, with effective and timely response to risk events according to the risk they present to the business.

Role Responsibility

As our Head of Prudential Risk you will be responsible for ensuring that there is a fit for purpose, comprehensive, efficient and effective insurance, credit, capital, market, model and liquidity risk framework and procedures, that are adopted by the 1st LOD.

Your accountabilities will include; 

  • Leading the risk business partnering team across AICL, liaising as appropriate with the Heads of Enterprise Risk and Conduct Risk
  • With the Head of Enterprise Risk, ensuring that there is a clearly articulated and approved framework for risk appetite, and appropriate prudential and financial risk appetite statements that support senior management decision making and formation of strategy.
  • Enabling all AICL employees to have a sound understanding of the Enterprise Risk Management framework as it is relevant to their individual roles through formal training, informal discussion, online tools, policies and guidance documents.
  • Working closely with the Compliance function to ensure Conduct Risk is sufficiently embedded within the enterprise risk management framework for AICL
  • Working closely with the Head of Enterprise Risk and other Risk leaders to ensure that the enterprise risk management framework is appropriately tailored for AICL.
  • Ensuring there is an open and collaborative relationship between all 1st LOD and 2nd LOD teams.
  • Assisting in the formation, review and ongoing delivery of appropriate risk governance, through the formation, attendance and  participation in risk committees and other governance fora where risk engagement is required.
  • Presenting to relevant committees (ARCCs, ILTs, Boards) on relevant topics in prudential and financial risk management.
  • Liaison as required with FCA and GFSC on topics in prudential and financial risk management
  • Monitoring industry trends to benchmark Saga’s risk management, especially prudential and financial risk management.
  • Providing 2nd LOD review as required to support decision-making by AICL 1st LOD managers, including periodic 2nd LOD reviews of dividend capacity, actuarial reserve setting and capital calculations, business plans and strategic objectives.
  • Monitoring the finances of the Saga PLC group to provide second line input on questions of Group solvency and liquidity.
  • Annual 2nd line review and development of key prudential risk management reports including TC2.4 and wind-down plans for SSL and SPF Own Risk and Solvency Assessment (‘ORSA’) report, and Solvency and Financial Condition Report (‘SFCR’) for AICL.


The Ideal Candidate

As our Head of Prudential Risk you would have a proven track record of working effectively with senior management on the risk and capital agenda within a Solvency II regulated business.

Ideally you would be a qualified actuary (FIA) and have a risk management qualification (CERA or IRM).

Other skills and experience required include:

  • Risk and capital (standard formula and USPs) – calculations and reporting.
  • Modelling and model governance
  • External Environment & wider market knowledge.
  • Data quality assurance, review and validation.
  • Data, data storage, data governance
  • Insurance Claims, Pricing and financial management.
  • Regulation, Legislation.
  • Passionate about problem solving and data.
  • Self-motivated, managing priorities to deliver to deadlines.
  • Integrity, Independence and sound Judgement.
  • Strong Communication (written & verbal) and ability to influence
  • Leadership, Stakeholder & People management with Empathy

Package Description

Everyday our colleagues deliver exceptional experiences to our customers. We believe exceptional work deserves even more exceptional rewards, that's why we have put together an amazing benefits package for all colleagues.

We offer total flexibility over where you work you choose a place that you feel most comfortable and productive, either from home or in one of our hubs in London, Ashford or Sandwich.


  • Our working week is 35 hours per week, these can be worked flexibly to suit your working style
  • 25 days holiday + bank holidays
  • Option to purchase additional leave up to 5 extra days
  • Pension scheme matched up to 10%
  • Life assurance policy on joining us
  • Wellbeing programme
  • Colleague discounts including family discounts on cruises and holidays
  • Range of reductions and offers from leading retailers, travel groups and entertainment companies
  • Enhanced maternity and paternity leave
  • Grandparents leave
  • Company performance related annual bonus - Up to 15%
  • Income protection
  • Access to Saga Academy, our bespoke learning platform

About the Company

Over the past 70 years we have become the UK's specialist provider of products and services to people aged over 50 in the UK. The Saga brand has become one of the most recognised and trusted brands amongst UK consumers in this demographic, recognised for its high quality products and exceptional standards of service. These include cruises and holidays, insurance, personal finance and the Saga Magazine.

At Saga we are committed to treating all employees fairly and to offering equal opportunities in all aspects of employment and advancement. We value diversity not just because it is the right thing to do, but because diverse teams perform better.

Fair consideration is given to applications from all applicants, including those with disabilities and those over who are over 50 as we are champions of age inclusivity. We are an official Disability Confident Committed employer and ensure that our recruitment process is inclusive and accessible and we will make reasonable adjustments as required. For more information on our DEI policies please visit our Saga Careers page.

Saga does not accept agency CVs unless specifically engaged on the role by the Talent Acquisition Team. Please do not forward CVs to our recruiters, employees or any other company location. Saga will not be responsible for any fees related to CVs received in this unsolicited manner.


Saga Group

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