Propositions Risk Lead

M&G plc.
02 Jan 2021
05 Jan 2021
Contract Type
Full Time
M&G's UK offices are based in London, Edinburgh and Stirling. All colleagues are currently working remotely and expect to return to the office in 2021, only if it is safe to do so. We are happy to consider remote working for this position and would expect you to be able to travel to the office on occasion when appropriate.

At M&G our vision is: to become the best loved and most successful savings and investment business and we’re looking for people who are excited about joining us on our journey. We’re digitally transforming and investing heavily in technology and innovation to develop new and improved customer propositions that really raise the bar for our customers. To help us achieve our vision we’re looking for exceptional people who live our values and behaviours and who can inspire others; embrace change; deliver results and keep it simple.

We know that an inclusive environment makes us more accessible and ensures we attract, engage, promote and retain exceptional people. We welcome applications from all individuals regardless of age, gender/gender identity, sexual orientation, ethnicity/nationality, disability, or military service and welcome those who have taken career breaks. We will consider flexible working arrangements or home working arrangements for any of our roles.

What you can expect from us:

We are committed to creating an environment where you can be exceptional at all you do. To help us deliver this, we promise to:
  • Challenge Your Limits by creating a stimulating working environment and providing opportunities for you to be involved in meaningful and challenging work
  • Support Your Aspirations with a commitment to learning and development that helps you achieve and build your experience with people who want you to succeed
  • Value Your Input whereby leaders and managers will involve you in key decisions, listen to your thoughts and recognise the important contribution you make
  • Balance Your Life through a work life partnership that focuses on making this an inclusive, diverse and friendly place to work and offers the flexibility and support that enables everyone to be at their best

How do we support our employees:

All M&G plc employees will be supported in the workplace through our LifeWorks employee assistance programme which is run by Canada Life. If you need counselling, confidential financial or legal advice. The service is available 24 hours a day, 365 days a year and offers access to qualified professionals who can provide specialist information, advice and support on many issues. It offers a broad range of services, including help with family issues, maintaining work/life balance and mental health support.

The Role:

The Chief Customer & Distribution Officer (CCDO) is accountable for the M&G plc proposition strategy, the development of new propositions and ensuring ongoing oversight over the performance of existing propositions, across all parts of the group. The product ownership to support propositions will reside in one or more of the groups regulated entities. The development and implementation of the proposition strategy is critical to the success of M&G plc but also presents significant risk to the firm, and its customers. There exists proposition governance forums and processes for managing the development and continued oversight of proposition solution (PDP and PLM respectively).

The C&D Risk, Controls and Resilience function (RCR) is required to ensure sufficient challenge, support and oversight is maintained across the proposition landscape across M&G plc and for the full lifecycle of its propositions, i.e. strategy and ideation through to closure. To do this effectively, it needs to provide appropriately qualified individuals to work with the Proposition function and other functions as necessary to ensure it achieves its role. In recognition of the complexity and breadth of this challenge, it is envisaged RCR will provide more than one individual, each aligned to agreed proposition dynamics, e.g. Insured and Fund/Asset Management, or geographical split. The core responsibilities of the proposition risk lead roles are the same and they will report to the Director of RCR who is a member of the CCDO SLT.

The position acts as a senior member of the RCR team with lead responsibility for representing the function in matters linked to proposition risk and associated secondary risks, e.g. customer and regulatory, which arise from the proposition offering.

For the specified propositions the role will have primary responsibility for managing the relationship with the proposition function, led by the C&D Director of Product Solutions, and engaging in all stages of the proposition lifecycle, i.e. from initial ideation through its operation and if appropriate closure.

In this capacity the role will be expected to identify all pertinent risks associated with the proposition, whether these be of risk to the firm, regulatory risks, risks to the customer and intermediaries. It is not the prime responsibility of the role to oversee change/execution risks unless these are relevant to the proposition outcome, however the role will be expected to fully engage with RCR colleagues to ensure such risks are appropriately identified and managed by the business.

Key Work Level Accountabilities:

Integration Leader:
  • Critical role in translating strategy into implementation plans, influences and contributes to the strategy
  • Ensures successful implementation of defined strategy
  • Typically leaders of teams, or technical roles will lead the provision of advice across an area of expertise
  • Balances competing requirements to deliver a balanced set of results, resolving significant or priority conflicts
  • Addresses problems with broad reaching ramifications, with a need to manage different parts of complex systems and link to the broader picture
  • Responsible for driving continuous improvement
  • Drives incremental and transformational change in response to experience of market and customer needs, typically leads the delivery of major programmes of work
  • Allocates resources optimally to deliver on strategy, prioritising conflicting resource demands, agendas and activities

Key Responsibilities for this role:
  • To act as the primary lead for engagement with the Proposition function, building relationships with the Proposition management team as necessary to effectively support the team and provide insights and challenge to the risks and the actions of management. Further the role will maintain other relationships outside of the Proposition function as required to successfully undertake the role. This may include Distribution/Venture teams, 2nd line/Technical functions and Brand & Marketing. These relationships will be maintained with due consideration of other RCR colleagues who maintain relationships with those functions to ensure optimisation of resources and effective communications.
  • To oversee the relevant PDP and PLM processes undertaken for propositions in scope in order that risks are identified in an effective manner and appropriate prevention/mitigation measures are taken and the relevant escalation and reporting occurs whether this is by the role or the business owner as appropriate. This scope will include additional processes performed for specific propositions in scope, e.g. value assessment within ACD environment
  • To support the Proposition governance process with 1st line risk opinions, plc or entity risk reporting, facilitating discussions with 2nd line and technical functions to support submissions to forums.
  • To ensure the Proposition receives the appropriate support, guidance, education on the risk and control framework to meet Plc, CD and local entity requirements and comply with any attestation requests.
  • To define, scope and lead any risk assurance initiatives agreed as necessary where they apply to propositional scope.
  • To work collaboratively with RCR colleagues to ensure active knowledge sharing occurs to provide a complete view of potential and actual risks which the CCDO and teams need to respond to.
  • Contribute to the definition of the RCR plans to ensure these are relevant and optimised against resources and business need. Support stakeholder management activities to ensure CD management are aware of the support to them, their obligations to support and where limitations exist.
  • Where necessary undertake people management responsibilities for directly managing individual reporting lines or to actively support team members as part of the function’s commitment to development of its people.

Key Knowledge, Skills & Experience:
  • Expert level knowledge of risk and control frameworks and their application within a distribution business
  • Expert level knowledge of the regulatory environment
  • Expert ability to influence and negotiate with senior (SLT level) stakeholders
  • Expert level knowledge in life, pensions or broader asset management investment products
  • Expert level knowledge of industry best practice, strong networks and links to external bodies
  • Expert level knowledge of investment governance arrangements and operational risk controls around risk management activities including, management of SLA, regulatory based deep dives and regulatory changes.

Work Level: Integration Leader

Recruiter Name: Phoebe Ewers

Closing Date: 6th November 2020

We live by four behaviours at M&G and we ask all our employees to:

Inspire Others - Support and encourage each other, creating an environment where everyone can contribute and succeed
Embrace Change - Be open to change, willing to be challenged and able to adapt quickly and imaginatively to new ideas
Deliver Results - Focus on outcomes, set high standards and deliver with energy and determination
Keep it Simple - Cut through complexity and bureaucracy, be clear and decisive and never overcomplicate things

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