Beazley
Senior Risk Manager - Third Party Risk
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Senior Risk Manager - Third Party Risk
Senior Risk Manager – Third Party Risk
About the Role
Job Title: Senior Risk Manager – Third Party Risk
Division: General Management – Risk & Compliance
Reports To: Head of Operational Risk
Key Relationships
First-line internal stakeholders include Procurement and Vendor Management, IT, Data, Underwriters, and Claims Managers. This role involves supporting first-line stakeholders on operational risk management and maintaining third-party risk management (TPRM) regulatory relationships across the organisation. Engagement extends to second and third-line functions, collaborating with:
- Risk Management (Insurance Risk & Enterprise Risk Management)
- Risk Management Senior Leadership Team
- Chief Risk Officer
- Compliance and Internal Audit
Job Summary
The Senior Risk Manager – Third Party Risk supports the Head of Operational Risk in overseeing operational risk andreduction in a business setting, placing a strategic emphasis on third-party risk management. Responsibilities include:
- Providing independent second-line oversight on operational risks stemming from third parties, outsourced services, or strategic suppliers.
- Leveraging operational authority to guide risk management in Delegated Authority, Facilities Management, and Talent Management processes.
- Designing, maintaining, and overseeing the group’s TPRM framework to ensure:
- Third-party risks align with risk appetite, regulatory guidelines, and operational resilience objectives.
- Comprehensive management of risks from third-party exposure through identification, assessment, monitoring, and mitigation in line with firmwide expectations.
Key Responsibilities
Risk Management Framework
- Provide independent oversight and proactive challenge to first-line operational risk initiatives.
- Review and enhance TPRM alignment of policies, frameworks, and control mechanisms to match regulatory and business expectations.
- Facilitate Risk & Control Self-Assessments (RCSAs) for risk owners, ensuring thorough documentation, meilleur performance, identification of vulnerabilities and integration in risk reporting structures. Focus on Delegated Authority governance across Underwriting, Claims, and Operations, embedding it into the TPRM framework.
- Ensure standardised risk tiering and accurate materiality assessments for all third-party engagements.
- Examine exceptions in risk acceptances, residual risk assessments, and operational decision-making frameworks to maintain accountability. Collate findings into escalation matrices and recommend interventions where necessary.
- Foster integration of third-party risk into broader frameworks across:
- Operational Resilience
- Technology
- Cybersecurity
- Data Governance
- Support operational resilience initiatives through targeted TPRM contributions, ensuring the organisation’s control environment remains robust, with clear accountability at the business units, while keeping control documentation up-to-date and accurate.
- Develop and monitor KRIs to stress-test operational risk exposure points, enhance monitoring capabilities, and improve risk appetite fidelity.
- Champion integrated risk management across the Three Lines of Defence framework, ensuring that first-line risk managers and operational teams fully adhere to TLR SaaS tools instrumental in ensuring compliance and mitigation.
- Act as a trusted escalation pathway across the organization, working with 1st Line, Risk Owners, Compliance and Internal Audit, and domains like Information Security and Sustainability.
Risk Oversight and Reporting
- Provide grievance-free second-line analytical challenge over dashboards, risk reports, and operational management across TPRM. Actively contribute to thematic deep dives and critiques of operational and third-party risk findings.
- Deliver independent expert opinions on emerging risk trends/profiles via a strategic lens and risk-related policies.
- Investigate and report operational incidents, extract critical learning points, and support effective implementation against repeat occasions/risks.
- Contribute to ORSA (Own Risk and Solvency Assessment) by assessing stressors, particularly when complex Third-Party dependencies are deemed critical to overall risk postures.
- Identify systemic risks, dependency-based threats, and vulnerabilities, advocating a unified approach across Asian/EU regional networks and operational hubs.
- KPI review and challenge of relevant risk-measurement programs and MI arising from 1st Line functions, ensuring it provides valuable insights or observations rather than just informational recurring updates.
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Regulatory and Governance Responsibilities
- Compliance support for regulatory standards applicable to outsourcing, operational risk matrix certifications, and standards redefining them in TPRM.
- Serve as the second line of defence from regulatory examination inquiries and facilitate collaboration in Internal Audit with visible governance and material changes implemented across operational roles.
- Establish clearer accountability on third party risk decisions internally via updated decision logs. Create escalation protocols for decisions and risk tolerance triggers.
- Participate actively in shaping operational culture driving risk and governance-based Beazley-wide collaboration while establishing upholding the following core values and the following:
- Be Bold (lead effectively through evolving risk agendas with clarity and artistry)
- Strive for Better (build continuous operational/ risk improvement methodologies)
- Do the Right Thing (maintain systemic risk environment conscientiousness and unmatched integrity with external stakeholders).
FCA Conduct Rules
To align with UK regulatory expectations and the role’s responsibilities, adherence is required to ensure:
- Integrity in all engagements and evaluation processes.
- Due care and diligence, focusing strategically on key operational and strategic risks with support garnished from subject matter experts.
- Transparency with regulators – PRA and FCA, ensuring exposure and dependencies are documented as per regulatory formats.
- Customer interest focus, treating customer needs fairly, ensuring approved third-party qualifications receive fair risk assessment monitoring alignment.
- Upholding Market Conduct, ensuring third parties selected comply with ethical standards, and digital privacy mandates are meticulously complied with.
About Beazley: Core Values & Expectations
Internally, acting in compliance with the following principles is critical:
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Upholding Core Values:
- Being Bold - Innovate solutions within risk frameworks and demonstrate leadership.
- Striving for Better - Champion governance improvements, make risk recommendations that point to lower risk probabilities, and ensure adaptability.
- Doing the Right Thing - Maintain transparency and integrity, ensuring risk management community uphold principles of fairness towards customers and external stakeholders.
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Compliance & Training:
- Adhere to all procedures, policies, codes of conduct, and flat-out regulations.
- Complete mandatory training on risk processes via PMO guidance, LMS, or Learning provided through line management or Assurance teams.
- Show adherence to Beazley’s Underwriting Control, Claims Control, Sustainability, and Customer Relationship Standards.
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Business Ethics:
- Preclinical emphasis on ethical alignment; demonstrate genuine integrity in building fair outcomes and selecting products tailored for customers.
- Ensure customer outcomes align with established safety standards, fair underwriting decisions, quick complaint resolution pathways.
- Stay updated with role-enforced responsibilities (via LMS, committees, or Council tasks) and key developments crosswise applicable to regional compliances or risk models.
Personal Specification
Essential Criteria
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- A degree-level qualification or equivalent ( semester/certified credentials in operational risk or training recognitions in third-party frameworks/standards preferred).
- Practitioner-level relevance in TPRM (e.g., ISO 27001, ISO 22301, NIST, COBIT responsibilities/knowledge).
- Knowledge of Lloyd’s or global insurance sector frameworks with comprehension of specific market mechanics and their unique risks insights guides.
- Proficiency in risk management frameworks/tools including the adherence necessary for robust third-party dependency oversight and assessment tools.
Knowledge, Experience, and Skills
- Prove across the board TPRM regulatory expertise aligning to PerkinElmer, Amgen, or similar overlapping global commercial organisations operating across the global UK/EU/US/Indian Regions.
- Understanding of business drivers behind risk assessments and dynamic commercial organisations, and the assessments within international insurance companies including strategies for outsourcing assurance frameworks.
- Build relationships with internal stakeholders (1st-line TPRM teams), especially assuring insight into their needs/Shanghai operational challenges.
- Establish that your professional communication practices are **credible with decision-making bodies ranging from senior management to peers.
- Time management and organisational proficiency meet deadlines in high-stress settings without losing operational clarity.
- Analytically Rich capability in Tabasian norm conversation with relevant sector compliance zones, management entities, risk repositories (e.g. Splunk Data Collectors or Virtual Board Datasets)
- Able to drive proficient remediation tracking on risk remediation indicators, leveraging analytical insights from dependent party feedback or region-specific deficiencies.
- Microsoft 365 (Excel, Word, PowerBI presentation etc.) and international collaboration tools, including site management awareness on knowledge-based or knowledge-centre storage systems.
Experience Roots: Global Presence
- require direct or demonstrated high-velocity experience adapting to high-pace markets spanning multiple regions and cultural exposures.
- Proven track record of acquiring stakeholder engagement and maintaining credibility/resonant operational visibility through board representative proceedings or advisory committees.
Aptitude & Disposition Requirements
Employees must possess:
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Risk-Based Judgement – Ability to assess risks, verify projections with evidence, and make strategic recommendations in real-time.
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Influencing and Trusted Advisorship – Influence leadership, vendor or deposit teams directly through informed and ethical advices.
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Flexibility – Quick adjustments to regulatory changes, emerging third-party risks, and dynamic dependencies.
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Energetic & contemporary mindset facilitating constructive, solution-oriented dialogue and engagement with rigorous but adaptable rigor.
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Team orientation with intuitive enablement of fellow coworkers to perform effectively within challenging settings.
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Self-motivation AND Autonomous Proactivity – Set personal improvement goals tied to operational risk visibility and a leaner, more responsive framework.
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Prioritisation acumen – whereby evaluations on trade-offs and risk-to-business cases are palpable with incisive deadline monitoring.
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Discreetness and Integrity at the highest level with compliance to cross-lines trust and confidential necessities.
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Analytical Mindsets – Camera-style errors and discrepancies, ensuring data methodologies are validated and available for regulatory or auditing functions.
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Attention to Detail – Balanced with a big picture sensitivity, ensuring small risks are identified before they escalate while they are part of healthcare/insurance holistic exposure phase.
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Challenging & Persuasion Skills – working with internal faculties, discussing operational framework needs and changing the course with stakeholder behaviour feedback in alignment to missions.
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