Head of Product Oversight

At M&G our purpose is to give everyone real confidence to put their money to work.As an international savings and investments business with roots stretching back more than 170 years we offer a range of financial products and services through Asset Management Life and Wealth. All three operating segments work together to deliver attractive financial outcomes for our clients and superior shareholder returns.

Through our behaviours of telling it like it is owning it now and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.

We will consider flexible working arrangements for any of our roles and also offer work place accommodations to ensure you have what you need to effectively deliver in your role.

M&G plc as a major UK listed financial services provider is expected and required to maintain a Risk Management and Compliance framework meeting regulatory standards. The role of Products Oversight is to provide leadership to the team within M&G Life focussing on the ongoing risk oversight of M&G Lifes growing product range.

M&G Life is as part of its business strategy expanding the range of products it offers and the breadth of customers its propositions cover. 2nd line risk assessments and opinions are provided as part of the launch of each new proposition.

The role of the Head of Product Oversight is to review and develop the appropriate mechanisms for oversighting the product post launch. This will involve working collaboratively with various stakeholders to ensure that the risks identified in the product launch continue to be appropriately overseen to review the appropriateness of the controls established and assess the progress of the controls identified as needing to be developed.

Key Responsibilities

• Determine the appropriate MI to guide and communicate on the risks including other financial and nonfinancial risks and controls on M&G Lifes product range. Determine the appropriate Assurance the 2nd line should carry out following a products launch such as Model reviews completion of Risk Opinion actions and checks on ongoing functioning.
• Assess the effectiveness and robustness of the end to end processes supporting the right outcomes for customers and reducing financial and operational risk to the shareholder and WithProfits fund.
• Bring an outside in view of Product risk including forward looking horizon scanning and advise the CRO accordingly
• Conduct Thematic Review Process / Deep Dives as appropriate
• Serve as a key second line contact point for Proposition & Pricing Teams
• Support and Oversight of first line of defence governance frameworks for life and pensions products and work with stakeholders to ensure all reviews comply with M&G Lifes governance frameworks

Knowledge:

• Strong understanding of the full spectrum of risks generated by Life Insurance products.
• Detailed knowledge of life insurance products and pensions products market competitors and distribution channels and wider understanding of financial services products and processes.
• Detailed knowledge of UK financial services regulatory environment and legislator frameworks including Solvency II systems of governance and EIOPA guidelines as applying to financial & insurance risks
• Detailed knowledge of Solvency II implications for Insurance product oversight and Model validation requirements
• Awareness of external developments and ability to identify recommend and implement improvements to processes and policies in line with these
• Detailed knowledge of industry best practice and good network / links with individuals and external bodies
• Expert knowledge of a wide range of risk and capital management risk appetite frameworks and risk limit setting processes in particular in respect of financial and insurance risks
• Knowledge of M&G products systems and processes

Experience:

• Experience of risk management across the spectrum of risk generated by Life Insurance products and processes and a strong understanding of how these link into Asset management.
• Experience of product management oversight and governance is essential.
• Significant experience of reviewing products on an ongoing perspective as well as insurance products from a financial and insurance viewpoint
• Significant experience of advising key stakeholders on impact of products
• Significant experience of analysing and interpreting complex rules and regulations and applying such knowledge to provide solutions to business problems and issues
• Significant experience working with a broad range of financial and nonfinancial risk management and limit frameworks and approaches

Personal Attributes/Skills:

• Strong team leader able to set clear priorities and delegate as appropriate to a team
• A strong promoter of risk awareness within the organisation
• A strong ability to learn quickly and explain complex issue to others
• Good influencing and management skills with senior executives
• Effective manager with clearly developed coaching and feedback skills
• An ability to constructively engage with and challenge peers
• Ability to build and manage relationships with other senior management team members
• Selfstarter excellent under pressure results focused able to identify opportunities and take initiative and respond rapidly and flexibly to urgent priorities that arise on an adhoc basis
• An ability to contribute to the development of the strategic direction priorities and plans of the business constructively engaging with and challenging peers.
• Good communication skills with an ability to articulate complex issues clearly and succinctly to senior management.

Qualifications:

• Professional qualification e.g. Qualified Actuary desirable

Experience Level: Integration Leader

Recruiter: Helen Simons

We have a diverse workforce and an inclusive culture at M&G plc underpinned by our policies and our employeeled networks who provide networking opportunities advice and support for the diverse communities our colleagues represent. Regardless of gender ethnicity age sexual orientation nationality disability or long term condition we are looking to attract promote and retain exceptional people. We also welcome those who take part in military service and those returning from career breaks.

M&G is also proud to be a Disability Confident Leader and we welcome applications from candidates with longterm health conditions disabilities or neurodivergent conditions. Being a Disability Confident Leader means that candidates who meet the minimum criteria of a job will be offered an interview if they opt in to the scheme when applying.

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