At M&G, our purpose is to give everyone real confidence to put their money to work. With a heritage dating back more than 175 years, we have a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions.

Our two distinct operating segments, Asset Management and Life, work together to provide access to balanced, long-term investment and savings solutions.

Through 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 offer workplace adjustments to ensure you have the support you need to succeed 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 that meets regulatory standards. The Financial & Proposition team is responsible for second line oversight, review and challenge across product, proposition, insurance, ALM and connected financial risk matters.

This role is intended to combine deep technical expertise with practical judgement, supporting high quality governance decisions, robust control outcomes and good customer outcomes across existing products, new propositions and material product changes.

Purpose statements

• To advise on the identification, assessment and management of proposition, product, insurance and connected financial risks, helping the business to make well evidenced decisions that remain within risk appetite and support good customer outcomes.
• To lead second line oversight and challenge of new product developments, material product changes, pricing and repricing proposals, product lifecycle reviews and proposition governance papers, including the quality of rationale, controls, customer outcome assessment and risk acceptance.
• To operate effective oversight of insurance risks including longevity, persistency, expense and underwriting or margin pricing risks, ensuring that risk exposures, trends, management information and escalations are appropriately understood and challenged.
• To advise on ALM and product related financial risk matters, including the interaction between product design, liability profile, investment strategy, hedging, reinsurance, matching adjustment considerations, smoothing, guarantees and with-profits or shareholder risk sharing.
• To support effective oversight of financial risk and resilience, including forward-looking risk assessment, risk appetite, stress and scenario analysis and key financial and risk management decisions.
• To lead or support thematic reviews, deep dives and assurance activity across product and insurance risk topics, translating findings into proportionate recommendations and clear actions for senior stakeholders and governance committees.
• To operate strong stakeholder engagement with first line, actuarial, finance, investment, legal, compliance and risk colleagues, providing constructive challenge while supporting timely, pragmatic and customer focused outcomes.
• To advise on relevant policy, framework, limit and governance developments, including interpretation of regulatory change and industry practice where these affect product, proposition, insurance, ALM or financial risk oversight.

Key accountabilities

• Review proposition, product development, repricing, product feature change and lifecycle governance materials, assessing whether key risks, assumptions, dependencies, customer outcomes and mitigations are clearly articulated.
• Challenge the impact of investment strategy, strategic asset allocation, hedging and risk mitigation proposals on product economics, ALM positions, policyholder outcomes and fund or shareholder exposures.
• Support oversight of reinsurance, risk sharing and de-risking arrangements, including longevity reinsurance, annuity transfers, inter-fund arrangements and related collateral, liquidity, counterparty and operational considerations.
• Support oversight of updates to financial risk frameworks, including updates to risk appetite, limits and triggers.
• Support oversight of material strategic and financial and processes i.e. annual business plan.
• Monitor relevant market, economic, regulatory and business developments and assess their impact on products, propositions, ALM positions, insurance risk exposures and risk appetite.
• Contribute to key risk and regulatory assessments, including the ORSA, stress and scenario testing, liquidity risk management planning and recovery planning.
• Contribute to reporting, committee papers and second line opinions, ensuring the conclusions are balanced, evidence based, clearly written and suitable for senior governance audiences.
• Promote a strong risk culture through clear communication, constructive challenge, coaching and practical support to colleagues.

Knowledge statements

• Expert or strong detailed technical knowledge of UK life insurance, pensions, savings and retirement products, including with-profits, annuities, bulk purchase annuities, PruFund style propositions, unit-linked business and related customer outcome considerations.
• Detailed knowledge of the UK financial services regulatory environment, including prudential and conduct considerations relevant to product governance, proposition development, pricing, insurance risk, ALM and risk management frameworks.
• Detailed working knowledge of Solvency UK implications for insurance product development, capital, technical provisions, matching adjustment, risk mitigation, hedging, reinsurance and with-profits or shareholder fund interactions.
• Strong knowledge of insurance and market risks, including pricing, reserving, modelling, assumptions, stress and scenario testing, longevity, mortality, morbidity, persistency, expense, interest rate, credit and liquidity risk interactions.
• Working or detailed knowledge of strategic asset allocation, hedging techniques, ALM principles, reinsurance structures, collateral management and risk appetite or limit frameworks.
• Working or detailed knowledge of ORSA , liquidity risk management planning and recovery planning principles.
• Awareness of external market, competitor, regulatory and industry developments, with the ability to identify implications for product strategy, governance, policies and controls.
• Good understanding of governance, committee processes and how to provide effective second line review, challenge and opinion in a senior stakeholder environment.

Experience Statements
Significant experience