Head of Risk

Role Overview

• Own the UK enterprise risk management framework end to end, ensuring it is proportionate, current, and aligned with FCA expectations under SYSC, PRIN, and Consumer Duty
• Maintain the UK Risk Register with clear ownership, assessment methodology, defined review cycles, and escalation triggers
• Own the UK risk management framework and RAS, translating Group risk appetite into UK specific decision boundaries that reflect local regulatory constraints
• Provide independent 2nd line oversight and challenge to 1st line risk owners across operations, technology, client services, and commercial functions (excluding dealing, which reports separately)
• Act as the intelligent client for risk services delivered by the Group Risk team, including but not limited to: market risk monitoring, credit/counterparty risk assessment, quantitative risk modelling, stress testing, and risk MI production
• Define and document what the UK entity requires from Group Risk in terms of scope, quality, timeliness, and regulatory standard, formalised through an intra group service level framework or equivalent
• Monitor and challenge the quality and completeness of Group Risk outputs before they are used in UK governance forums, board packs, or regulatory submissions
• Identify gaps between Group Risk delivery and UK specific regulatory requirements, and escalate where those gaps create risk to the UK entity’s compliance posture
• Maintain an outsourcing risk assessment for Group Risk services consistent with FCA expectations for oversight of outsourced critical or important functions under SYSC 8
• Ensure that the UK entity retains sufficient knowledge and capability locally to oversee outsourced risk functions, avoiding inappropriate dependency on Group without independent local scrutiny
• Lead or substantively oversee the UK ICARA (Internal Capital Adequacy and Risk Assessment) process, coordinating with Group Risk and Group Finance on stress testing, scenario analysis, and capital/liquidity adequacy
• Ensure market risk, credit/counterparty risk, and concentration risk are monitored and reported to a standard that meets MIFIDPRU requirements, whether produced locally or by Group
• Integrate conduct risk assessment into product governance, pricing decisions, and client outcome monitoring in line with Consumer Duty (PRIN 2A)
• Oversee operational risk including business continuity, IT resilience, and third party risk, ensuring the UK entity maintains visibility even where platforms and infrastructure are managed at Group level
• Deliver risk MI to the UK Board, UK ExCo, and relevant governance committees on a defined cadence, with clear narrative on trends, near breaches, breaches, and required actions
• Own and maintain Key Risk Indicators (KRIs) across all material risk domains, each with predefined thresholds and mandatory escalation actions
• Prepare risk sections for board packs, regulatory returns, and FCA supervisory engagement materials
• Critically assess risk MI received from Group Risk before presenting to UK governance forums, ensuring it accurately reflects UK specific exposures and is not simply a Group level aggregation
• Act as the primary point of contact for risk matters with the FCA during supervisory interactions, skilled persons reviews, and thematic exercises
• Maintain effective working relationships with the Group CRO and Group Risk team, balancing collaborative alignment with independent challenge where UK interests diverge from Group priorities
• Collaborate with the Head of Compliance (SMF16/17) to ensure clear delineation of 2nd line responsibilities with no gaps or duplication
• Engage with internal and external auditors on risk related findings, ensuring timely remediation and structural fixes
• Build the UK risk function progressively as the office grows, identifying where local capability is needed versus where Group delivery remains appropriate
• Embed a risk aware culture across the UK office through training, practical challenge, and visible engagement with 1st line teams

Requirements

• Substantial experience (typically 8+ years) in risk management within FCA regulated financial services, with demonstrable exposure to CFD, spread betting, or leveraged derivatives businesses
• Deep working knowledge of FCA regulatory expectations for risk management under SYSC, PRIN, Consumer Duty (PRIN 2A), and MIFIDPRU prudential requirements
• Proven experience managing outsourced or shared service risk functions, including defining service requirements, monitoring delivery quality, and escalating shortfalls. This is a critical differentiator for this role
• Experience designing and operating enterprise risk frameworks including risk registers, risk appetite statements, KRI frameworks, and ICARA/ICAAP processes
• Strong understanding of financial risk (market, credit/counterparty, liquidity), operational risk, and conduct risk in the context of a retail leveraged trading platform
• Experience preparing and critically reviewing risk MI for boards and senior governance forums, including the ability to identify where MI masks underlying issues
• Experience engaging with the FCA in a supervisory context, whether directly or as a substantive contributor to supervisory dialogue
• Understanding of the 3 lines of defence model and comfort operating independently within a structure where many 2nd line services are delivered centrally by a Group function
• Strong governance instincts: the ability to distinguish between aligned Group support and inappropriate delegation of UK regulatory accountability
• Experience with FCA expectations for oversight of outsourced critical or important functions under SYSC 8 and the FCA’s broader outsourcing and third party risk guidance (FG16/5)
• Experience with CASS client money and asset requirements, particularly CASS 7 and CASS 6 audit processes
• Familiarity with the Complaints, Claims, and Indemnity (CCI) regime under PS25/20
• Professional qualifications: IRM Certificate/Diploma, FRM, PRM, or equivalent
• Experience within a multi entity group structure where local regulatory obligations must be balanced against Group efficiency and standardisation pressures
• Proficiency with risk analytics tools including Python/R for quantitative analysis and Tableau for risk dashboards

Tech Stack

• Python
• Tableau

Benefits

• Competitive Salary: We believe great work deserves great pay! Your skills and talents will be rewarded with a salary that makes you feel valued and motivated.
• Work-Life Harmony: Join a company that genuinely cares about you
• because your life outside of work matters just as much as your time on the clock. #LI-Hybrid
• Generous Time Off: Need a breather? Our annual leave policy lets you recharge and enjoy life outside of work without a worry.
• Employee Referral Program: Love working here? Share the love! Bring your talented friends on board and get rewarded for growing our awesome team.
• Comprehensive Health & Pension Benefits: From medical insurance to pension plans, we’ve got your back. Plus, location-specific benefits and perks!
• Workation Wonderland: Live your digital nomad dreams with 30 extra days to work remotely from anywhere in the world (some restrictions apply). Adventure awaits!
• Volunteer Days: Make a difference! Take two additional paid days each year to support causes you care about and give back to the community.