Risk/actuarial team of the year: Standard Life
Finalists: Argo Group, Barbican Insurance
Creating the framework for good enterprise risk management (ERM) is one of the key tasks for the risk function, and in this regard Standard Life was voted as the winner in this category.
Led by chief risk officer Raj Singh, Standard Life demonstrated "good use of a strong ERM framework, with real-time boardlevel communication, and risk-awareness built in the front line," according to our judges.
Recently, the firm has developed innovative ways to better understand its risk environment and to empower the business to make better decisions.
One focus area has been on strategic risk management, where the risk team has created a forward-looking review process that look across the business, not down divisions; crosses boundaries between different risk types; and assesses adequacy of risk mitigation rather than control effectiveness.
The risk team has driven visibility, accountability and discussion of risk through its Management Awareness of Risks (Mars) tool, which brings forward-looking risk assessment and control issues together in one place, and focuses on operational and conduct risk.
A special app has been developed to help bring the ORSA to life, by providing the latest risk management information in one place and giving a holistic view of the different components of the ORSA.
Standard Life has also developed its expertise in technology and cyber risk, building a 10-strong team with the skills to support and challenge management in their understanding and management of technology and change risk. The team's experience covers the three lines of defence including technology and change audit, second-line change oversight, first-line roles in information security, control design and process improvement, third-party relationship management and financial crime, among others.
The development of future risk talent has also been enhanced, with the launch of a "risk graduate scheme" for young professionals.