Phoenix : awarded Risk Team of the Year

Phoenix Group, the UK's largest long-term savings and retirement business, has won the award for 'Risk Team of the Year' at the 2022 Insurance Enterprise Risk Management (ERM) Awards. The annual awards, which formally recognise Europe's very best in insurance risk management, actuarial and risk modelling practices, is overseen by Insurance ERM's independent panel of over 40 chief risk officers.

The nomination submitted by Phoenix was recognised by Insurance ERM for two key achievements. Firstly, the successful implementation of the risk management framework (RMF) within ReAssure, which included migration of over a thousand risk and control data points onto the Phoenix risk management system, as well as training over 800 new employees. Alongside this, Group Risk integrated ReAssure colleagues into the function, strengthened capabilities and enhanced the engagement model across the wider business.

Secondly, the support and independent validation that underpinned the successful harmonisation of the Standard Life and Phoenix Life internal models, the first insurer in Europe to gain approval for doing so.

Jonathan Pears, Group Chief Risk Officer, commented:

"We would acknowledge that we were in uncharted territory in trying to bring together two approved internal models, aiming to achieve an outcome that was better-than-the-best-of-both. It is testament to the tireless effort put in by our Risk, Actuarial, Finance, Change and Regulatory Relationship teams, and the PRA themselves, that we achieved model approval."

"Everyone across Phoenix should celebrate this award as it recognises the part we all play in effective risk management. We will achieve a 'life of possibilities' for our customers not by avoiding risks, but by identifying and managing risks within an acceptable level. As our organisation grows, developing and nurturing a risk culture that embraces diversity of thought and welcomes challenge will be essential to achieving our goals. I look forward to celebrating future Phoenix successes, founded on our commitment to informed decision-making and controlled risk-taking."

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Enquiries

Dilesh Sangaran
PR Manager
Phoenix Group
07974 604 323 / 0203 735 0942
[e-mail]

Notes to editors

About PhoenixGroup

We are the UK's largest long-term savings and retirement business, with £300bn of assets under administration and c.13 million customers.

We are a growing and sustainable business with a clear purpose - helping people secure a life of possibilities. This means taking responsible and sustainable investment decisions, and using our presence and voice to advocate on behalf of the UK's savers. We understand that our scale and expertise means that we have an important role to play for our customers, colleagues and our communities.

As life expectancy continues to increase and the pension landscape continues to shift, we will continue to be a safe and dependable ally in the journey to and through retirement for millions of customers, by providing the right guidance and products, at the right time, to support the right choices. We offer a broad range of products for people across all stages of the savings life cycle.

Our strategy focuses on delivering long term, sustainable value and, to fulfil our purpose, focuses on five key areas to ensure we respond to changing customer needs, manage our capital position well, create value, inspire our people, and put sustainability at the heart of our business.

We are a FTSE 100 company and we feature in the FTSE 100 ESG Select Index. In 2020 we committed to our operations being net zero carbon by 2025 and our investment portfolios by 2050. We are playing an active role in helping to build back better and greener as we invest for the future. We are a Living Wage Employer and recognised as a Carer Positive Exemplary for offering the best support to colleagues who are carers.