ARAC Independent Member and Chair of the Pension Board & Scheme Advisory Board

Job summary

MI5 helps safeguard the UK from threats to national security, operating together with partners to protect the UK and its people. Our role is to counter terrorism, assassinations, espionage and malign interference; protecting our interests overseas, and making the UK the safest place to live and do business. It is challenging, varied and meaningful work.

Job description

We are seeking a highly capable, experienced and committed individual to join our Audit and Risk Assurance Committee (ARAC) as an Independent Member. Working with the Chair and other members you will play a key role in assuring MI5’s governance, risk management and financial integrity. Drawing on your professional expertise and experience, you will provide independent insight, challenge assumptions and help ensure MI5 meets the highest standards of accountability and performance.

In addition to the ARAC committee, the successful appointee will also chair both the Pensions Board and Scheme Advisory board. All public service pension schemes are mandated by law to provide for a Pension Board and a Scheme Advisory Board. This role also extends to assuming the role of Chair for these two important boards.

Person specification

Key Responsibilities

As an Independent Member of ARAC, you will:

• Provide an internal and independent view on the running of the business, including executive performance, ensuring high levels of appropriate accountability and governance best practice.
• Provide independent objective scrutiny of MI5’s governance, risk, and assurance frameworks and the effectiveness of our assurance mechanisms.
• Advise senior officials on the effectiveness of internal controls and audit processes.
• Review internal controls and financial reporting to ensure public funds are used efficiently, transparently, and in alignment with departmental priorities.
• Bring an external perspective to complex challenges, supporting continuous improvement and accountability.

As Chair of the Pension Board, you will be directly responsible for the standards and performance of this board. You will ensure that it fulfils it governance and regulatory role, and you will challenge and support both pension scheme management and scheme administrators in order to provide assurance that scheme members are being efficiently and effectively served.

As Chair of the Scheme Advisory Board, you will work closely with scheme management and the scheme’s technical partners, e.g., scheme actuary, in order to provide advice as to the desirability of making changes to the scheme and on strategic direction in response to the wider pension landscape.

Essential Criteria

We are seeking direct and recent experience of:

• Operating at a senior level in a business, government department or organisation subject to financial and economic regulation.
• Sound understanding of governance, risk management and internal control, underpinned by financial acumen and familiarity with good financial management disciplines including significant experience of assessing and managing risks.
• Experience of engaging with audit processes - both internal and external - and contributing to the development of governance statements and financial reporting will be essential.
• Strong communications skills, including an ability to offer challenge in a constructive, straightforward and open manner.
• An understanding of the wider environment in which MI5 operates, including its current strategic and organisational challenges, as well as the wider challenges faced by the public sector.
• An engaging and collaborative working style which is challenging and constructive, including the ability to contribute and inspire confidence with a wide range of stakeholders.

Desirable:

• Operating as an ARAC Independent Member.
• Experience of the challenges facing public service pension schemes.

Skills and Qualities

• A professional qualification in financial and risk management, or demonstrable relevant experience.
• Have the breadth of vision, and communications skills to both absorb complex issues quickly and offer clear and insightful contributions to strategic discussions.
• Bring a truly independent perspective and original input to ARAC meetings, with demonstrable experience of holding senior leaders to account and offering constructive challenge to strategy, process and practice at a high level.
• Motivated to act in the public interest to make a meaningful contribution to the governance of an organisation of critical national importance.
• Be a calm and considered listener, with an open approach, good emotional intelligence, and the ability to develop effective relationships.
• Enthusiastic, inquisitive and robust, committed to pursuing and exploring all issues relevant to the business and governance of the organisation.

You will be expected to:

• Attend, in person, five ARAC meetings a year and undertake associated preparation, which includes reading time, and on occasion, pre-briefs, to ensure the necessary background and knowledge for full participation in Committee activities. Given the classified nature of the relevant material, any pre-reading or pre-briefs will ordinarily take place in person at our headquarters.
• Attend and chair, in person, at least four Pension Boards a year and undertake associated preparation, which includes reading time, and pre-briefs to ensure the necessary background and knowledge for full participation in Board activities. Given the classified nature of the relevant material, any pre-reading or pre-briefs will ordinarily take place in person at our headquarters.
• Chair the Scheme Advisory Board, which meets on an ad hoc basis, on average once a year.
• Articulate and escalate to the organisation’s senior management the pension boards’ assessment of the major risks facing the pension scheme e.g. attendance of the bi-annual Pension Steering Group.
• Allocate sufficient time to discharge the key responsibilities of the role.
• Complete all mandatory training, including that as prescribed by The Pensions Regulator.
• As necessary, update and refresh your skills, knowledge, and familiarity with MI5’s business, the risks it runs, and the legal framework and ethics with which it must comply. You will be supported with a structured induction on starting in role.
• Avoid or flag potential conflicts of interest and be able to hold Developed Vetting.
• Adhere to, and promote, MI5 values and behaviours.
• Undertake duties in accordance with the Cabinet Office Code of Conduct for Board Members and Governance Code on Public Appointments.

Things you need to know

Artificial intelligence

Artificial intelligence can be a useful tool to support your application, however, all examples and statements provided must be truthful, factually accurate and taken directly from your own experience. Where plagiarism has been identified (presenting the ideas and experiences of others, or generated by artificial intelligence, as your own) applications may be withdrawn and internal candidates may be subject to disciplinary action. Please see our candidate guidance (opens in a new window) for more information on appropriate and inappropriate use.

Selection process details

Equal opportunities

At MI5 diversity and inclusion are critical to our mission. To protect the UK, we need a truly diverse workforce that reflects the society we serve. This includes diversity in every sense of the word: those with di