Head of Counterparty Risk and Enterprise Credit Management

Role purpose

At PIC, our purpose is to pay the pensions of our current and future policyholders. The Risk Function plays a key role in this by providing advice and oversight of PIC’s decision making.

Within the Risk team we have an exciting opportunity for an experienced risk professional to be responsible for counterparty risk and, through an enterprise approach, you will have a holistic view over the management of current and future financial risks.

Reporting to the Director of Investment and Counterparty Risk you will collaborate effectively across the business to provide objective and timely, advice, feedback and opinions. You will apply your deep knowledge and understanding of Solvency II over investment management activities and counterparty and credit risks. Importantly you will advise on how these risks impact our ability to deliver strong business outcomes relating to capital, risk management, the Company brand and market reputation whilst achieving positive outcomes to all our stakeholders.

Requirements

Key responsibilities

• Provide holistic oversight across the financial risks associated with the Matching Adjustment and Non-matching Adjustment portfolios
• Lead and develop our people through an exciting period of growth
• Own the related end to end Risk reporting through monitoring, and development, of forward-looking key risk indicators and risk management information aligned to PICs Risk Taxonomy. The person will be responsible for insightful reporting and ensure that our stakeholders, at all levels of PIC, get the right level of information.
• Ensure exceptions are appropriately reported, monitored and resolved.
• Proactively engage and manage a wide pool key stakeholders to ensure risks are managed in line with our polices and the risk mandate.
• Advise the business in the continuous improvement of the control environment that supports PICs regulatory requirements. Support and facilitate changes to the control environment whilst providing clear risk views with objective evidence.
• Oversee counterparty credit assessment and management, including owning the limit framework and reporting.
• Actively engage across the Investment and Counterparty Risk, and broader Risk team to supplement Risk views of new or existing investments using your deep understanding of credit risk, including experience of Credit Rating Agency methodologies.
• Be able to flex and reprioritise workflow and resources to meet the demands of an evolving landscape.
• Provide assurance to the senior management and the board on risk and controls through periodic deep dive reviews, investigations and general oversight work.
• Oversight the Risk Control and Self-Assessment completion and continuous improvement for the risks owned within the Investment and Counterparty Risk team.
• Provide support to the business with managing day-to-day and new risks to ensure significant risks are properly identified and managed in line with PIC’s risk appetite as well as giving general advice on good risk management in relation to credit and counterparty risk.

Person specification

Knowledge, experience, skills and abilities (technical competencies)

• Prior experience of a risk management role in a relevant financial services entity (insurance, asset management, banking)
• Strong technical knowledge of credit risk, including counterparty risks, and ratings approaches and methodologies aligned to long dated fixed income assets
• Knowledge of business processes, standards, policies and procedures within either an insurance company, asset manager or bank
• Familiarity with the UK regulatory environment, specific solvency regimes, and industry requirements

Qualifications

• Advanced qualification reflective of a high degree of numeracy (FIA, CFA, ACA, CAIA or similar)

Benefits

• 28 days’ annual leave plus bank holidays
• Pension
• Insurance for Travel, Private Medical, Critical Illness, Life Assurance and Income Protection
• Save As You Earn (SAYE)

And more