Head of Credit Risk

PIC; London; On-site; GBP 90,000 - 150,000; Full time

Job summary

Pension Insurance Corporation (PIC) is seeking a Head of Credit Risk to oversee credit risks related to their £47bn portfolios. The role involves leading a team, ensuring compliance with regulations, and providing expert risk management advice while enhancing overall business outcomes.

Benefits

Private medical insurance

28 days annual leave

Study support with qualifications

Generous pension scheme

Qualifications

• Strong technical knowledge of credit risk from 1st and 2nd Line roles.
• Familiar with UK insurer regulations, including Solvency UK.
• Experience in risk management in financial services.

Responsibilities

• Lead end-to-end credit risk oversight for MA and NMA portfolios.
• Engage with stakeholders to manage risks in line with policies.
• Provide assurance through risk management oversight.

Skills

Credit Risk Management

Stakeholder Management

Portfolio Oversight

Education

Advanced qualification (FIA, CFA, ACA, CAIA)

Job description

Pension Insurance Corporation (“PIC”) provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders. We achieve our purpose by setting Companywide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.

Role purpose

• To be responsible for credit risks covering both individual investments and portfolio oversight
• To lead and guide a small team to collaborate effectively across the business, providing objective and timely advice, feedback, and opinions
• To provide oversight on investment management activities across the £47bn Matching Adjustment (MA) and Non-Matching Adjustment (NMA) portfolio, utilising deep knowledge and understanding of credit and markets risks
• To deliver strong business outcomes relating to capital, profitability, the Company brand and market reputation whilst achieving positive outcomes to our policyholders, shareholders and regulators on a consistent basis. To advise on how credit risks impact business outcomes
• Our Company values are expected to be reflected in the delivery and performance of every role.

Specific accountabilities assigned to the role of Head of Credit Risk within the Risk team:

• Own and lead the end-to-end credit risk oversight of the Matching Adjustment (MA) portfolio, including both Public and Private Fixed Income Assets.
• Own and lead the risk oversight of the non-Matching Adjustment (NMA) portfolio, including oversight of equity holdings and other NMA assets.
• Provide a holistic view of the portfolio and oversight and support assets subject to enhanced monitoring and workout.
• Lead the review, challenge and influence over new investments in both the MA and NMA portfolio, understanding the commercial rationale for holding the assets and holistic impact of new assets to PIC.
• Lead the review of pricing portfolios for BPA transactions.
• Oversight and challenge back book optimisation exercises.
• Oversee valuation of the investments, including valuation uncertainty.
• Proactively engage and manage a wide pool key stakeholders to ensure risks are managed in line with our polices and the risk mandate.
• Actively engage across the Investment and Counterparty Risk team, and broader Risk team to supplement Risk views of new or existing investments using your deep understanding of credit and market risk.
• 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.
• 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 risk.
• Lead and develop our people through an exciting period of growth.

Knowledge

• Strong and deep technical knowledge of credit risk gained through 1st Line and 2nd Line roles, including enhanced monitoring, special situations and workouts
• Familiar with regulations relevant to UK insurers, including Solvency UK, the Matching Adjustment and the Prudent Person Principle.

Experience

• Prior experience of a risk management role in a relevant financial services entity and ability to implement industry best practice at pace (insurance, asset management, banking)
• Advanced qualification reflective of a high degree of numeracy (FIA, CFA, ACA, CAIA or similar)

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), study support with qualifications, a generous pension scheme and much more.