Senior Credit Development Lead

Phoenix Group; Birmingham; Hybrid; GBP 100,000 - 125,000; Full time

Job summary

A leading financial services firm is seeking a Senior Credit Development Lead to lead a team of actuaries. This role involves developing the Internal Model for Credit risk and ensuring compliance with Solvency II regulations. The ideal candidate is a qualified actuary with significant experience in credit risk modeling and excellent communication skills. The position offers a hybrid work model and strong benefits including a competitive salary and comprehensive perks.

Benefits

16% bonus up to 32%

Private medical cover

38 days annual leave

Excellent pension

12x salary life assurance

Career breaks

3x volunteering days

Qualifications

• Considerable post-qualification experience in the industry.
• Detailed knowledge of SII requirements and Internal Model methodologies.
• Good understanding of insurance and investment risk.

Responsibilities

• Lead a team of actuaries and analysts.
• Develop the Internal Model approach to Credit risk.
• Ensure compliance with internal actuarial framework.

Skills

Qualified Actuary

Credit risk capital model knowledge

Communication skills

Stakeholder management

Education

Actuarial qualification

Job description

Job Description

Job Type:Permanent

Location:This role could be based in either our Telford, Birmingham London or Edinburgh office with two days a week in the office and the remainder working from home.

Flexible working:All of our roles are open to part-time, job-share and other types of flexibility. We will discuss what is important to you and balancing this with business requirements during the recruitment process.You can read more about Phoenix Flex here.

Closing Date:21st September

Salary and benefits:£100,000 to£124,500 depending on experience plus 16% bonus up to 32%, private medical cover, 38 days annual leave, excellent pension, 12x salary life assurance, career breaks, income protection, 3x volunteering days and much more

We have an incredible opportunity to join our Credit Capital team as a Senior Credit Development Lead.

Who are we?

We want to be the best place that any of our 6,600 colleagues have ever worked.

We’re the UK’s largest long-term savings and retirement business. We offer a range of products across our market-leading brands, Standard Life, SunLife, Phoenix Life and ReAssure. Around 1 in 5 people in the UK has a pension with us. We’re a FTSE 100 organisation that is tackling key issues such as transitioning our portfolio to net zero by 2050, and we’re not done yet.

The Role

In this role you will lead a team of qualified actuaries and actuarial analysts to develop the Solvency II Internal Model approach to Credit risk.You will have the opportunity to engage with a wide range of areas across the business including the Asset Management, Risk & Finance, to identify, develop and implement methodology changes that improve the capital efficiency of Phoenix’s Internal Model.

Key responsibilities:

• Identify opportunities to improve the capital efficiency of the Credit risk model and compliance with emerging regulations
• Own the credit risk roadmap for minor model changes by identifying and proposing future methodology developments that improve the capital efficiency and risk recognition for Phoenix’s Internal Model for Credit risk
• Lead the execution and operationalisation of minor model changes and able to articulate the business benefits of the change
• Ensure Phoenix’s credit risk internal model remain compliant with internal actuarial framework and Solvency regulatory requirements
• Lead the annual credit model calibration exercise including model validation, and propose updated model calibrations and take the proposal through governance.
• Maintain model documentation to Solvency II documentation standards
• Embed use of credit risk capital model within the business
• Work with our partners across the business to oversee on the development and implementation of capital methodologies for new asset classes and investment strategies considered major model changes
• Formalise the calibration and use of credit capital intensity factor within the business for investment and pricing and educate the business, and appropriate governance committees on Credit Risk developments
• Lead the operationalisation of Major Model Changes
• Collaborate with wider credit modelling team to lead the operationalisation of Major model changes
• Enable a smooth transition between Major Model Change development and BAU operationalisation
• To deputise for the Head of Credit Modelling as required
• To lead and develop actuaries and analysts in the team
• To support appropriate working practises, to support an effective multi-site team
• To maintain regulatory, technical, business and professional knowledge including Solvency II regulations and professional actuarial standards, in an environment of fast moving regulatory change

What are we looking for?

• A qualified Actuary with considerable post-qualification experience in the industry
• Detailed knowledge of credit risk capital model in the context of Annuity business under Solvency II
• Detailed knowledge of SII requirements and Internal Model methodologies
• A good understanding of insurance and investment risk, capital management and capital modelling
• Up to date knowledge of latest industry techniques and practices for internal models
• Excellent communication skills with greatstakeholder management experience