Senior Credit Development Lead

Phoenix; Coventry; Hybrid; GBP 100,000 - 125,000; Full time

Job summary

A leading financial services company is seeking a Senior Credit Development Lead to enhance its Credit risk models. The role requires a qualified Actuary with experience in capital efficiency and regulatory compliance. You will lead a team to develop methodologies and ensure adherence to Solvency II standards. The position offers a competitive salary ranging from £100,000 to £124,500 with excellent benefits, including the flexibility for hybrid working.

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 credit risk capital model in the context of Annuity business under Solvency II.
• Up to date knowledge of latest industry techniques and practices for internal models.

Responsibilities

• Lead a team to develop the Solvency II Internal Model approach to Credit risk.
• Identify opportunities to improve the capital efficiency of the Credit risk model.
• Lead the execution of minor model changes and their business benefits.

Skills

Qualified Actuary

Knowledge of credit risk capital model

Stakeholder management

Excellent communication skills

Education

Qualified Actuary with post-qualification experience

Job description

Overview

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 Asset Management and 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 great stakeholder management experience

We Want To Hire The Whole Version Of You

We are committed to ensuring that everyone feels accepted and welcome applicants from all backgrounds. If your experience looks different from what we’ve advertised and you believe that you can bring value to the role, we’d love to hear from you.

If you require any adjustments to the recruitment process, please let us know so we can help you to be at your best.

Find out more about

• Guide for Candidates: thephoenixgroup.pagetiger.com/guideforcandidates
• Find or get answers from our colleagues: www.thephoenixgroup.com/careers/talk-to-us