Head of Treasury Risk and Compliance in London

As Head of Treasury Risk and Compliance, you will lead the treasury risk management function, partnering closely with the Group Treasurer, Deputy Group Treasurer, finance leadership, banking partners, and stakeholders to develop and implement risk frameworks that support the investment portfolio and liquidity management while meeting UK and Solvency II regulatory requirements, capital adequacy standards, and risk appetite.

Risk Management & Strategy

• Develop and implement the treasury risk management framework aligned with Solvency II, PRA regulations, and FCA conduct requirements.
• Establish risk limits and tolerance levels for treasury activities supporting ALM objectives and SCR optimisation.
• Monitor and report on key risk metrics including duration matching, reinvestment risk, spread risk, and concentration limits.
• Lead ORSA contributions related to treasury and investment risks.
• Conduct stress testing and scenario analysis on investment portfolios considering insurance liability profiles and regulatory stress scenarios.
• Manage liquidity risk to ensure sufficient assets meet policyholder obligations, claims, and LCR requirements.

Credit & Counterparty Management

• Oversee credit approval process for banking relationships, investment counterparties, reinsurance counterparties, and derivative counterparties.
• Manage counterparty credit exposure limits across investment portfolios, ensuring compliance with Solvency II diversification requirements and PRA expectations.
• Conduct credit analysis and due diligence on financial institutions, reinsurers, bond issuers, structured products, counterparties for repo and securities lending.
• Maintain and enhance the counterparty risk rating system, including internal credit assessments aligned with external credit assessment institutions (ECAIs).
• Monitor credit migration and implement early warning systems for deteriorating counterparty creditworthiness.
• Manage credit risk in derivative exposures, including EMIR compliance and central clearing arrangements.

Governance & Compliance

• Ensure compliance with PRA Prudential Sourcebook for Insurers, Solvency II Directive, FCA Conduct rules, and UK legislation.
• Maintain permitted and prohibited asset lists in accordance with Solvency II investment rules (Prudent Person Principle).
• Collaborate with actuarial, investment, internal audit, compliance, and legal teams on treasury and ALM matters.
• Present risk reports and recommendations to CFO, Treasury Committee, and Board Risk Committee.
• Maintain documentation of risk policies, procedures, and control frameworks for PRA supervisory reviews.
• Support regulatory reporting including Solvency and Financial Condition Report (SFCR), Regular Supervisory Report (RSR), and quarterly reporting templates (QRTs).
• Ensure compliance with EMIR, MiFID II, and other relevant financial services regulations affecting treasury operations.

Leadership & Collaboration

• Build and lead a high‑performing risk and credit team within treasury.
• Partner closely with the Group Treasurer and broader treasury team on strategic initiatives.
• Work cross‑functionally with enterprise risk management, finance, and business units.
• Provide risk expertise and guidance on new products, markets, or treasury initiatives.
• Engage constructively with PRA supervision and participate in regulatory dialogue as required.

Qualifications

• Bachelor’s degree in Finance, Economics, Actuarial Science, Mathematics, or related field; MBA, CFA, FRM, CERA, or similar advanced qualification preferred.
• 10+ years progressive experience in insurance treasury, corporate treasury, or credit analysis within the UK insurance/banking/corporate sector.
• 5+ years in a leadership role with team management responsibility.
• Deep experience in UK insurance investment operations and Solvency II capital management.
• Understanding of UK insurance liability structures and ALM principles.
• Strong familiarity with PRA supervisory expectations and regulatory engagement.

Technical Skills

• Expert knowledge of insurance investment risks: interest rate, credit spread, FX, liquidity, and reinvestment risk.
• Strong understanding of ALM principles, duration matching, and cash flow modelling.
• Deep familiarity with Solvency II framework including SCR calculations, Risk Margin, and Matching Adjustment.
• Knowledge of fixed income instruments, structured products, derivatives, and alternative investments used in UK insurance portfolios.
• Proficiency in risk measurement methodologies: economic capital, VaR, stress testing, scenario analysis.
• Experience with investment management systems, risk analytics platforms, and actuarial modelling tools.
• Understanding of UK GAAP and IFRS 17 accounting standards and their impact on investment strategy.
• Familiarity with PRA supervisory statements, policy statements, and consultation papers relevant to investments.

Core Competencies

• Strategic thinking with ability to translate complex risk concepts for senior stakeholders.
• Excellent analytical and problem‑solving capabilities.
• Strong communication and presentation skills, written and verbal.
• Proven ability to influence and build relationships across all organisational levels.
• Sound judgment and decision‑making in high‑pressure situations.

Preferred Qualifications

• Experience in life, general, or health insurance sectors within the UK market.
• Background in UK insurance asset management, reinsurance, banking, or rating agencies (S&P, Moody’s, Fitch).
• Experience with Matching Adjustment portfolios, eligibility criteria, and portfolio construction.
• Familiarity with private credit, infrastructure debt, ground rents, commercial mortgages, and other alternative asset classes common in UK insurance.
• Knowledge of climate‑related financial risk disclosure (TCFD) and ESG integration in insurance investment portfolios.
• Experience with regulatory capital optimisation strategies: Volatility Adjustment and Transitional Measures.

We value diversity and provide reasonable accommodations to support flexible working arrangements and other reasonable adjustments. If you have any concerns about suitability of the role or need additional support, please let us know.

We are committed to providing reasonable accommodations at Howden to ensure that our positions align well with your needs. Besides usual adjustments such as software, IT and office setups, we can also accommodate changes such as flexible hours or hybrid working.