Head of Treasury Risk and Compliance in London

Who are we? Howden is a global insurance group with employee ownership at its heart. Together, we have pushed the boundaries of insurance. We are united by a shared passion and no-limits mindset, and our strength lies in our ability to collaborate as a powerful international team comprised of 24,000 employees spanning over 56 countries. People join Howden for many different reasons, but they stay for the same one: our culture. It’s what sets us apart, and the reason our employees have been turning down headhunters for years. Whatever your priorities – work / life balance, career progression, sustainability, volunteering – you’ll find like-minded people driving.

We are seeking an accomplished Head of Treasury Risk and Compliance to lead our treasury risk management function within our insurance organisation. The position partners closely with the Group Treasurer, Deputy Group Treasurer, Finance leadership, banking partners, and internal/external stakeholders. This senior leadership role is responsible for developing and implementing comprehensive risk frameworks that support our investment portfolio and liquidity management, managing counterparty credit exposures, and ensuring the organisation's treasury activities align with UK and Solvency II regulatory requirements, capital adequacy standards, and our risk appetite.

What you’ll be doing

• 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 that support ALM objectives and Solvency Capital Requirement (SCR) optimisation.
  • Monitor and report on key risk metrics including duration matching, reinvestment risk, spread risk, and concentration limits.
  • Lead ORSA (Own Risk and Solvency Assessment) 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 are available to meet policyholder obligations, claims, and the Liquidity Coverage Ratio requirements.
• Credit & Counterparty Management
  • Oversee the 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, and 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 relevant 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.

What qualifications we’re looking for

• Education & Experience
  • Bachelor's degree in Finance, Economics, Actuarial Science, Mathematics, or related field; MBA, CFA, FRM, CERA, or similar advanced qualification preferred.
  • 10+ years of 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 including 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 (Standard Formula and/or Internal Model), 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 including economic capital, VaR, stress testing, and 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, both written and verbal.
  • Proven ability to influence and build relationships across all organizational levels.
  • Sound judgment and decision-making in high-pressure situations.

Preferred Qualifications

• Experience in life insurance, general insurance, 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, including eligibility criteria and portfolio construction.
• Familiarity with private credit, infrastructure debt, ground rents, commercial mortgages, and other alternative asset classes prevalent in UK insurance.
• Knowledge of climate-related financial risk disclosure requirements (TCFD) and ESG integration in insurance investment portfolios.
• Experience with regulatory capital optimisation strategies, including Volatility Adjustment and Transitional Measures.

What do we offer in return?

A career that you define. At Howden, we value diversity – there is no one Howden type. Instead, we’re looking for individuals who share the same values as us:

• Our successes have all come from someone brave enough to try something new.
• We support each other in the small everyday moments and the bigger challenges.
• We are determined to make a positive difference at work and beyond.

Reasonable adjustments

We're committed to providing reasonable accommodations at Howden to ensure that our positions align well with your needs. Besides the usual adjustments such as software, IT, and office setups, we can also accommodate other changes such as flexible hours or hybrid working. If you're excited by this role but have some doubts about whether it’s the right fit for you, send us your application – if your profile fits the role’s criteria, we will be in touch to assist in helping to get you set up with any reasonable adjustments you may require. Not all positions can accommodate changes to working hours or locations. Reach out to your Recruitment Partner if you want to know more.