Prudential Risk Lead: ICARA, Capital Modeling & Regulation in London

Requirements

• Significant experience in prudential risk, capital management, or a related quantitative risk discipline within financial services, gained in a second-line, regulatory, or specialist advisory capacity.
• Deep, hands-on knowledge of MIFIDPRU and the ICARA process, including capital adequacy assessment, wind-down analysis, and stress testing.
• Proven track record of developing and maintaining capital models and quantitative risk methodologies, with strong model governance practices.
• Experience preparing regulatory submissions and engaging directly with the FCA or PRA on prudential matters.
• Demonstrated ability to partner with Finance on capital planning and forecasting processes.
• A relevant professional qualification (e.g. CFA, FRM, ACA, or equivalent) is advantageous but not essential.
• Quantitatively strong — comfortable building and stress-testing models, interpreting outputs critically, and communicating uncertainty with appropriate nuance.
• Regulatory fluency — able to navigate complex rulebooks and translate technical requirements into clear, practical guidance for a business audience.
• Precise communicator — produces written work of the quality required for regulatory submission and Board-level consumption.
• Commercially aware — understands business drivers and calibrates capital assessments to reflect real-world constraints and strategic priorities.
• Collaborative and influential — builds trusted cross-functional relationships, particularly with Finance, and operates effectively without direct authority.

What the job involves

• This is a technically demanding, high-visibility role at the core of IG's second line of defence. As Senior Manager, Prudential Risk, you will be IG's in-house expert on capital adequacy and prudential regulation — owning the ICARA process end-to-end and ensuring IG's regulatory submissions to the FCA meet the highest standards of rigour.
• Working in close partnership with Finance and the wider Risk function, you will translate complex regulatory requirements into well-governed capital planning processes.
• This is a role for a rare combination: quantitative capability, regulatory fluency, and the credibility to engage confidently with the FCA, senior management, and Board-level committees.
• Own and execute IG's Internal Capital Adequacy and Risk Assessment (ICARA) process end-to-end, coordinating risk assessments, wind-down analysis, and capital and liquidity adequacy assessments across the Group.
• Design and run stress testing programmes that credibly challenge IG's capital position under a range of macroeconomic, market, and idiosyncratic scenarios.
• Produce the ICARA document to a standard that withstands FCA scrutiny, incorporating clear narrative, robust quantitative analysis, and well-evidenced conclusions.
• Drive continuous improvement of the ICARA methodology, embedding lessons from regulatory feedback and evolving best practice.
• Develop and maintain IG's capital models, covering Pillar 1 own funds requirements, Pillar 2 add-ons, and operational risk capital quantification.
• Build and refine quantitative risk methodologies, including scenario analysis frameworks, tail loss modelling, and sensitivity analysis tools.
• Maintain model documentation to the standard required for internal governance and regulatory review, ensuring assumptions, limitations, and calibration are clearly articulated.
• Monitor MIFIDPRU developments and FCA thematic reviews, assessing implications for IG's capital models and ensuring methodologies remain current.
• Prepare regulatory submissions and associated documentation for FCA requirements, including ICARA submissions, regulatory returns, and responses to supervisory requests.
• Act as subject matter expert during regulatory examinations and thematic reviews, presenting IG's capital assessment approach with clarity and authority.
• Draft IG's responses to FCA consultations relevant to prudential regulation, identifying practical implications and setting out well-reasoned positions.
• Maintain current knowledge of MIFIDPRU, CRD/CRR developments, and FCA supervisory priorities, translating requirements into actionable internal guidance.
• Partner closely with Finance on capital planning, forecasting, and ongoing monitoring, ensuring risk and finance perspectives are well integrated in IG's capital management process.
• Produce regular capital adequacy MI for Risk Committee and Board, providing clear analysis of headroom, sensitivities, and emerging risks to the capital position.
• Support strategic initiatives and M&A activity by providing capital impact assessments and scenario modelling as required.
• Contribute to wind-down planning and recovery analysis, ensuring capital and liquidity adequacy under stress is well-evidenced and clearly documented.

Key Deliverables & Outcomes:

• An ICARA process and document that is robust, well-governed, and consistently meets FCA expectations.
• Capital models and quantitative methodologies that are credible, well-documented, and subject to appropriate governance.
• Regulatory submissions of the highest quality, produced on time and to standard.
• A stress testing programme that provides genuine insight into IG's capital resilience across a range of scenarios.
• Strong, trusted relationships with Finance enabling integrated and forward-looking capital planning.
• Clear, actionable capital adequacy MI that supports informed decision-making at committee and Board level.