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- Tasks: Lead credit risk oversight for major investment portfolios and guide a dynamic team.
- Company: Pension Insurance Corporation secures retirement incomes through expert risk management and customer service.
- Benefits: Enjoy private medical insurance, 28 days annual leave, study support, and a generous pension scheme.
- Why this job: Join a culture of resilience and adaptability while making a real impact on policyholders' futures.
- Qualifications: Strong credit risk knowledge and relevant financial services experience required; advanced qualifications preferred.
- Other info: Opportunity to influence business outcomes and develop your team in a growing environment.
The predicted salary is between 72000 - 108000 £ per year.
Pension Insurance Corporation (“PIC”) provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders. We achieve our purpose by setting Companywide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.
Role purpose
- To be responsible for credit risks covering both individual investments and portfolio oversight
- To lead and guide a small team to collaborate effectively across the business, providing objective and timely advice, feedback, and opinions
- To provide oversight on investment management activities across the £47bn Matching Adjustment (MA) and Non-Matching Adjustment (NMA) portfolio, utilising deep knowledge and understanding of credit and markets risks
- To deliver strong business outcomes relating to capital, profitability, the Company brand and market reputation whilst achieving positive outcomes to our policyholders, shareholders and regulators on a consistent basis. To advise on how credit risks impact business outcomes
- Our Company values are expected to be reflected in the delivery and performance of every role.
Specific accountabilities assigned to the role of Head of Credit Risk within the Risk team:
- Own and lead the end-to-end credit risk oversight of the Matching Adjustment (MA) portfolio, including both Public and Private Fixed Income Assets.
- Own and lead the risk oversight of the non-Matching Adjustment (NMA) portfolio, including oversight of equity holdings and other NMA assets.
- Provide a holistic view of the portfolio and oversight and support assets subject to enhanced monitoring and workout.
- Lead the review, challenge and influence over new investments in both the MA and NMA portfolio, understanding the commercial rationale for holding the assets and holistic impact of new assets to PIC.
- Lead the review of pricing portfolios for BPA transactions.
- Oversight and challenge back book optimisation exercises.
- Oversee valuation of the investments, including valuation uncertainty.
- Proactively engage and manage a wide pool key stakeholders to ensure risks are managed in line with our polices and the risk mandate.
- Actively engage across the Investment and Counterparty Risk team, and broader Risk team to supplement Risk views of new or existing investments using your deep understanding of credit and market risk.
- Be able to flex and reprioritise workflow and resources to meet the demands of an evolving landscape.
- Provide assurance to the senior management and the board on risk and controls through periodic deep dive reviews, investigations and general oversight work.
- Provide support to the business with managing day-to-day and new risks to ensure significant risks are properly identified and managed in line with PIC’s risk appetite as well as giving general advice on good risk management in relation to credit risk.
- Lead and develop our people through an exciting period of growth.
Knowledge
- Strong and deep technical knowledge of credit risk gained through 1st Line and 2nd Line roles, including enhanced monitoring, special situations and workouts
- Familiar with regulations relevant to UK insurers, including Solvency UK, the Matching Adjustment and the Prudent Person Principle.
Experience
- Prior experience of a risk management role in a relevant financial services entity and ability to implement industry best practice at pace (insurance, asset management, banking)
- Advanced qualification reflective of a high degree of numeracy (FIA, CFA, ACA, CAIA or similar)
In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), study support with qualifications, a generous pension scheme and much more.
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Head of Credit Risk (London) employer: PIC
Contact Detail:
PIC Recruiting Team
StudySmarter Expert Advice 🤫
We think this is how you could land Head of Credit Risk (London)
✨Tip Number 1
Familiarise yourself with the specific regulations relevant to UK insurers, such as Solvency II and the Matching Adjustment. Understanding these regulations will not only help you in interviews but also demonstrate your commitment to the role.
✨Tip Number 2
Network with professionals in the credit risk management field, especially those who have experience in financial services like insurance or asset management. Engaging with industry experts can provide valuable insights and potentially lead to referrals.
✨Tip Number 3
Stay updated on current market trends and credit risk developments. Being knowledgeable about recent changes in the market will allow you to speak confidently about how these factors could impact the role and the company during discussions.
✨Tip Number 4
Prepare to discuss your leadership style and how you would develop a team in a growing environment. Highlighting your ability to lead and mentor others will resonate well with the company's values of resilience, adaptability, and loyalty.
We think you need these skills to ace Head of Credit Risk (London)
Some tips for your application 🫡
Understand the Role: Before applying, make sure you fully understand the responsibilities and expectations of the Head of Credit Risk position. Tailor your application to highlight relevant experience in credit risk management and your ability to lead a team.
Highlight Relevant Experience: In your CV and cover letter, emphasise your previous roles in risk management, particularly in financial services. Mention specific achievements that demonstrate your expertise in credit risk oversight and your familiarity with regulations like Solvency UK.
Showcase Leadership Skills: Since this role involves leading a small team, be sure to include examples of your leadership experience. Discuss how you've successfully guided teams in the past and how you plan to develop your team at Pension Insurance Corporation.
Align with Company Values: Pension Insurance Corporation values resilience, adaptability, and loyalty. Make sure to reflect these values in your application by providing examples of how you've demonstrated these traits in your professional life.
How to prepare for a job interview at PIC
✨Demonstrate Your Technical Knowledge
Make sure to showcase your deep understanding of credit risk, especially in relation to both public and private fixed income assets. Be prepared to discuss specific examples from your past experience that highlight your expertise in enhanced monitoring and special situations.
✨Align with Company Values
Familiarise yourself with Pension Insurance Corporation's values of being Resilient, Adaptable, and Loyal. During the interview, reflect these values in your responses and demonstrate how you embody them in your professional conduct.
✨Engage with Stakeholders
Highlight your experience in managing relationships with key stakeholders. Discuss how you have effectively communicated risk assessments and collaborated across teams to ensure comprehensive risk management in previous roles.
✨Prepare for Scenario-Based Questions
Expect questions that assess your ability to handle real-world challenges in credit risk management. Prepare to discuss how you would approach new investments, back book optimisation, and managing day-to-day risks while aligning with the company's risk appetite.
