Role purpose

To provide insight, oversight and assurance to the CRO on investment and counterparty related risks faced and emerging to PIC. Such insight, oversight and assurance to be provided in the context of PIC’s stated Risk Strategy and Appetite, its obligation to policyholders and how it conducts its business, its regulatory and other relevant obligations and requirements.

How this role fits into the business

This role sits within the Risk Team. This team contributes to the overall success of the business by providing the framework and information that supports the delivery of the strategy within the acceptable limits established by the Board.

Requirements

Key responsibilities

• Advise the CRO of investment and counterparty related risks new, evolving, emerging or crystallising and ensure these are maintained within the Risk Register
• Advise the CRO on relevant risk policies and procedures, relevant risk strategy, appetite and limits, key risk indicators, risk management information, stress and scenario testing, and risk governance framework; facilitating embedding of the framework on behalf of the CRO.
• To advise the CRO on whether the key risk and performance metrics of the firm reflect, with sufficient specificity, the targeted Risk Appetite.
• Monitor compliance with the relevant risk appetite and limit framework and governance framework and ensure exceptions are appropriately resolved.
• Validate and report investment and counterparty risk management MI to the CRO.
• Support the design, testing, documentation and approval of the investment and counterparty risk related modules of the Internal Model, including its supporting infrastructure.
• Review and validate analysis of relevant actual (versus expected) experience and report to the CRO on any implications.
• Provide input into the business plan projections and to scenarios for the stress and sensitivity testing.
• Provide assurance to the CRO on risk and controls through periodic deep dive reviews, investigations and general oversight work.
• To liaise with the Markets Solutions team and Investment Operations team on aspects of Asset-Liability Management, including helping them identify, manage and monitor risks affecting the business.
• To advise on risk mitigation strategies and implementation across market risk, including PIC’s relationship with internal and external asset managers..
• 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. Such advice to include in force portfolio optimisation trades and proposed new business portfolios.
• Oversee the application of ratings to assets and, as appropriate, provide independent assessment either prospectively or retrospectively (internal or external ratings). To liaise with the Actuarial Assurance Function with regards to any Matching Adjustment related issues.
• Attend the Investment Committee on behalf of, or as well as, the CRO and report to the CRO any pertinent issues resulting from these Committees.
• Engaged in any decision, activity, initiative, project or process to the level the CRO believes appropriate and necessary.
• Ensure the risks associated with PIC’s counterparties are appropriately identified, managed, monitored and reported against including advising the first line teams on headroom against relevant limits.

Person specification

Knowledge, experience, skills and abilities (technical competencies)

Essential:

• Must possess at least 10 years of investment-related experience, preferably with a life insurer or pension fund.
• Must possess experience of liaising and interacting with senior individuals and presenting to committees.
• Must have excellent written and oral communication skills, with ability to communicate complex investment-related information to senior management, the Board and external parties from all backgrounds.
• Must be able to operate independently with limited supervision taking accountability for areas of responsibility whilst keep CRO informed of all relevent items.
• Must be able demonstrate the ability to influence decision-making at a senior level.
• Must possess strong people management skills with the ability to motivate, inspire and develop.
• Knowledge of legal regulatory and industry requirements.
• Ability to distill information and apply judgement.
• Must have, or be able to build, external relationships to maintain an understanding of developing practices across the market.

Desirable:

• A good knowledge of UK defined benefit pensions and bulk annuities would be desirable
• A high-level understanding of model and systems developments as applied to investment and asset related issues would be desirable

Qualifications

• Advanced qualification reflective of a high degree of numeracy (FIA, CFA, ACA, CAIA or similar)
• Extensive prior experience of a senior risk management role in a relevant financial services entity (insurance, asset management, banking, pension fund)
• Familiarity with the UK regulatory environment and specific solvency regimes

Benefits

• 28 days’ annual leave plus bank holidays
• Pension
• Insurance for Travel, Private Medical, Critical Illness, Life Assurance and Income Protection
• Save As You Earn (SAYE)

And more

Edwards Lifesciences  

Baker Hughes  

Dubai Airports  

BigID  

Deliveroo  

Publicis Groupe  

Careem  

ether.fi  

Jellyfish  

BESIX