Head of Counterparty Risk and Enterprise Credit Management

Role purpose

At PIC, our purpose is to pay the pensions of our current and future policyholders. The Risk Function plays a key role in this by providing advice and oversight of PIC's decision making.

Within the Risk team, we have an exciting opportunity for an experienced risk professional to be responsible for counterparty risk. Through an enterprise approach, you will have a holistic view over the management of current and future financial risks.

Reporting to the Director of Investment and Counterparty Risk, you will collaborate effectively across the business to provide objective and timely advice, feedback, and opinions. You will apply your deep knowledge and understanding of Solvency II over investment management activities and counterparty and credit risks. Importantly, you will advise on how these risks impact our ability to deliver strong business outcomes relating to capital, risk management, the Company brand, and market reputation while achieving positive outcomes for all our stakeholders.

Key responsibilities

1. Provide holistic oversight across the financial risks associated with the Matching Adjustment and Non-matching Adjustment portfolios.
2. Lead and develop our people through an exciting period of growth.
3. Own the related end-to-end Risk reporting through monitoring and development of forward-looking key risk indicators and risk management information aligned to PIC's Risk Taxonomy. Ensure that our stakeholders, at all levels of PIC, receive the right level of information.
4. Ensure exceptions are appropriately reported, monitored, and resolved.
5. Proactively engage and manage a wide pool of key stakeholders to ensure risks are managed in line with our policies and the risk mandate.
6. Advise the business in the continuous improvement of the control environment that supports PIC's regulatory requirements. Support and facilitate changes to the control environment while providing clear risk views with objective evidence.
7. Oversee counterparty credit assessment and management, including owning the limit framework and reporting.
8. Actively engage across the Investment and Counterparty Risk, and broader Risk team to supplement Risk views of new or existing investments using your deep understanding of credit risk, including experience of Credit Rating Agency methodologies.
9. Be able to flex and reprioritize workflow and resources to meet the demands of an evolving landscape.
10. Provide assurance to senior management and the board on risk and controls through periodic deep dive reviews, investigations, and general oversight work.
11. Oversee the Risk Control and Self-Assessment completion and continuous improvement for the risks owned within the Investment and Counterparty Risk team.
12. 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 and counterparty risk.

Person specification

Knowledge, experience, skills, and abilities (technical competencies)

1. Prior experience in a risk management role in a relevant financial services entity (insurance, asset management, banking).
2. Strong technical knowledge of credit risk, including counterparty risks, and ratings approaches and methodologies aligned to long-dated fixed income assets.
3. Knowledge of business processes, standards, policies, and procedures within either an insurance company, asset manager, or bank.
4. Familiarity with the UK regulatory environment, specific solvency regimes, and industry requirements.

Qualifications

1. Advanced qualification reflective of a high degree of numeracy (FIA, CFA, ACA, CAIA, or similar).

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.