Asset Risk Manager

About PIC

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 provide oversight of counterparty risk and, through an enterprise-wide approach, take a holistic view over the management of current and future financial risks.

To provide primary support to the Head of Counterparty and Enterprise Credit Management, overseeing, monitoring and reporting on current and future risks across credit, market and counterparty. You will also provide wider support to the Head of Credit Risk and Head of Credit Rating Validation on the oversight of investment management activities across the Matching Adjustment (MA) and Non-Matching Adjustment (NMA) portfolios.

• The role requires the ability to effectively collaborate across Investments, Origination, Legal and the wider Risk function to secure their buy-in and implement improvements to systems, processes, and technology, as appropriate.
• To apply knowledge and insights concerning the Investments business and how this impacts our policyholders.
• To deliver strong business outcomes relating to capital, profitability, the Company brand and market reputation whilst achieving positive outcomes to our policyholders, shareholders, and regulator on a consistent basis.
• Our Company values are expected to be reflected in the delivery and performance of every role.

Specific accountabilities assigned to the role of Credit Risk Manager within the Risk function:

To provide primary support to the Head of Credit Risk, including:

• Providing end-to-end credit risk oversight of the Matching Adjustment (MA) portfolio, including both Public and Private Fixed Income Assets.
• Supporting the risk oversight of the non-Matching Adjustment (NMA) portfolio, including oversight of equity holdings and other NMA assets.
• Supporting the provision of a holistic view of the portfolio and support the oversight of assets which are subject to enhanced monitoring and workout.
• Support senior colleagues in reviewing, challenging and influencing 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.
• Reviewing pricing portfolios for BPA transactions.
• Support the oversight and challenge of back book optimisation exercises.
• Support the oversight of the valuation of the investments, including valuation uncertainty.

To provide wider support to the Head of Counterparty and Enterprise Credit Management and the Head of Internal Credit Rating Oversight and Validation, including:

• Providing end-to-end credit risk oversight of the Matching Adjustment (MA) and non-Matching Adjustment (NMA) portfolios.
• Providing a holistic view of the portfolio. Overseeing and supporting assets subject to enhanced monitoring and workout.
• Providing support on internal credit rating oversight, including validation of credit rating and rating methodology.

To support the Director of Investment and Counterparty Risk overseeing the investment management activities if required, including:

• Actively engaging 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.
• Proactively engaging and managing a wide pool key stakeholders to ensure risks are managed in line with our polices and the risk mandate.
• Supporting periodic deep dive reviews, investigations and general oversight work.
• Providing 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.

Requirements

Knowledge

• Good knowledge of credit risk gained through 1st Line or 2nd Line roles.
• Good knowledge of the UK regulatory environment, specific solvency regimes, as well as industry best practices in terms of credit risk management.
• Familiarity with relevant business processes, standards, policies and procedures.
• Good knowledge of financial products used in MA and Non-MA portfolios. Including, but not limited to Senior Debt, Junior / Mezz, Diversified Capital Funds, Equity and Treasury products with the ability to challenge terms based on industry / market experience.
• Familiar with asset / cashflow modelling including downside scenarios and recovery analysis.
• Good awareness of external and internal credit rating methodologies, including ability to objectively review and evidence Risk challenge.
• May have some knowledge of managing and or oversighting workout / stressed situations.
• Knowledge of counterparty risk and enterprise credit management.

Skills

• Strong organisational skills.
• Strong communication skills, with ability to communicate technical information to senior management and other areas of the business.
• Able to develop a strong technical understanding of new or complex assets and assess relevant credit risks.
• Appropriate skillsets to review and challenge pricing portfolios for BPA transactions and book optimisation exercises.
• Ability to persuade and influence both directly and indirectly.
• Ability to manage internal resources effectively.
• Ability to organize work to meet deadlines.
• Ability to work within defined procedures as recommended by functional teams.
• Commercial judgement.
• Good working knowledge of MS Access, MS PowerPoint, MS Word.

Experience

• Experience of a credit risk related role in a relevant financial services entity (insurance, asset management, banking)
• Prior experience of managing or overseeing large and complex credit asset portfolios, aggregated risks and horizon scanning.
• Can competently perform fundamental credit analysis across financial statements with ability to interpret financial ratios. Has some prior experience of reviewing financial and legal documentation including the importance of understating collateral / security.

Benefits

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), a generous pension scheme and much more.