Description
Summary of the role:
To provide independent risk oversight of Group wide Market Risk, ALM and Liquidity risk (but excluding Credit risk); developing and maintaining Market, ALM and Liquidity Group Risk Policies, making sure that Group operates within agreed risk appetite and to challenge and escalate areas of concern, set the agenda and take control of the operations of the Group's Investment and Market Risk Committee.
Market risk is the risk that the L&G Group is exposed to loss or adverse change in financial condition resulting from fluctuations in the level and in volatility of market prices of assets, liabilities and financial instruments either directly or indirectly. This comprises Equity, Property, Credit Spreads, Commodities, Interest Rate Risk, Inflation Risk, Currency Risk, Market Risk Concentrations and Market Liquidity Risk.
Liquidity risk is the risk that the L&G Group, though solvent, either does not have sufficient liquid financial resources available to enable it to meet its on and off balance sheet obligations as they fall due, or can only secure such liquid financial resources either at an excessive borrowing cost or through the sale of illiquid assets at a price significantly below the fair value of such assets. It includes the risk that the Group does not hold sufficient eligible assets to satisfy collateral obligations within required timescales
ALM Risk is the risk from managing the uncertainty of the value of investment assets and the timing of future cash flows from those assets relative to future insurance obligations, together with the uncertainties to the nature and future timing of the cash flows of those insurance liabilities.
Responsibilities
*Provide oversight on measuring, managing and reporting Market, ALM and Liquidity risk and making sure that L&G Group is within risk appetite or develops and implements corrective actions if limits are in breach.
*Reviews and challenges new initiatives and ensures Market, ALM and Liquidity Group Risk Policies are updated to reflect risks arising from new proposals.
*Validate SII and Economic Capital modelling standards for Market Risk including assumptions, parameters and calibration methodologies.
*Update and maintain the Management Information framework for Market, ALM and Liquidity risk at Group level.
*Design a stress testing framework, taking into consideration emerging risks for Market, ALM and Liquidity.
*Take control of the Investment and Market Risk Committee and ensure appropriate governance is followed for new initiatives and the reporting of risks is accurate.
Skills and Experience
The successful candidate must have at least 5 years of experience in ALM or LDI, and strong analytical and modelling skills.
Experience in Risk and operating with a broad range of stakeholder would be advantageous but is not essential.
Personal Qualities
The successful candidate must be comfortable challenging other views in a constructive way.
This means being proactive, positive, perseverant and capable of influencing others to introduce change in a collaborative way.
The successful candidate must be a clear thinker who does not get side tracked by large amounts of data and erroneous inputs and is able to see through data and complexity and uncover the key underlying issues.
Finally strong communication skills are required to be able to explain ALM and Market Risk in a way that engages the Executive Team and enables an understanding of the impact on business and financial results.
Modis is acting as an Employment Business in relation to this vacancy.
Modis is an Equal Opportunities employer; we welcome applicants from all backgrounds.