Credit and Market Risk Specialist

Job Description

Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation. Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues. Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers. Job Summary: This is an exciting role for a risk specialist seeking to develop their skills and experience, while working at the centre of the risk function, developing risk frameworks and policies, overseeing the work of 1st line teams, and contributing to senior managementdecisions both in the UK and more widely. Reporting to the Credit and Market Risk Manager, this role will take specific responsibility for developing: a) Credit and market risk appetite, policies / standards and risk limits, feeding into the Executive Risk Management Committee (ERMC) and other committees b) Risk opinions on proposed developments by the 1st line of defence which impact on credit &/or market risks, feeding into decision-making by senior management including at ALCO and Investment Committee. Further to this, the role will monitor compliance with the established credit and market risk policies and limits across CL UK, and provide appropriate reporting, escalation and analysis of any material breaches. The role will also ensure that appropriate market and credit risk analysis is provided to the Risk teams at CLG and Lifeco levels, and may be called on to assist or advise on market and credit risk issues for other European subsidiaries e.g. in Ireland andGermany. Duties / Responsibilities:1) Credit and Market Risk Management Oversight Provide oversight of ALM and Investment activities, challenging activities and proposals by 1st line of defence teams which impact on the credit &/or market risk profile of CLUK. Deliver risk opinions that input into decision-making by ALCO, Investment Committeeand other senior management forums. 2) Credit and Market Risk Appetite and Framework Develop and propose market and credit risk appetite, policies / standards and risk limits consistent with the GWL, CLG and CL UK risk appetites. Work on this topic in close collaboration with the Credit and Market Risk Manager (UK), Head of Financial Risk (UK), CLG Risk function and Lifeco Financial Risk function. 3) The Credit and Market Risk Specialist will be accountable for the production of consistent analysis and reporting of market and credit risks on the balance sheets of Canada Life Limited (CLL) and other CL UK subsidiaries, which feed into senior managementdecisions. Key clients include: a) CLUK Executive Risk Management Committee (ERMC) and CLL Board Risk Committee b) Other UK subsidiaries Boards and Risk Committees (co-ordinating closely with subsidiary CROs / Heads of Risk where relevant) This reporting should monitor compliance with the agreed risk appetite, policies/standards and limits across CLL and other UK subsidiaries, as well as escalating any material breaches of policies and limits with supporting analysis and (where appropriate) recommendationsfor corrective action. Support analysis and decision-making in relation to credit and market risk exposures at CLG and LifeCo level by delivering appropriate analysis and decision support to the relevant Risk teams, in close collaboration with the CLG Risk team and LifeCo Marketand Credit Risk team. The Credit and Market Risk Specialist may also be called on to support or advise on appropriate market and credit risk analysis and management decisions in other European subsidiaries of Lifeco, including Irish and German insurance companies, and reinsurancecompanies. 4) Oversight of Actuarial Students During the course of their work, the Specialist will be asked to oversee the work of actuarial students who are assisting with credit and market risk analysis, reporting and consideration of proposals made by 1st line of defence teams. Provide suitable on-the-jobtraining, support, advice and challenge. 5) Support to Credit & Market Risk Manager, and wider team Provide support on the wider responsibilities of the Credit & Market Risk Manager, which may include supporting other members of the CLUK Risk team, working on collaborative projects with the business &/or with CLG and LifeCo risk functions. Deputise for theCredit & Market Risk Manager during periods of absence or high workload. Experience Required:• Strong knowledge of market and credit risk measurement; including understanding of capital requirements under Solvency II • Ability to apply sophisticated analytical (actuarial and mathematical) techniques to business problems • Experience of designing and delivering effective risk reporting for Boards and committees • Experience of designing, implementing and operating risk management frameworks (policies, limits etc.) • Deep understanding of credit risks in investments (e.g. bonds, commercial mortgages, equity release mortgages) and counterparty risks (e.g. in derivatives, reinsurance etc.) • Experience of life insurance businesses and products, as well as investment approaches, structuring and reinsurance • Communication and presentation skills, able to communicate complex subject matters with other experts and to non-experts (such as Board members and regulators), and to be influential with senior decision-makers • Ability to collaborate effectively across the organisation, to secure access to relevant risk data, and to monitor compliance with policies in the 1st line • Strong project management and delivery skills Qualifications: Likely to be a newly-qualified Actuary or with equivalent risk management qualifications/ experience (e.g. from a banking market or credit risk background) Benefits of working at Canada LifeWe believe in recognising and rewarding our people, so we offer a competitive salary and benefits package thats regularly reviewed. As a Canada Life UK colleague, youll receive a competitive salary and comprehensive reward package including a generous pensionand bonus scheme, along with, income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regu