Head of Market Risk Modelling

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VN-22793

Permanent

London

Competitive salary, bonus and benefits

30 June 2022

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We  are currently recruiting for the Head of Market Risk Modelling.

In this role, you will monitor, maintain, operate and develop Market Risk models for L&G, including Market Risk components of the Solvency II internal model. You will also lead, manage and train the Market Risk Modelling team, which acts as the hub of market risk experts. 

  • Monitor, maintain, operate and develop market risk models for L&G including market risk components of the SII internal model. Ensure the allocated capital is appropriate to L&G’s exposure and business plans. Own the model change process for market risk modelling. Respond to anticipated and unanticipated regulator feedback on the market risk models. Lead model remediation plan as required by second line/external audit/regulator.
  • Develop new models to manage L&G’s new market risk exposures. Proactively engage with the business including other departments in LGRI, Group and other business units to understand and identify new and developing risks. Lead the required expert resources to design, implement and validate new market risk models. Recommend and obtain buy-in for the required model changes from senior stakeholders.
  • Manage regular production of market data for financial reporting and other purposes. Seek opportunities to streamline and automate. Ensure customer needs for market data are met.
  • Ensure effective controls are in place and the operation of the models complies with Group policies and regulatory requirements. Ensure the market risk models are adequately validated in line with Solvency II validation requirements. Ensure Group model change policies are adhered to. Obtain approval from internal stakeholders and the regulator for model changes.
  • Provide expert advice to LGRI, Group and other business units to ensure appropriate usage of L&G’s internal model and other market risk models. Advice on matters relating to market risk capital, data, calibrations and projections.
  • Keep up to date with industry development to ensure L&G’s market risk modelling approach remains in line with industry best practice. Represent L&G in the field of market risk modelling in professional conferences and other forums.   
  • Team management:

    • Lead and develop the Market Risk Modelling team. Ensure training is available to the team to ensure specialist market risk modelling knowledge is strengthened within the company. Ensure development needs in the team are met.

    • Manage the performance of the Market Risk Modelling team. Take accountability for the market risk calibrations and review the quality of the work performed by the team.

    • Manage the career development for the team by ensuring that team members have a clear view of their career path and that succession plans are maintained.

  • Solvency II Risk Calibration experience is required
  • Typically, the jobholder will be a qualified Actuary or equivalent with specialist knowledge in market risk modelling and an experienced manager with experience of people management.
  • Expert knowledge for Market Risk modelling theories and methods, including stochastic modelling techniques.
  • Strong knowledge of Credit Risk modelling and understanding for non-market risks.
  • Understanding of drivers of Risk and regulation
  • Exposure to Capital modelling methodologies for the insurance industry, especially life insurance.
  • Understanding of The UK Life Industry products, especially annuities
  • Knowledge and understanding of the financial services industry, the role of the PRA and FCA and any regulatory aspects affecting the life insurance industry.
  • Extensive experience in market risk modelling, and its application to life insurer’s capital model
  • Strong people management, communications and interpersonal skills. Ability to manage and develop technical expertise.
  • The jobholder is required to have a succession plan and ensure the need for Market Risk Modelling expertise in L&G is met on a continual basis.

Whatever your role, we reward ability, performance and attitude with a package that looks after all the things that are important to you. Our employees have a wide range of benefits including a generous pension scheme, life assurance, 30 days' holiday, private medical insurance, performance related bonuses, discounts at both a huge range of high street stores and our own great products, as well as a 12% car allowance scheme. Your hard work will be rewarded when you join us.

About L&G

The brand with the brolly is choosing today to change tomorrow.

Since 1836, we’ve grown to become one of the world's largest asset managers, homebuilders, pension providers and insurance brands. 

We’re all here to improve the lives of our customers, build a better society for the long term, and create value for our shareholders - helping to shape a better future for society and the planet.

We need people who share our ambitions, agility and entrepreneurial spirit to help us do it.

At L&G, you’ll find a balance that helps you be your best. Empowered by hybrid working, we’re supported by technology and workplaces that enable us to work effectively wherever we are. We come together in offices to collaborate and connect, and use time at home for individual, focused activities. And, when we achieve great things, we celebrate our success and reward strong performance.

Today, there’s over 10,000 of us, working towards our mission, with plenty of opportunities to grow your career as we grow L&G. Will you join us?

About the business area

Securing pensions over the long term can be a challenge for many businesses. Our ambition at Legal & General Retirement Institutional (LGRI) is to help companies and pension scheme trustees honour their defined benefit pension promises to their employees. We’re helping companies settle their pension liabilities so they can focus on growing their businesses, as well as helping to support their members’ financial security in retirement. And we’re investing for the long term to back our pension promises. In the last 30 years we’ve written more UK business than any other insurer, and we currently look after more than half a million pension policyholders. We're the UK’s longest-serving active bulk annuity provider, and a market-leading, multi-award winning business.  

Our commitment to Equal Opportunities

Great minds don’t have to think alike, so we welcome voices from all backgrounds. Bringing together people with different life experiences helps us build empathy with our customers and drive innovation.

We don’t just talk about it, we actively promote diversity and equitable opportunities for all. That means our employment decisions are made without regard to race, colour, religion, national or ethnic origin, sex, sexual orientation, gender identity or expression, age, disability or protected veteran status. In fact, we embrace every dimension of diversity to reflect the customers and communities we serve.

We think it’s important to create an inclusive environment where we can all belong, contribute and drive progress, where you can develop and grow, and be empowered. We want you to use your voice to help us build a better tomorrow.

We all work differently, and have different needs, which is why. we’re always open to discussing flexible working arrangements. Likewise, we’re committed to finding reasonable accommodations for candidates with specific needs during our recruiting process.

So whoever you are, wherever you are, whatever your story, we'd love to hear from you.

How to find out more

If this opportunity excites you but you’re not sure you meet all the requirements, or you’d like to know a bit more, please contact Khalifa Mustapha at Khalifa.Mustapha@lgim.com (LinkedIn: https://www.linkedin.com/in/khalifa-mustapha-81579a68/).

If you’d like to be considered for this role, please submit your application through our careers website as we’re not accepting email applications.

Back to search

About L&G

The brand with the brolly is choosing today to change tomorrow.

Since 1836, we’ve grown to become one of the world's largest asset managers, homebuilders, pension providers and insurance brands. 

We’re all here to improve the lives of our customers, build a better society for the long term, and create value for our shareholders - helping to shape a better future for society and the planet.

We need people who share our ambitions, agility and entrepreneurial spirit to help us do it.

At L&G, you’ll find a balance that helps you be your best. Empowered by hybrid working, we’re supported by technology and workplaces that enable us to work effectively wherever we are. We come together in offices to collaborate and connect, and use time at home for individual, focused activities. And, when we achieve great things, we celebrate our success and reward strong performance.

Today, there’s over 10,000 of us, working towards our mission, with plenty of opportunities to grow your career as we grow L&G. Will you join us?

About the business area

Securing pensions over the long term can be a challenge for many businesses. Our ambition at Legal & General Retirement Institutional (LGRI) is to help companies and pension scheme trustees honour their defined benefit pension promises to their employees. We’re helping companies settle their pension liabilities so they can focus on growing their businesses, as well as helping to support their members’ financial security in retirement. And we’re investing for the long term to back our pension promises. In the last 30 years we’ve written more UK business than any other insurer, and we currently look after more than half a million pension policyholders. We're the UK’s longest-serving active bulk annuity provider, and a market-leading, multi-award winning business.  

Our commitment to Equal Opportunities

Great minds don’t have to think alike, so we welcome voices from all backgrounds. Bringing together people with different life experiences helps us build empathy with our customers and drive innovation.

We don’t just talk about it, we actively promote diversity and equitable opportunities for all. That means our employment decisions are made without regard to race, colour, religion, national or ethnic origin, sex, sexual orientation, gender identity or expression, age, disability or protected veteran status. In fact, we embrace every dimension of diversity to reflect the customers and communities we serve.

We think it’s important to create an inclusive environment where we can all belong, contribute and drive progress, where you can develop and grow, and be empowered. We want you to use your voice to help us build a better tomorrow.

We all work differently, and have different needs, which is why. we’re always open to discussing flexible working arrangements. Likewise, we’re committed to finding reasonable accommodations for candidates with specific needs during our recruiting process.

So whoever you are, wherever you are, whatever your story, we'd love to hear from you.

How to find out more

If this opportunity excites you but you’re not sure you meet all the requirements, or you’d like to know a bit more, please contact Khalifa Mustapha at Khalifa.Mustapha@lgim.com (LinkedIn: https://www.linkedin.com/in/khalifa-mustapha-81579a68/).

If you’d like to be considered for this role, please submit your application through our careers website as we’re not accepting email applications.