Credit Risk Modelling Senior Manager

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.  

Your role at a glance

We have a new and exciting opportunity to join our Credit Risk modelling team within LGRI.

If you are someone who enjoys Statistical/Quantitative work and can analyse data and make practical business decisions, then this is a great role for you.

We are looking for a technical minded individual with an insurance background (you do not need to be an Actuary) who has experience in Credit Risk Modelling.

You will be working with Actuarial and Investments teams to analyse new asset classes and ensure they are fit for purpose and get regulatory approval.

This is a London based role but the team work flexible between home and the office; generally they are in 2 days a week.

Do you feel like you meet the requirements but require greater flexibility? We’d love to hear from you regardless; we’re open to both Full Time & Part Time applications and also support flexible working arrangements and hybrid working, so please get in touch!

What you’ll be doing

Steer elements of the Solvency II technical advice, modelling and insight in relation to credit risk to support LGRI and other L&G Group businesses, including both the credit asset exposure and liability side exposure via Matching Adjustment.

Develop strategy for design and implementation of updates and replacements to LGRI Finance’s credit models including specification of methodology. Provide pragmatic solutions to remediate weaknesses and meet customer needs. Hands on coding of model developments (e.g. in R, Access, Excel, VBA).

Provide deep analytical capability within the LGRI Finance credit risk modelling team to support understanding of the drivers of credit risk, including the market spread risk on credit assets.

Work closely with stakeholders to develop and implement credit risk modelling strategy to support practical, economically beneficial investment choices across L&G Group. Manage relationships with stakeholders and communicate and explain the evolution of credit risk modelling.

Manage the regular production and validation of credit calibrations for use in reporting processes. Diagnosis and explanation of calibration movements. Drafting and maintenance of credit risk calibration documentation. Ensure effective controls are in place and the operation of the models complies with Group policies and regulatory requirements. Ensure Group model change policies are adhered to.

Line management: Manage the performance of any direct reports. Take accountability for the output and review the quality of the work performed by the team. Ensure development needs are met.

What we are looking for

Knowledge:       

• Statistical and risk modelling techniques, particularly credit risk, market risk and insurance capital modelling.
• Typical credit assets held by insurers, such as private credit and structured finance.

Experience:       

• Hands-on model development, including coding, and managing financial modelling projects to delivery through all stages of validation and governance.
• Managing and developing client/customer relationships and senior stakeholder influencing.
• Clear and concise drafting of technical documentation, and ability to explain modelling concepts to non-experts.

Leadership:       

• Sound communications and interpersonal skills. Ability to manage and develop technical expertise in others.

Benefits

When you commit to Legal & General, we’ll commit to you too. That means we’ll recognise and reward your hard work, your performance and your contribution.

If you join us, you’ll get access to some great benefits, including private medical insurance, 30 days holiday (excluding bank holidays), a generous pension scheme, life assurance, and Income Protection. You'll receive a car allowance of 12% of your annual salary, and you can participate in our electric car scheme, which offers employees the option to hire a brand new electric car through tax efficient salary sacrifice. We’re also proud to offer competitive family leave. 

You’ll have the opportunity to participate in our annual, performance-related bonus plan and valuable share schemes. And then there are the many discounts we offer that you can take advantage of – both for our own products and at a range of high street stores and online offerings.

Want to find out more about the role?

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 Oliver England at oliver.england@landg.com (LinkedIn profile: https://www.linkedin.com/in/oliver-england-7470929a/).

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.

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?

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.