Market Risk 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.  

We are currently recruiting a Market Risk Manager to join our growing team.

In this role, you will provide oversight of Market, Asset and Liability Management (ALM) and Liquidity Risks, including interest rate, inflation, and liquidity management for the Legal & General Retirement Business (LGR). This covers oversight, advice and review of the management and optimisation of key risk metrics in relation to ALM and Liquidity; the impact of market risk drivers on LGR investment strategy, ALM, Liquidity and Capital; assumptions that feed calibrations within the Solvency II Internal Model and assumptions used for pricing new business deals.

What you'll be doing

• Considering market risk impacts on the LGR investment portfolio, focussing on relative change in values of assets and liabilities (ALM) and potential impacts of climate change on market risk factors to provide oversight on the robustness of the investment strategy.
• Delivering market risk opinions and risk appetites for new asset classes, including structured investment products and complex reinsurance transactions to provide oversight and controls around the risk profile of the LGR portfolio.
• Providing advice and risk assessment of large Pension Risk Transfer (PRT) transactions, to ensure that pricing allows for relevant market risks.
• Validating components of key models and methodologies, including illiquid asset valuations and the Solvency II internal model. This involves testing of assumptions, parameters and calibrations to ensure models are fit for purpose, meet business and regulatory requirements, and limitations are fully understood.
• Designing and implementing a data and Management Information (MI) framework for Market Risk to support the appropriate oversight committees at the LGR and Group levels. Provide accurate and timely monitoring so that key trends and themes can be escalated appropriately.
• Supporting the local risk functions in international businesses of LGR (USA and Bermuda) by providing market risk expertise to these business units to ensure consistency and sharing of best practice around the Group.
• Ensuring that Conduct Risk behaviours are embedded in day-to-day operations to deliver good customer outcomes at all times. Ensure that all relevant business processes and internal controls are designed and performed in a way that delivers good customer outcomes and demonstrates effective management of Conduct Risk.

What we're looking for

• Extensive experience in a 2nd Line investment-focussed role is essential.
• A quantitative degree or other financial qualifications (e.g. CFA, FIA) would be advantageous.
• Broad experience of a range of fixed income asset types across cash and derivative markets.
• Experience in oversight and management of interest rate and inflation risks and their mitigants.
• Understanding of risk management frameworks, policies and appetites.
• Financial market analytics, including macro trend, time-series and asset modelling.
• Solvency II Capital framework (e.g. matching adjustment, internal model requirements) would be beneficial.
• Understanding of ALM considerations of annuity liabilities and pension risk transfer transactions.
• Investment portfolio construction and management.
• Understanding of Lifetime Mortgages and their associated risks would be beneficial.
• Experience working in regulated industries and dealing with regulators.
• Analytical Skills
• Interpersonal Communication Skills

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.