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Investment Risk Director


We are looking for an experienced Investment Risk Director to join the Legal & General Retirement (LGR) Risk function. In this role you will support the strategic management and development of the risk function and lead the team which provides independent oversight of LGR market risk, liquidity, asset and liability management (ALM)/ hedging and credit risk.

  • What you'll be doing
  • Provide independent oversight, advice and challenge on:
    • modelling of the impact on key IFRS and Solvency II metrics of changes in:
      • external market and credit risk drivers; and
      • LGR’s investment, ALM/hedging and liquidity strategies;
    • LGR’s investment, ALM/hedging and liquidity strategies, and their effectiveness in optimising market risk, ALM/hedging, liquidity and credit risk;
    • the take-on and ongoing investment management of large bulk annuity transactions, ensuring that pricing allows for relevant market and credit risks;
    • valuation methodologies for illiquid assets, to ensure that they are robust and appropriate for calculating Weighted Average Rating Factor (WARF), Solvency II Capital Requirement (SCR) and fundamental spreads for those assets;
    • credit risk management of traded and private investments, including new asset classes and internal/external investment management agreements (IMAs);
    • reporting of market risk, ALM/hedging, liquidity and credit risk positions and forecasts, to ensure that the business remains within agreed risk appetite and tolerances (or can develop and implement corrective actions, should tolerances be breached) and that key trends and themes are escalated in a timely manner; and
    • appropriateness of ALM/hedging analysis and suitability of ALM/hedging processes and controls.
  • Enhance, embed and monitor adherence to risk appetite and tolerances, policies and processes governing market risk, ALM/hedging, liquidity and credit risk, ensuring that these evolve appropriately in response to the macroeconomic environment, business strategy and plans, and relevant regulation including Solvency II.
  • Provide independent validation of elements of the L&G internal capital model which relate to LGR market and credit risk, including testing of assumptions, parameters and calibrations to ensure that outputs are accurate and reliable, with any limitations fully understood.
  • Support the Group CRO and Group Risk in providing Group-level oversight of market risk, ALM/hedging, liquidity and credit risk by ensuring regular and transparent two-way communication and providing timely and accurate Management Information (MI).
  • Support the development of LGR businesses through strategy formulation and planning, focusing on market and credit risks and their mitigation.
  • Support the Chief Risk Officer, LGR in the strategic leadership of the LGR Risk function.
  • Take the lead in all matters with regard to the management of employees, ensuring that management discretion is used in a consistent manner and that the area follows the Group’s policies and procedures including the Partnership Agreement to maximise business performance.
  • Ensure that the principles of Conduct Risk are embedded into the Investment Risk team’s operations to deliver good customer outcomes at all times; and that relevant processes and internal controls are designed, implemented and managed in a manner that delivers good customer outcomes and demonstrates effective management of Conduct Risk.
  • Ensure that the appropriate process, systems and controls are in place, and that the risks and issues are identified and escalated in LGR, to ensure that customers are treated fairly in line with Legal & General’s Customer Experience and Treating Customers Fairly (TCF) policy.
  • What we're looking for
  • Degree-level education in a numerate subject
  • Actuarial or accounting qualification (desirable but not essential)
  • Macroeconomic and financial market trend analysis
  • Derivative instruments, and how they are priced and used for hedging
  • Liquidity sources, uses and risk management strategies
  • Traded and direct (private) investments, and the risks arising from these
  • Investment portfolio construction and management
  • Investment asset classes and structures (traded and direct/private)
  • Credit rating methodologies
  • Structuring and special purpose vehicles
  • IFRS accounting as applied to an investment portfolio
  • Solvency II capital framework for insurers, including matching adjustment, internal model requirements and methodologies
  • Pension risk transfer transactions, including reinsurance
  • Oversight of market risk, ALM/hedging, liquidity and credit risk in a large financial institution
  • Leadership of a team of financial professionals
  • Strategic leadership of a risk function or business

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 for you and your family, performance related bonuses, a variety of share schemes, as well as a 12% car allowance scheme, your hard work will be rewarded when you join us.

For more information please contact Chloe McCauley - [email protected] 

  • Company Info

As a company, to be one of the world's largest Asset Managers, homebuilders, pension providers and insurances brands, we are diverse by our very nature. And we're a company that wants to use our diversity and influence to make society better in the long term - for everyone. To do this we need to be a company that welcomes everyone, where everyone can succeed. That means we're committed to building an inclusive culture in L&G where we can all perform at our best, no matter who we are, what we do or where we do it. So whoever you are, wherever you are, whatever your story, we'd love to hear from you.

  • Department Info

The role reports into LGRI but also covers LGRR.

Legal & General Retirement Institutional (LGRI) is the UK’s longest-serving active bulk annuity provider. In the last 30 years we have written more UK business than any other insurer and currently look after over half a million pension policyholders. We are a market-leading and multi-award winning business.

We work with companies and pension scheme trustees to help them honour their Defined Benefit pension promises to their employees. We do this through bulk annuity insurance transactions or pension ‘buy-ins’ or ‘buyouts’, which enable pension trustees to secure their scheme members’ benefits with us. By doing this we:

  • help companies to settle their pension liabilities and focus on growing their businesses
  • help to support individuals' financial security in retirement
  • invest for the long term to back our pension promises.

We are an equal opportunities employer and welcome applications from all suitably qualified persons regardless of their race, sex, disability, religion/belief, sexual orientation, gender identity or age.

In L&G Retail Retirement (LGRR) our mission is to help as many customers as possible achieve financial security in retirement. Retirement is a sector that has seen huge changes in recent years due to Pension Freedoms and huge opportunities for growth with the rise of property wealth held by people aged 55 and above. Core, award-winning products include our pensions annuity, which offers customers a secure income that’s guaranteed for life, and our Lifetime Mortgage, which enables customers to supplement their income by releasing some of the equity locked up in their homes as tax-free cash.

We are an equal opportunities employer and welcome applications from all suitably qualified persons regardless of their race, sex, disability, religion/belief, sexual orientation, gender identity or age

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London, England, London, EC2V, United Kingdom

  • Ad ID:  15497282
  • Ad Type:  Offered
  • Posted on:  01/09/2020, 03:39
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