Chief Credit Officer - Insurance Pensions & Investments Risk (m|f|x) London

The Insurance Pensions & Investments (IP&I) Risk Chief Credit Officer (CCO) is responsible for leading and strategically directing all second line of defence activity within the IP&I function.

As a Material Risk Taker under the Senior Manager Regime, you'll serve as the senior sanctioner for IP&I, with Delegated Credit Authority from the IP&I Board, delegated by the Insurance CRO. This role demands a deep understanding of credit risk management, credit rating, and a solid grasp of other significant risk areas impacting IP&I and the risk and control environment. You'll collaborate closely with the Chief Risk Officer Insurance, the Group Chief Credit Office, the IP&I Risk leadership team, the IP&I Executive, the Insurance Board, and other senior team members.

You'll need an excellent understanding of the Group and IP&I's overall purpose and strategy. Your leadership and decision-making will be crucial in ensuring compliance with Solvency UK regarding all credit risk matters. You'll sanction and confirm the rating on all significant private credit assets in IP&I on the shareholder balance sheet and, together with the Financial Risk team, oversee any further activities to optimize the matching adjustment within IP&I.

Your oversight will be comprehensive, enabling you to lead all IP&I decision-making and senior reporting on credit. Effective and timely communication will be a critical aspect of this role.

As a leader in second line risk oversight, your role will involve providing credit risk insights for IP&I and ensuring adherence to Risk Appetite and Solvency UK regulations. A detailed understanding of credit ratings in banks and insurers, along with full knowledge of Solvency UK, is required

Tasks

• To lead credit Risk decisioning for IP&I at the most material level and oversight the credit risk taking activity of the IP&I division.
• Oversight MA optimisation undertaken by 1LOD, taking a view on the balance of risk vs return.
• Maintenance of the credit risk strategy for the IP&I business - conducting oversight and providing assurance of 1LOD activities to ensure the efficiency of LBG's Credit Risk controls.
• Be the IP&I Risk subject lead for credit risk and educating colleagues on the topic.
• Ensure all IP&I Division related credit policies, procedures and methodologies are appropriate, up to date and aligned with IP&I Risk Division and Group Risk Appetites.
• Coordinate the development of a comprehensive credit risk approval framework for IP&I. Apply standard methodologies used in other departments. Take the lead in approving credit limits for the IP&I Division within lending authority.
• Ensure reinsurance arrangements are conducted within IP&I Policy and Appetite, and Group Risk Policy and Appetite.
• Specify and maintain an effective credit risk reporting framework to ensure that all credit risk within IP&I Division is appropriately reported.
• Carry out appropriate benchmarking to ensure required standards are met.
• Identifying emerging credit risks (obligor, sector, country etc) and recommending corrective action where appropriate.
• Effective Risk management of a complex range of risk activities ensuring appropriate IP&I Risk team focus on contending priorities.

Profile / Your qualification / Your personality

• Recognised as an expert in credit risk, with proven experience gained within a large complex financial services organisation, including management of regulatory and relevant risk management frameworks.
• Expert knowledge of Solvency UK and CRA equivalent rating models.
• Proven technical experience/ understanding of Group Reportable Balances (e.g. Shareholder Assets) and as a senior sanctioner for significant transactions.
• Knowledge of industry standards, legislation and regulation relating to credit risk management.
• Effective relationship management, delivering successful business partnering whereby constructive challenge is undertaken in a timely and orderly fashion.
• Ability to recognise and deliver the changing skills required for the Risk function of the future and adequately upskill and build a team of Risk professionals.
• High standards of conduct and behaviour, especially with regards to the interests of customers.
• Experience in leading and engaging teams across multiple offices.

That awaits you

• A generous pension contribution of up to 15%
• An annual bonus award, subject to Group performance
• Share schemes including free shares
• Benefits you can adapt to your lifestyle, such as discounted shopping
• 30 days' holiday, with bank holidays on top
• A range of wellbeing initiatives and generous parental leave policies

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Location

25 Gresham Street, UK-EC2V 7HN London EC2V 7HN