Pension Protection Fund
Job Description
The Pension Protection Fund was established to pay compensation to members of
eligible defined benefit pension schemes, when there is a qualifying insolvency event
in relation to the employer and where there are insufficient assets in the pension
scheme to cover Pension Protection Fund levels of compensation. The Financial
Assistance Scheme is administered by the Pension Protection Fund.
Job Title
(permanent
/ or temp)
Risk Manager (Insolvency and Investment Risk)
Department
Risk Practice
Directorate
Financial Risk
Reports to
Risk Principal –
Investment
research
People
Management
Budget
Responsibility
No
Key contacts internal/ external
Level / Band
TBC
Risk
Management
(Permanent role)
Two direct reports.
Internal
- CRO/Credit Risk Group/Recovery/
Investment
External
- DWP/tPR
Ensure compliance with the risk framework (including all existing risk
policies) and proactively raising emerging risk issues for which no
policy has yet been developed.
General Description of the Job
Lead insolvency risk management for the Risk Practice. Build and maintain a clear
understanding of off-balance sheet risks arising from insolvency events. Support the
understanding, review and challenge of the investment approach. Identify hedging
actions required to mitigate identified risks. Manage analyst resources and, through
this, support the Economic and Investment Research Risk Principals in their roles.
Main Duties of the Job
1.
2.
3.
Lead insolvency risk management for the Risk Practice, including top 500
exposures work, insolvency advice and insolvency dashboards. Build and
maintain a clear understanding of off-balance sheet risks arising from insolvency
events.
Support the understanding, review and challenge of the investment approach.
Support the development and maintenance of the investment risk library.
Keep up to date with the latest insolvency related research where this affects the
insolvency risks to the PPF, i.e. where it affects the insolvency risks articulated
in the PPF’s risk policies, or identifies emerging insolvency risks that require the
risk policies to be updated. Support parallel activity for investment research.
Risk Manager (Insolvency and Investment Risk) Job No 11009 1 April 2012
Page 1
4.
5
6.
7.
Challenge the first line of defence on non-investment risks, as encapsulated in
the risk policies.
Identify actions required to mitigate identified risks. Work with internal teams
and third parties to support this process, including supporting the execution of
mitigating activities, where appropriate.
Support the preparation of reports on the UK defined benefits universe, where
this affects the risks to the PPF.
Lead and manage the Risk Analyst team on a day-to-day basis to meet business
and customer needs. Create and maintain a cooperative and stimulating culture
while maintaining effective performance management.
Key Competences Required
Competence
1.
2.
3.
4.
5.
6.
Shaping the
future
Commitment to
Stakeholder
Continuous
Improvement
Making things
happen
Goal orientated
Takes
responsibility
Working
collaboratively
Working together
Develops self and
others
Level A,
D or
E
Example of Behaviour
D
Updates customers (members/stakeholders)
on progress against agreed deadlines and
manages their expectations.
Sees change (and helps others see change) as
an opportunity not a problem, creates a clear
rationale for change and builds buy-in and
commitment.
E
E
E
E
E
7.
Working Style
Personal
proficiency
E
8.
Lives PPF values
D
Ensures self/team accomplish goals and
achieve required results to quality and
productivity standards.
Acknowledges roles and parts played by self
and others and identifies where tasks are
failing, taking action to correct or raise issues.
Promotes partnership and collaborative
working in, and across, teams.
Ensures ongoing
technical/managerial/functional capability of
self (and team).
Uses peer reviews to enhance the quality of
own technical/ professional communications,
recommendations and documents.
Shows commitment and energy and responds
positively to requests for help and support.
Person Specification
Below are the
qualifications,
experience, skills
and knowledge that
Essential
Desirable
Risk Manager (Insolvency and Investment Risk) Job No 11009 1 April 2012
Page 2
are required by an
individual to
successfully
undertake the job.
Qualifications or
equivalent
experience
Degree in Economics
and/or Finance.
Masters degree in
Economics and/or Finance.
Relevant experience as an
economist/financial
analyst.
Experience of
credit/company risk
analysis.
Some experience of AssetLiability Management or
Investment management
with exposure to Liability
Driven Investment.
Investment/Risk
qualification (e.g.
CFA/FRM/PRM).
Skills
Excellent communication
skills, written and verbal.
Advanced Excel skills and
use of VBA.
Ability to work effectively
with internal and external
relations.
Strong planning,
organisational skills and
team working.
Strong numeracy skills.
Ability to plan work, deal
with conflicting priorities
and meet deadlines.
Effective delegation and
prioritisation of
work/projects.
Managing, coaching and
development of others.
Strong IT skills, including
full Microsoft Office suite.
Quantitative methods.
Knowledge
Understanding of financial
markets and credit rating
methodology.
Experience with
Bloomberg, Datastream
and eViews.
Portfolio management and
Asset Liability
Risk Manager (Insolvency and Investment Risk) Job No 11009 1 April 2012
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Investment product
knowledge.
Management, including the
management of collateral.
Some DB focused pensions
knowledge.
Acknowledgement
This job description has been designed to indicate the general nature and level of
work performance by employees within this post. It is not designed to contain or be
interpreted as a comprehensive inventory of all duties, responsibilities and
qualifications / experience required by employees assigned to the role. These may
therefore be subject to future amendments following appropriate consultation.
Approved
by:
Reviewed
by:
Jobholder’s
signature:
Job title
Risk Practice
Leader
Executive Director
of Risk
Date
Risk Manager (Insolvency and Investment Risk) Job No 11009 1 April 2012
Page 4