Chief Credit Officer - Insurance Pensions & Investments Risk

at  Lloyds Banking Group

End Date
Friday 22 November 2024
Salary Range
£0 - £0
We support flexible working – click here for more information on flexible working options
Flexible Working Options
Hybrid Working, Job Share
Job Description Summary
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Job Description
JOB TITLE: Chief Credit Officer - Insurance Pensions & Investments Risk
LOCATION(S): London or Edinburgh
HOURS: Full Time
WORKING PATTERN: Our work style is hybrid, which involves spending at least two days per week, or 40% of our time.
The Insurance Pensions & Investments (IP&I) Risk Chief Credit Officer (CCO) is responsible for leading and strategically directing credit risk management within the IP&I function. This authority is delegated directly from the IP&I CRO.
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, including Group Reportable Balances (e.g.,
Shareholder Assets), and a solid grasp of other significant risk areas impacting IP&I. 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.
In your role as Chief Credit Officer, you’ll coordinate all second line of defence (2LOD) activities related to IP&I credit. This includes conducting oversight and assurance of business activities to ensure the effectiveness of the risk control environment, and contributing to reports for the IP&I Executive Committee and the Insurance Board.
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 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

Your responsibilities:

• 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.

Key capabilities, knowledge, skills & experience

• 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.

About working for us
Our focus is to ensure we’re inclusive every day, building an organisation that reflects modern society and celebrates diversity in all its forms.
We want our people to feel that they belong and can be their best, regardless of background, identity or culture.
We were one of the first major organisations to set goals on diversity in senior roles, create a menopause health package, and a dedicated Working with Cancer initiative.
And it’s why we especially welcome applications from under-represented groups.
We’re disability confident. So if you’d like reasonable adjustments to be made to our recruitment processes, just let us know.

We also offer a wide-ranging benefits package, which includes:

• 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

Want to do amazing work, that’s exciting and makes a difference to millions of people? Join our journey!
At Lloyds Banking Group, we’re driven by a clear purpose; to help Britain prosper. Across the Group, our colleagues are focused on making a difference to customers, businesses and communities. With us you’ll have a key role to play in shaping the financial services of the future, whilst the scale and reach of our Group means you’ll have many opportunities to learn, grow and develop.
We keep your data safe. So, we’ll only ever ask you to provide confidential or sensitive information once you have formally been invited along to an interview or accepted a verbal offer to join us which is when we run our background checks. We’ll always explain what we need and why, with any request coming from a trusted Lloyds Banking Group person.
We’re focused on creating a values-led culture and are committed to building a workforce which reflects the diversity of the customers and communities we serve. Together we’re building a truly inclusive workplace where all of our colleagues have the opportunity to make a real difference

• 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