Pension Protection Fund - DOC - DOC by 0T0N83


									  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         Risk Manager (Insolvency and Investment Risk)
  / or temp)        (Permanent role)

  Department        Risk Practice

  Directorate       Financial Risk

                    Risk Principal –   People
  Reports to        Investment         Management          Two direct reports.

  Level / Band      Budget             Key contacts internal/ external
  TBC               No                 Internal       - CRO/Credit Risk Group/Recovery/
                                       External       - DWP/tPR
  Risk              Ensure compliance with the risk framework (including all existing risk
  Management        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.    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
  2.    Support the understanding, review and challenge of the investment approach.
        Support the development and maintenance of the investment risk library.
  3.    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.   Challenge the first line of defence on non-investment risks, as encapsulated in
       the risk policies.
  5    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.
  6.   Support the preparation of reports on the UK defined benefits universe, where
       this affects the risks to the PPF.
  7.   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                 Level A,     Example of Behaviour
                             D or

       Shaping the
  1.   Commitment to         D            Updates customers (members/stakeholders)
       Stakeholder                        on progress against agreed deadlines and
                                          manages their expectations.
  2.   Continuous            E            Sees change (and helps others see change) as
       Improvement                        an opportunity not a problem, creates a clear
                                          rationale for change and builds buy-in and
       Making things
  3.   Goal orientated       E            Ensures self/team accomplish goals and
                                          achieve required results to quality and
                                          productivity standards.
  4.   Takes                 E            Acknowledges roles and parts played by self
       responsibility                     and others and identifies where tasks are
                                          failing, taking action to correct or raise issues.
  5.   Working together      E            Promotes partnership and collaborative
                                          working in, and across, teams.
  6.   Develops self and     E            Ensures ongoing
       others                             technical/managerial/functional capability of
                                          self (and team).
       Working Style
  7.   Personal              E            Uses peer reviews to enhance the quality of
       proficiency                        own technical/ professional communications,
                                          recommendations and documents.
  8.   Lives PPF values      D            Shows commitment and energy and responds
                                          positively to requests for help and support.

  Person Specification

  Below are the                  Essential                    Desirable
  experience, skills
  and knowledge that

Risk Manager (Insolvency and Investment Risk) Job No 11009 1 April 2012                Page 2
  are required by an
  individual to
  undertake the job.

                                Degree in Economics            Masters degree in
  Qualifications or             and/or Finance.                Economics and/or Finance.
  experience                    Relevant experience as an      Experience of
                                economist/financial            credit/company risk
                                                               Some experience of Asset-
                                                               Liability Management or
                                                               Investment management
                                                               with exposure to Liability
                                                               Driven Investment.

                                                               qualification (e.g.

                                Excellent communication        Advanced Excel skills and
  Skills                        skills, written and verbal.    use of VBA.

                                Ability to work effectively
                                with internal and external

                                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

                                Managing, coaching and
                                development of others.

                                Strong IT skills, including
                                full Microsoft Office suite.

                                Quantitative methods.          Experience with
  Knowledge                                                    Bloomberg, Datastream
                                Understanding of financial     and eViews.
                                markets and credit rating
                                methodology.                   Portfolio management and
                                                               Asset Liability

Risk Manager (Insolvency and Investment Risk) Job No 11009 1 April 2012              Page 3
                                Investment product           Management, including the
                                knowledge.                   management of collateral.

                                                             Some DB focused pensions


  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.

                 Job title             Date
  Approved       Risk Practice
  by:            Leader
  Reviewed       Executive Director
  by:            of Risk

Risk Manager (Insolvency and Investment Risk) Job No 11009 1 April 2012          Page 4

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