Group Head of Credit Risk

Date Posted: 18/10/2023

Location: London

Job Type: Full time

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To lead the development and ongoing management of the Solvency UK matching adjustment attestation process, and proactively manage the credit risk on the Group’s balance sheet

Job Role Accountabilities

  • Lead successful development of methodology to support the matching adjustment attestation process under Solvency UK as per required regulatory timetable
  • Support development of methodology for incorporation of assets with non-fixed cashflows in Matching Adjustment portfolio
  • Operate Identify, Measure, Manage, Monitor and Reporting risk framework for JRL for credit risk with peers in the Investment and Capital Management
  • Proposal of assumptions for downgrade and default losses for IFRS and for measuring best estimate returns for return on capital measures
  • Support PRA relationship in respect of associated topics

Examples of Key Activities

  • Attendee at ALCO, Credit Committee, and Matching Adjustment Committee – and ad-hoc attendee at GRCC/Investment Committee when appropriate
  • Represent Just Group externally on topics associated with role e.g.  Association of British Insurers working groups
  • Development of key Solvency UK reform deliverables for credit risk
  • Development of risk identification for illiquid assets, to support internal model development
  • Liaising with all key contacts within Just to represent the Credit Risk function in carrying out the role accountabilities and ensuring good communications on all relevant points of interaction.


  • Strong understanding of Solvency II framework, particularly the Solvency UK Matching Adjustment reforms
  • Strong understanding of the range of illiquid asset classes typically held by UK annuity writers and the associated risks
  • Excellent analytical skills
  • Good understanding of the products/services provided by the Group, their risks and their capital requirements
  • Ability to maintain competence and up to date knowledge
  • Ability to lead and influence others, and to build collaborative relationships with a range of stakeholders across the business
  • Life industry experience in a Solvency II environment
  • Risk identification for range of credit assets.  E.g. one or more of credit rating frameworks; development of expected loss measures for IFRS or economic value reporting; internal model development
  • Experience in managing technical teams and delivery of projects
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