The Prudential Risk Division (PRD) provides risk expertise in the FSA to ensure prudential risk management and capital adequacy of regulated firms, thereby directly contributing to the FSA's objectives of protecting consumers and maintaining confidence in the financial system. As a fast growing specialist team, PRD covers all areas of risk: Credit, Counterparty, Trading Risk, Asset Liability Management and Liquidity, Operational, IT security, Pension and Actuarial and Capital Adequacy. We work in cross-PRD risk teams in assessing risk holistically. Most of the Division's work is firm-facing, consisting of on-site visit work or thematic horizontally-focussed project work. We work closely with Supervision and Policy Divisions within the FSA as well as with the Bank of England and Treasury and other regulators globally. The majority of the approaching 200 members of the PRD team have extensive industry experience.
Within PRD, the Credit Team is focused on providing expertise on overall firm credit risk for wholesale, retail and structured finance. The team focus ranges from portfolio quality, credit risk governance and management, decision-making, portfolio management, thematic reviews, structured finance (both vehicles and underlying assets) and stress testing. We work closely with the FSA's relationship management supervisory teams providing independent risk assessment reviews and market analysis to ensure prudential credit risk management and governance. PRD Credit Team covers a wide range of firms including: banks, building societies, investment banks, insurance firms, re-insurers, corporate finance firms, venture capital firms.
· To support Wholesale Credit Risk Team FI Team/subject leader
· Using your skills to provide analysis and input into Firm reviews and portfolio investigation
· The opportunity to work on a secondment basis with the PRD Prudential Insurance Risk Department and to provide support as they assess and approve models related to Solvency II framework by reviewing, inter-alia, governance, processes and procedures. This will include drill down into how the firms work and monitor the assets and exposures booked as part of their business and to benchmark each firm against its peers
· Assist Team in providing feedback to Supervisors on visits to regulated firms, FSA divisions and the industry on issues relevant to FSA function and risks to which are exposed
Essential:
· Good understanding of credit risks and other key risks to which insurance firms are exposed
· Good understanding of the sector's different business models and their asset/liability classes
· Good understanding of the various products being sold to the firms by e.g. banks and the implications of them using these, hedging use and implications, collateral requirements and issues
· Good understanding of limit setting processes
· Approval discretion
· Knowledge of rating agency methodologies
· Good communication skills
Desirable:
· Standard package software skills
· Well developed stakeholder management
· Opportunity to work in a challenging and developing environment with a leading regulator
The salary range for this role is £60,000 - £135,000 and is dependant upon skills and experience.
As part of the application process for these vacancies, you will be asked to answer the following question: Why do you believe that you are suitable for this role? Please ensure that you specifically relate your answer to the criteria listed in the job advert, covering your relevant skills, technical knowledge and capabilities (no more than 300 words).
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