Head of Treasury Risk and Compliance

Responsibilities

• Risk Management & Strategy
• Develop and implement the treasury risk management framework aligned with Solvency II, PRA regulations, and FCA conduct requirements
• Establish risk limits and tolerance levels for treasury activities that support ALM objectives and Solvency Capital Requirement (SCR) optimisation
• Monitor and report on key risk metrics including duration matching, reinvestment risk, spread risk, and concentration limits
• Lead ORSA (Own Risk and Solvency Assessment) contributions related to treasury and investment risks
• Conduct stress testing and scenario analysis on investment portfolios considering insurance liability profiles and regulatory stress scenarios
• Manage liquidity risk to ensure sufficient assets are available to meet policyholder obligations, claims, and the Liquidity Coverage Ratio requirements
• Credit & Counterparty Management
• Oversee the credit approval process for banking relationships, investment counterparties, reinsurance counterparties, and derivative counterparties
• Manage counterparty credit exposure limits across investment portfolios, ensuring compliance with Solvency II diversification requirements and PRA expectations
• Conduct credit analysis and due diligence on financial institutions, reinsurers, bond issuers, structured products, and counterparties for repo and securities lending
• Maintain and enhance the counterparty risk rating system, including internal credit assessments aligned with external credit assessment institutions (ECAIs)
• Monitor credit migration and implement early warning systems for deteriorating counterparty creditworthiness
• Manage credit risk in derivative exposures, including EMIR compliance and central clearing arrangements
• Governance & Compliance
• Ensure compliance with PRA Prudential Sourcebook for Insurers, Solvency II Directive, FCA Conduct rules, and relevant UK legislation
• Maintain permitted and prohibited asset lists in accordance with Solvency II investment rules (Prudent Person Principle)
• Collaborate with actuarial, investment, internal audit, compliance, and legal teams on treasury and ALM matters
• Present risk reports and recommendations to CFO, Treasury Committee, and Board Risk Committee
• Maintain documentation of risk policies, procedures, and control frameworks for PRA supervisory reviews
• Support regulatory reporting including Solvency and Financial Condition Report (SFCR), Regular Supervisory Report (RSR), and quarterly reporting templates (QRTs)
• Ensure compliance with EMIR, MiFID II, and other relevant financial services regulations affecting treasury operations
• Leadership & Collaboration
• Build and lead a high-performing risk and credit team within treasury
• Partner closely with the Group Treasurer and broader treasury team on strategic initiatives
• Work cross-functionally with enterprise risk management, finance, and business units
• Provide risk expertise and guidance on new products, markets, or treasury initiatives
• Engage constructively with PRA supervision and participate in regulatory dialogue as required
• What qualifications we're looking for
• Education & Experience
• Bachelor's degree in Finance, Economics, Actuarial Science, Mathematics, or related field; MBA, CFA, FRM, CERA, or similar advanced qualification preferred
• 10+ years of progressive experience in insurance treasury, Corporate Treasury, or credit analysis within the UK insurance/Banking/Corporate sector
• 5+ years in a leadership role with team management responsibility
• Deep experience in UK insurance investment operations and Solvency II capital management
• Understanding of UK insurance liability

Benefits

Additional Information

Who are we? Howden is a global insurance group with employee ownership at its heart. Together, we have pushed the boundaries of insurance. We are united by a shared passion and no-limits mindset, and our strength lies in our ability to collaborate as a powerful international team comprised of 24,000 employees spanning over 56 countries. People join Howden for many different reasons, but they stay for the same one: our culture. It's what sets us apart, and the reason our employees have been turning down headhunters for years. Whatever your priorities - work / life balance, career progression, sustainability, volunteering - you'll find like-minded people driving change at Howden.

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