Credit Risk and Investment Consultant

Details
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Reference number

480910

Salary

£66,361 \- £86,708
Grade 7 \- £66,361 \- £79,697

AB1 \- £67,259 \- £73,154

AB2 \- £76,851 \- £86,708

External applicants will start on the pay band minimum for the role appointed to, unless they can prove they have exceptional skills in line with the requirements of the role. Internal applicants applying on promotion will usually be appointed to the salary minimum or within 5% of existing salary. Standard pay rules apply for existing civil servants.
A Civil Service Pension with an employer contribution of 28\.97%
GBP

Job grade

Other
Grade 7, Actuary Band 1 or Actuary Band 2### Contract type

Permanent### Business area

Contingency Financing### Type of role

Risk Management### Working pattern

Full\-time, Part\-time### Number of jobs available

2
Contents
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• Location


• About the job


• Benefits


• Things you need to know


• Apply and further information

Location
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10 South Colonnade, Canary Wharf, London E14 4PU / Edinburgh Government Hub Queen Elizabeth House, Edinburgh EH8 8FTAbout the job
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Job summary

Do you want a career with a difference? Where you can have a real impact working with government departments and the wider public sector. If yes, then a career at the Government Actuary's Department (GAD) could be for you.

At GAD our mission is to support effective decision\-making and robust reporting within the public sector as the first\-choice provider of actuarial and specialist analysis, advice and assurance. The department’s work covers valuation work and policy support in relation to investment, credit risk, insurance and contingent liabilities, pension schemes, financial risk, and social security. We also provide financial modelling and quality assurance.

We offer great working benefits including a world\-class pension, flexible working options and a career where your learning and development is taken seriously.

You will be a key consultant advising on investment and/or credit risk. The purpose of the role is to support our engagement and delivery of advice to help the public sector make more effective and informed decisions. The work is significantly more varied than in a typical actuarial consultancy, with opportunities to work on high\-profile public sector priorities and develop innovative solutions.

Further information on GAD is provided in the attached pack.

N.B. GAD may work with recruiters on this campaign provided prior agreement is reached for this specific campaign

Job description

The role is in our Policy and Assurance unit. You will be based in one of the teams in that unit although we would expect you to support other teams and undertake a wider variety of work as required (see Key responsibilities 5\). Below sets out the range of work that GAD undertakes with respect to Investment and Credit Risk. There is scope for consultants at GAD to specialise in one area, or to work across multiple areas.

Investment

GAD provides advice in relation to invested funds held or sponsored by public sector bodies, and on government policy relating to investments held in the private sector, often in the context of pension arrangements. We are looking to hire an investment specialist to work alongside actuaries, trainee actuaries and analysts to enhance the support we can provide to our clients on investment issues.

GAD consultants regularly work in a much more diverse range of areas than a typical actuarial consultancy, working closely with both policy makers and operational staff to deliver effective public policy. The work is varied, interesting and has purpose, working in the best interests of the UK public. Recent projects have included:

• DB and DC pensions – advice in relation to funded public sector Defined Benefit (DB) pension scheme investments, public sector bodies’ Defined Contribution (DC) and Additional Voluntary Contribution (AVC) arrangements and wider pensions policy.


• Sizewell C – working with the Department for Energy Security and Net Zero and stakeholders to develop the funding and investment framework for a fund that will eventually be used to decommission the Sizewell C infrastructure.


• Pensions Investment Review – advising the Department for Work and Pensions on its productive finance agenda and how defined contribution pensions can contribute.


• Climate scenario analysis – setting assumptions and carrying out analysis of investment portfolios for funded public sector pension schemes to comply with Taskforce for Climate Related Financial Disclosures (TCFD) reporting.


• Personal Injury Discount Rate – supporting government bodies as they review the rate of return that a personal injury claimant is assumed to earn if investing their damages award.

Credit Risk

GAD provides advice and support to a range of departments and wider public sector bodies on credit risk arrangements and modelling. These arrangements can arise from situations where government addresses gaps in private sector coverage, is trying to stimulate investment or is otherwise subject to credit risk.

The type of credit risk modelling is varied, and could relate to:

• expected credit loss calculations for financial guarantees and loans


• economic capital modelling


• stress testing


• other insolvency modelling for events which could impact government.

GAD’s role may involve:

• Quantifying and communicating risk


• Policy development – how credit risk arrangements can help meet policy objectives and be structured to reduce risk to government


• Quality Assurance – reviewing credit risk related models produced by other areas of the public sector

The work may involve consideration of niche, novel or remote risks, working with clients and third parties to incorporate specialist knowledge from subject matter experts to determine appropriate advice.

Current and previous areas of advice include:

• Assessment of implicit liabilities related to insolvency of key entities in line with Guidance for managing government’s implicit liabilities


• Modelling of the credit losses arising from guarantees given to support multi\-lateral development banks


• Quality assurance of economic capital models subject to the Financial transaction control framework \- GOV.UK

General

The exact area a successful candidate will work in will be discussed prior to an offer being made and will be informed by the expertise and interests of the individual.

Regardless of the area of work, you will be expected to work closely with clients, scope out advice needs and deliver high value advice. The ability to apply investment and/or credit risk principles to novel policy areas and develop innovative solutions is essential.

Business development is an essential component of the role: you will help to build GAD’s reputation within the public sector, increasing awareness of your area of expertise and supporting the development of new client opportunities through networking, profile raising and building relationships with stakeholders across the public sector.

As part of your role, we expect you to help grow and develop both your own skills, and those of junior colleagues to help meet the evolving nature of our work. You will also help develop the investment and/or credit risk capabilities within GAD, sharing your knowledge and experience with others.

Person specification

To provide consultancy support and advice to government departments and other organisations in the public sector. This will involve working with colleagues and clients to deliver high\-quality advice, often within demanding timescales.

To maintain and build on existing client relationships and to develop new relationships.

To work with colleagues to ensure all work is appropriately scoped and delivered in an efficient and timely manner with a focus on providing value for money for our clients. This includes:

• Specifying work, monitoring output and providing feedback


• Effective project management


• Motivating and team building


• Partnering with clients


• Operational duties – scheduling work, leave management, exercising financial control as required


• Business development and client engagement activities

The role requires a consistently high level of service to be provided and for work to be undertaken within professional requirements. This includes:

• Providing/supporting appropriate quality advice (oral or written) to agreed timescales and within budget


• Complying with peer review procedures


• Adapting to changing client needs and balancing conflicting priorities


• Complying with all professional actuarial (where relevant), civil service and GAD guidance.

Agile working within other GAD teams from time to time during key periods.

To maintain an up\-to\-date knowledge of role\-relevant developments and other matters (including meeting all CPD requirements).

*This job description is a broad reflection of the current duties. It is not an exhaustive list, and changes may be required, based on GAD’s immediate operational needs which are at the discretion of the relevant Unit Director and in conjunction with the post holder.*

Behaviours

We'll assess you against these behaviours during the selection process:

• Managing a Quality Service


• Seeing the Big Picture


• Working Together


• Communicating and Influencing

Technical skills

We'll assess you against these technical skills during the selection process:

• For Actuary Band 1 or 2 (investment / credit risk consultant): Fellow of the Institute and Faculty of Actuaries (IFoA) or international equivalent (Essential for AB1 and AB2\)


• For Grade 7 (investment / credit risk consultant): A member of the Chartered Financial Analyst Institute, holding the CFA charter and designation or equivalent professional qualification (Desirable for Grade 7\)


• Detailed knowledge of Inv

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