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Prudential Capital - Financial Risk Manager - London

Greater London

Greater London London
Salary (Annual):
Salary Description:
Market Rate
Accountancy, Banking Insurance Finance
Working Pattern:
Full time
Date Posted:
Monday, 28th May 2012
Flexibility Offered:
Job Ref:
Prudential - Prudential+Capital+-+Financial+Risk+Manager+-+London


Prudential Capital “PruCap”
PruCap is the Group Treasury which manages the Group’s balance sheet for profit by leveraging Prudential’s market position.  It has three strategic objectives: to provide professional treasury services to the Prudential Group; to operate a first-class wholesale and capital markets interface; and to realise profitable opportunities within a tightly controlled risk framework. PruCap generates revenue by providing bridging finance, managing investments and operating securities lending, repo, cash management and derivatives business for the Prudential Group and its clients.
The business has consolidated its position in a period of difficult and volatile markets, focusing on liquidity across the Prudential Group, management of the existing asset portfolio and conservative levels of new investment. Development of new product and infrastructure has continued, helping to maintain the dynamism and flexibility necessary to identify and realise opportunities for profit within acceptable risk parameters. PruCap works closely with other business units across the Group and the Group’s banking relationships to exploit opportunities and increase value creation for Prudential as a whole.
PruCap employs 33 people, mostly in London with three people in Singapore.  The business is organised into four business lines: Group Treasury, Principal Finance, Wholesale Markets and Derivative Management.  Back office, IT and other support functions, including risk analytics and monitoring, are outsourced to internal and external providers.  IFRS operating profit was £56 million in 2011.
  • Management of financial (credit, counterparty, liquidity and market), regulatory and modelling risks.
  • Supporting the business in the maintenance and development of PruCap’s risk, compliance and governance framework.
  • Providing cover for Head of Risk and Compliance.
  • Operation of risk framework in compliance with risk appetite
  • Compliance with Group and PruCap policies and regulatory requirements.
  • Comprehensive understanding of PruCap’s financial and regulatory risks

Key responsibilities

  • Maintain and develop risk framework in accordance with Group and PruCap risk and compliance policies, market best practice and regulatory requirements.
  • Risk identification, quantification and control assessment (including risk modelling, stress testing and scenario analysis).
  • Maintain risk limit framework and monitor compliance with limits.
  • Maintain financial risk register with control effectiveness ratings.  Develop risk management improvement plans and monitor progress.
  • Produce regular and ad hoc risk reports (e.g. monthly Risk Report and Group Liquidity Report) liaising with the business lines, M&G Risk and Group functions.
  • Day to day liaison with PruCap business lines on breaches, limit changes, compliance issues and other risk matters.   
  • Monitor compliance with Group and PruCap risk and compliance policies and regulatory requirements (banking and insurance), including assurance work to evaluate risk management effectiveness.
  • Review BU liquidity self sufficiency, reverse stress test and other reports and reflect in PruCap’s liquidity risk management and reporting.
  • Liaise with M&G Risk to maintain and develop risk and capital models (methodology, parameters, assumptions, documentation etc)  
  • Respond to Group Risk & Group Compliance requests (Solvency II, fire drills etc).
  • Attend internal risk forums and maintain relationships with Group functions and BU risk departments.
  • Analyse impact of new regulations, emerging risks and other market developments.
  • Liaise with M&G Compliance on compliance testing & reviews
  • Secretary to PruCap Financial Risk Committee & Liquidity Working Group
  • Ad hoc risk & compliance projects
Key measures:
  • Achievement of reporting and other deadlines
  • Clear understanding and articulation of risks, issues etc.
  • Maintenance of risk, compliance and governance framework in accordance with Group and PruCap policies
  • Constructive working relationships 
What we are looking for
Knowledge and experience:
  • Risk analysis in an effective control environment and risk management culture
  • Risk identification, assessment, monitoring and modelling
  • Capital methodologies and modelling
  • Good understanding of financial markets and risk best practice
  • Understanding of regulatory environment
  • Appropriately recognised academic qualifications, track record and experience
Personal skills:
  • Self-starter
  • “Doer” able to prioritise and deliver against a variety of responsibilities
  • Strong inter-personal and influencing skills



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