Senior Pension Risk Manager

  • Location:

    Birmingham, West Midlands

  • Sector:

    Financial Services

  • Job type:

    Permanent

  • Salary:

    Negotiable

  • Contact:

    Cathal O Fearraigh

  • Job ref:

    0000DO34_1572258598

  • Published:

    23 days ago

  • Expiry date:

    27/11/2019

  • Client:

    HSBC Careers

  • Work preference:

    Flexible

  • Days per week:

    5

Provide support in the shaping and stewardship of the pension risk management infrastructure of the UK and Europe, to support effective risk and capital management of pension risk, by establishing and maintaining assessment mechanisms, calculation of stress testing and capital, governance and guidelines for management of pension and benefits risks. The role covers all plans in the region with priority for the UK, followed by Channel Islands,Germany and France.

  • Carry out 1st line of defence work for schemes in the region including:

    • Calculations of internal and external stress tests;

    • Calculations of economic capital for Defined Benefit schemes in the region as well as helping to drive optimal use of regional and group pension capital;

    • Develop proficiency in maximising utility on the group's main tool for pension risk management (currently a platform called PFaroe from 3rd party vendor RiskFirst in the UK);

  • Carry out the 2nd line review and challenge and oversight to pension activities in the region, including:

    • Coordinating the Pension Risk Register and accompanying Risk and Control Assessments (RCAs) to ensure comprehensive and robust controls and their effectiveness;

    • Maintaining the Europe and UK risk maps for pension and the top and emerging pension risks in the region for escalation to the appropriate risk and pension committees;

    • Supporting the embedding of the pension risk appetite statement for the region and ensuring alignment with the Global Pension Risk Appetite Statement;

    • Monitoring the accounting and local funding status of DB schemes in the region and other reports from the 1st line of defence;

  • Help produce materials for the UK & European Pensions Oversight Forums as well as help shape their agenda;

  • Lead pension risk projects as needed to implement sound governance and robust risk management around pension benefits;

  • Support the de-risking strategy and activities in the region;

  • Preparation of regular risk updates for governance committees and identifying key risks/issues in the region and escalating as appropriate;

  • Keeping abreast of pension regulatory changes, especially with regards to accounting and economic capital in Europe and the UK;

  • Coordinating between HR and Finance for Financial Crime Compliance of schemes in the region, ensuring alignment with FIMs and appropriate management information reporting;

  • Closely coordinating with the Global Pension Risk team to ensure alignment with group pension FIMs, philosophy and risk management framework, and work closely with Europe and UK HR, Finance and wider risk teams to accomplish a joint vision for pension strategy.