Head of Treasury Risk and Compliance

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.What we’re looking forWe are seeking an accomplished Head of Treasury Risk and Compliance to lead our treasury risk management function within our insurance organisation. The position partners closely with the Group Treasurer, Deputy Group Treasurer, Finance leadership, banking partners, and internal/external stakeholders.This senior leadership role is responsible for developing and implementing comprehensive risk frameworks that support our investment portfolio and liquidity management, managing counterparty credit exposures, and ensuring the organisation’s treasury activities align with UK and Solvency II regulatory requirements, capital adequacy standards, and our risk appetite.What you’ll be doingRisk Management & StrategyDevelop and implement the treasury risk management framework aligned with Solvency II, PRA regulations, and FCA conduct requirementsEstablish risk limits and tolerance levels for treasury activities that support ALM objectives and Solvency Capital Requirement (SCR) optimisationMonitor and report on key risk metrics including duration matching, reinvestment risk, spread risk, and concentration limitsLead ORSA (Own Risk and Solvency Assessment) contributions related to treasury and investment risksConduct stress testing and scenario analysis on investment portfolios considering insurance liability profiles and regulatory stress scenariosManage liquidity risk to ensure sufficient assets are available to meet policyholder obligations, claims, and the Liquidity Coverage Ratio requirementsCredit & Counterparty ManagementOversee the credit approval process for banking relationships, investment counterparties, reinsurance counterparties, and derivative counterpartiesManage counterparty credit exposure limits across investment portfolios, ensuring compliance with Solvency II diversification requirements and PRA expectationsConduct credit analysis and due diligence on financial institutions, reinsurers, bond issuers, structured products, and counterparties for repo and securities lendingMaintain 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 creditworthinessManage credit risk in derivative exposures, including EMIR compliance and central clearing arrangementsGovernance & ComplianceEnsure compliance with PRA Prudential Sourcebook for Insurers, Solvency II Directive, FCA Conduct rules, and relevant UK legislationMaintain 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 mattersPresent risk reports and recommendations to CFO, Treasury Committee, and Board Risk CommitteeMaintain documentation of risk policies, procedures, and control frameworks for PRA supervisory reviewsSupport 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 operationsLeadership & CollaborationBuild and lead a high-performing risk and credit team within treasuryPartner closely with the Group Treasurer and broader treasury team on strategic initiativesWork cross-functionally with enterprise risk management, finance, and business unitsProvide risk expertise and guidance on new products, markets, or treasury initiativesEngage constructively with PRA supervision and participate in regulatory dialogue as requiredWhat qualifications we’re looking forEducation & ExperienceBachelor’s degree in Finance, Economics, Actuarial Science, Mathematics, or related field; MBA, CFA, FRM, CERA, or similar advanced qualification preferred10+ years of progressive experience in insurance treasury, Corporate Treasury, or credit analysis within the UK insurance/Banking/Corporate sector5+ years in a leadership role with team management responsibilityDeep experience in UK insurance investment operations and Solvency II capital managementUnderstanding of UK insurance liability structures and ALM principlesStrong familiarity with PRA supervisory expectations and regulatory engagementTechnical SkillsExpert knowledge of insurance investment risks including interest rate, credit spread, FX, liquidity, and reinvestment riskStrong understanding of ALM principles, duration matching, and cash flow modellingDeep familiarity with Solvency II framework including SCR calculations (Standard Formula and/or Internal Model), Risk Margin, and Matching AdjustmentKnowledge of fixed income instruments, structured products, derivatives, and alternative investments used in UK insurance portfoliosProficiency in risk measurement methodologies including economic capital, VaR, stress testing, and scenario analysisExperience with investment management systems, risk analytics platforms, and actuarial modelling toolsUnderstanding of UK GAAP and IFRS 17 accounting standards and their impact on investment strategyFamiliarity with PRA supervisory statements, policy statements, and consultation papers relevant to investmentsCore CompetenciesStrategic thinking with ability to translate complex risk concepts for senior stakeholdersExcellent analytical and problem-solving capabilitiesStrong communication and presentation skills, both written and verbalProven ability to influence and build relationships across all organizational levelsSound judgment and decision-making in high-pressure situationsPreferred QualificationsExperience in life insurance, general insurance, or health insurance sectors within the UK marketBackground in UK insurance asset management, reinsurance, Banking, or rating agencies (S&P, Moody’s, Fitch)Experience with Matching Adjustment portfolios, including eligibility criteria and portfolio constructionFamiliarity with private credit, infrastructure debt, ground rents, commercial mortgages, and other alternative asset classes prevalent in UK insuranceKnowledge of climate-related financial risk disclosure requirements (TCFD) and ESG integration in insurance investment portfoliosExperience with regulatory capital optimisation strategies, including Volatility Adjustment and Transitional MeasuresWhat do we offer in return?A career that you define. At Howden, we value diversity – there is no one Howden type. Instead, we’re looking for individuals who share the same values as us:Our successes have all come from someone brave enough to try something newWe support each other in the small everyday moments and the bigger challengesWe are determined to make a positive difference at work and beyondReasonable adjustmentsWe’re committed to providing reasonable accommodations at Howden to ensure that our positions align well with your needs. Besides the usual adjustments such as software, IT, and office setups, we can also accommodate other changes such as flexible hours* or hybrid working*.If you’re excited by this role but have some doubts about whether it’s the right fit for you, send us your application – if your profile fits the role’s criteria, we will be in touch to assist in helping to get you set up with any reasonable adjustments you may require.Not all positions can accommodate changes to working hours or locations. Reach out to your Recruitment Partner if you want to know more.Permanent#J-18808-Ljbffr…