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Job Summary
Job Title
Credit Analyst Manager – Contingent Liability Central Capability (Credit Risk)
Location
1 Victoria St, London SW1H 0ET, UK
Closing Date
04 January 2023
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About the Job
Credit Analyst Manager – Contingent Liability Central Capability
About UKGI
At UK Government Investments (UKGI), we provide the government with expertise in corporate finance and governance. What we do is unique. We are responsible for ensuring the effective governance of government owned companies (such as the British Business Bank), advising the government on corporate finance issues (including interventions into distressed corporate structures, such as Thomas Cook and British Steel) and all significant UK government asset sales (for example, the sale of the Green Investment Bank, the securitisation of the Student Loan book and the IPO of the Royal Mail). The work we do is significant in terms of social, economic and political impact.
Wholly owned by HM Treasury (HMT), UKGI has a team comprised of 150 experts which is quickly growing, drawn from the private sector (from banks, accountancy and legal firms) and from the Civil Service to ensure we provide government departments with high quality advice that is delivered and acted upon in the best way possible.
Working for UKGI provides a unique opportunity for talented individuals from both the public and private sector to contribute to work of national importance.
Background to Contingent Liabilities Central Capability (CLCC)
As set out in the “Government as Insurer of Last Resort” report published by HM Treasury (HMT) at the March 2020 Budget, a key opportunity identified by HMT’s Balance Sheet Review launched in 2017 is to establish a central capability to advise on the management of contingent liabilities across government.
The government takes on risk that the private sector cannot to protect the population and provide stability when unforeseen events occur. This can create potential liabilities that are uncertain but might lead to future expenditure if specific conditions are met or specific events happen. These liabilities are known as contingent liabilities.
Contingent Liability Central Capability (CLCC) is an analytical and advisory unit, established to build on the existing approval framework and further strengthen contingent liability expertise and risk management across government. It began providing support to government in April 2021. The team comprises actuaries seconded from the Government Actuary’s Department (GAD), credit risk experts, policy professionals and analysts.
The role
UKGI is looking to hire an analyst for the Credit Risk branch of the CLCC, which is focused on credit risks typically structured as financial guarantees provided by the government to the private sector. The role will, from time to time, include work outside of contingent liabilities and across the three CLCC branches, albeit still focused on analysis (eg assessing single name counterparty risk). The role will involve working closely with the head of the Credit Risk branch and other team members across a number of work streams:
• Analyse the financial risks associated with contingent liabilities across government to support better decision making by HMT, ALBs and departments, to improve the understanding of
contingent liability risk exposures across government, and to feed into holistic central fiscal risk projections
• Using internal and external credit risk data sources, and database querying skills for extraction and manipulation of data to support all CLCC objectives, notably its efforts to estimate
expected losses for new and existing contingent liabilities and in the structuring of fee-charging regimes.
• Build and maintain a network of contacts across government to support contingent liability management
• Support best practice methods across government to assess the financial impact of contingent liabilities consistently and accurately, including analysing the level of premiums that could be
charged
• Assisting in developing and executing a robust governance framework for contingent liabilities
• Assisting in the development of the CLCC’s processes and analytical systems
Experience
• Credit risk management of financial instruments like loans, bonds, or financial guarantees across a range of sectors,
• Equivalent to 3-7 years’ experience in a financial institution; rating agency, advisory firm, or within the public sector
• Excellent analytical capability and numerical skills, good understanding of financial and/or risk modelling
• An advantage (but not essential) would be basic experience in quantitative risk management, assessing expected loss (PD/LGD/EAD analysis), or pricing of financial instruments
Competencies & Personal Attributes
• Strong credit and financial analysis skills
• Ability to write clear, useful, technical analysis
• Ability to work in the context of uncertainties and lack of data, and to apply expert judgement, drawing in wider industry experience and subject matter expertise with the support of
your team
• Knowledge of numerical methods is an advantage
• Structuring and legal documentation for credit exposures is an advantage but not essential
• Excellent communication and interpersonal skills
• Demonstrable inclusive, collegial, and commercial approach
• Proactive team player
• An excellent and creative problem solver
• Excellent attention to detail and accuracy
Diversity Statement
UKGI has a strong commitment to equality and diversity. Our aim is to be an open and inclusive organisation, recruiting and retaining diverse, talented, and high-performing people who support and develop one another.
UKGI is a Disability Confident Employer. This means we’ve been recognised as an employer which is confident and leading the way in recruiting and retaining staff with disabilities. We will offer an interview to any applicants with a disability who have indicated they wish to take part in the disability confident scheme, provided they meet the essential criteria for the post set out in the person specification.
If you need any reasonable adjustments to take part in the selection process, please tell us about this in your application.
At UKGI we are fully committed to supporting staff to realise their potential and achieve a healthy work-life balance. We operate a hybrid working model based on 3 days based in the office, and 2 days’ work from home for full-time employees. The post is available on a full time, part time or job share basis, and applications from individuals seeking flexible working, reduced hours contracts and job shares are actively encouraged.
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