Analyst, Contingent Liabilities Central Capability

Job Ref
048
Closing Date:
10 Aug 2022
Grade:
Analyst
Status
Full Time
Type
Permanent

More details

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 was 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.
The Contingent Liability Central Capability (CLCC) is being established as an analytical and advisory unit 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), corporate finance and credit risk experts (both from the private and public sectors), policy professionals and analysts.
CLCC currently has three branches: Credit Risk, Insurance and Portfolio Analysis & Engagement.


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 both domestically (such as affordable housing guarantee programmes) and internationally (such as developmental guarantees supporting the UK’s role as a founding member of the World Bank). The role will, from time to time, include work outside of contingent liabilities and across the three CLCC branches, albeit still focused on analysis (e.g., assessing single name counterparty risk), and potentially across multiple sectors (e.g., sovereigns, corporates and financial institutions). The role will involve working closely with the head of the Credit Risk branch and other team members across a number of work streams:
• Provide expert, authoritative and timely analysis of proposed contingent liabilities to support better contingent liability structuring, decision making and reporting across government
• 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.
• 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
• 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


• Analysing financial instruments like loans, bonds, or financial guarantees across a range of sectors
• Equivalent to 3-5 years’ experience in a financial institution; rating agency, academia, 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


• An excellent and creative problem solver
• 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 from a range of data sources and subject matter expertise with the support of your team
• Advanced Excel skills
• Knowledge of numerical and statistical methods is an advantage
• Data visualisation or programming skills desirable but not essential (PowerBI, VBA, R)
• 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
• Excellent attention to detail and accuracy


Next steps

If you would like to be challenged by genuinely fascinating work and work in an environment where work life balance is taken seriously, please apply with your CV and a short covering note outlining your credentials for the role via our online application form.

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.


UKGI is also part of the ‘Great Place to Work for Veterans’ initiative. This means that as part of our commitment to diversity and equality in our recruitment and retention policy, we will offer an interview to any eligible applicants from Her Majesty’s Armed Forces provided they meet the essential criteria for the post set out in the person specification. Please indicate on your application that you wish for your application to be considered as part of this initiative.


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 and expect employees to be in the office for 50% of their time. . 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.

At UKGI we place a high degree of value on work life balance and as such applications from individuals seeking flexible working, reduced hours contracts and job shares are also actively encouraged