Head of Specialised Products Risk (4683947)

UK EXPORT FINANCE

UKEF is the UK’s export credit agency and founded in 1919 as the world’s first export credit agency, we have been innovative since day one, and now have over 100 years’ track record supporting UK exports. Our mission is to “advance prosperity by ensuring no viable UK export fails for lack of finance and insurance, doing that sustainably and at no net cost to the taxpayer”. To do so we provide loans, guarantees and insurance to help UK companies win overseas sales, fulfil export contracts, and make sure that they get paid. We exist to complement not compete with the private sector, and work with over 100 private credit insurers and lenders. a government department, reporting into the Secretary of State for International Trade and is strategically and operationally aligned with the Department for Business and Trade

The Division

The principal role of the Department is to support UK companies exporting to foreign markets by providing insurance, loans and guarantees against non-payment or non-performance by UK exporters and overseas buyers. To perform its statutory function, UKEF must assume significant credit risks on behalf of UK exporters. Consequently, the financial success of the Department is crucially dependent upon sound credit risk assessment, particularly given the elevated default risks associated with emerging markets.

The Risk Management Group (‘RMG’), under the leadership of the Chief Risk Officer (‘CRO’) is responsible for the management of UKEF’s risk portfolio (c.£55bn), including new business credit risk assessments (c.£3bn p.a.). RMG operates via 5 Divisions, responsible for Enterprise Risk Management, Risk Assessment, Analysis (Pricing & Portfolio Risk, Operational Research & Analysis, and Economics & Country Risk), Portfolio Management, and Restructuring, Claims & Recoveries.

The Risk Assessment Division (‘RAD’) is responsible for providing probability of default (‘PD’) ratings and loss given default (‘LGD’) assessments on all non-sovereign risks assumed by the Department. RAD’s case work is split currently into three teams: Corporates and Strategic sectors; Project Finance; and Specialised Products Risk (Aerospace and Financial Institutions (banks & NBFIs) & APM).

About the Role

The Specialised Products Risk Team encompasses Aerospace, Aircraft Operating Lessors, Bank & Non-Bank Financial Institutions, Insurance obligors and Active Portfolio Management (APM). The role reports into the Head of RAD.

The Head of Specialised Products Risk is responsible for the leadership, motivation and management of the team within RAD. The role oversees, and is responsible ultimately for, the accurate credit assessment, analysis and due diligence of both new and existing exposures within the team’s sectors. The role holder has extensive practical knowledge and experience of these areas and is responsible for managing all transactions from inception to signature. The role holder is also responsible for the ongoing portfolio management and monitoring of the counterparties. In addition, the role holder leads (internal and external) risk-focussed meetings and discussions on more complex cases which may include novel features and extensive structuring. The role holder is also responsible for the credit risk approval of cases, including the onboarding of eligible counterparties, within their Delegated Authority. Finally the role holder is also responsible for the structuring and placement of insurance tranches in the private insurance market.

This role involves extensive interaction, not only with the Business Origination and Underwriting teams, but also with the divisions within RMG, notably Portfolio Management Division – to which transactions are handed over post-closing by Business Group. Given the implication of incremental exposure to the UKEF portfolio, the relationship with the Analysis Division’s teams is especially important.

The Head of Specialised Products Risk role is expected to add to the intellectual capacity of UKEF’s Risk Management team at a senior leader level and provide an anchor for talent management to higher grades. As UKEF moves into more challenging risk sectors and environments, it is important to have a function that is both scaled and skilled to meet this challenge.

Main Activities

1. Leading, managing and motivating their team in the production of high quality and timely credit analysis. This may involve complex structures, transactions with novel and unusual features including climate change considerations, particularly in the insurance, aerospace and, increasingly, the NBFI sectors.
2. Exercising credit approval – within the terms of delegation from CRO or Head of RAD. The role also includes the provision of high-quality recommendations to the Head of RAD and the Enterprise Risk & Credit Committee (’ERiCC’) where delegated authority is exceeded.
3. Responsibility, accountability and approval for the ongoing monitoring from a credit risk and ratings perspective for the Aerospace, Aircraft Operating Lessors, Bank & Non-Bank Financial Institutions, and Insurance Obligors and counterparties within UKEF. This includes, inter alia, providing input into the design and implementation of a more comprehensive monitoring framework to respond to the increased number and complexity of UKEF obligors and counterparties.
4. Oversight over the APM team's activities, monitoring of the existing Insured Portfolio, structuring and placement of new transactions, consideration/execution of alternative risk transfer methods.
5. Oversight over procurement activities, and contract management for (some) the contracts owned within RAD.
6. Liaising with multiple stakeholders – most notably Business Group and external clients – but also numerous internal stakeholders including Legal Division, and Underwriting Products & Policy Division.
7. Taking senior leadership roles within external meetings to ensure that new proposed business is optimally structured and firmly within UKEF’s predetermined risk appetite.
8. Ensuring that all submissions to ERiCC are succinct, well structured, coherent, logical and fit for purpose.
9. Identifying and providing solutions relating to addressing credit training both within RAD and Risk Management Group more broadly.
10. Continuously demonstrating subject matter expertise within the relevant sector franchises. Recognition as subject matter expert both internally, particularly by RMG, Business Group staff and externally.
11. Deputising for the Head of RAD, where appropriate including, but not limited to, RMG Senior Leadership Management meetings and leading the RAD senior leadership team meetings.
12. As part of the RAD and RMG senior leadership teams, to help develop, particularly through role modelling relevant behaviours, cross-departmental (and asset class) collaboration and teamwork.
13. Continuing review, formulation as required, and improvements to policies, frameworks and processes affecting the relevant franchises as well as the wider RAD and RMG. Contribute to, and lead as directed, Risk Management Group strategic projects.
14. Budget authority as above.

This list is not exhaustive; the role holder may be required to carry out additional duties according to business need.

For further information please contact Nick Irow - 07715 210286

Contact information

UK Export Finance

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