Risk Modelling Manager (12-month secondment/FTC)

At M&G our purpose is to give everyone real confidence to put their money to work. As an international savings and investments business with roots stretching back more than 170 years, we offer a range of financial products and services through Asset Management, Life and Wealth. All three operating segments work together to deliver attractive financial outcomes for our clients, and superior shareholder returns.

Through our behaviours of telling it like it is, owning it now, and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.

We will consider flexible working arrangements for any of our roles and also offer work place accommodations to ensure you have what you need to effectively deliver in your role.

Role

The role holder will join the Solvency II Internal Capital Model development project team and play a key role in the phase of the project that focusses on the development of the risk modelling of illiquid credit-risky assets.  The role will include a mixture of technical work, drafting of proposal papers and technical documentation, and communication with various stakeholders around M&G plc.

In addition to supporting the development of the methodologies within the Solvency II credit risk model and tools that underpin the calibrations for illiquid credit-risky assets (e.g. performing tasks within the risk identification and risk modelling exercises), the role will provide the opportunity to engage with a wide range of areas across the business, including teams within Treasury & Investment and M&G Group to help them understand the project plans, discuss and agree asset and market data requirements, draft proposals for internal and PRA approval on the scope of work to be performed.

This is an initial 12-month position (which may have an option to extend), which has a blended approach between working from home and in our Scotland or London offices.

The wider Risk Modelling team is responsible for economic and market-related methods and assumptions used to place a value on benefits that the company provides to customers and the assets used to back these liabilities, both on a best estimate basis and for the additional capital held to protect solvency under adverse events, for example:

• The annual calibration of market and credit risks, as well as the dependency structure between risks, which includes collecting data, refreshing analyses, understanding changes, rationalising judgements and presenting conclusions and proposals to senior stakeholders.
• Undertaking ongoing development to the methodology and tools which underpin the calibrations.  This involves research and implementation of enhancements, with associated testing and communication.  The implementation of new risk models requires interaction with Finance colleagues and the developers who own the underlying engine, as well as the users who run the tools.
• The supporting of strategic asset-related projects, including the opportunity to engage with a wide range of areas across the business.

Key Responsibilities for this role

• Oversee the development of economic and market-related methods and assumptions used to, for example, calculate the value of liabilities, regulatory capital, and options and guarantees.
• Work collaboratively with colleagues and take personal accountability to maintain and enhance controls you are responsible for to support improvement of the overall control environment, customer outcomes and a reduction in M&G’s operational risk.
• Lead the production and delivery of the tasks for which the role holder is responsible.
• Have responsibility for ensuring that team processes run smoothly, co-ordinating input from others.
• Ensure appropriate stakeholder management and governance.

Key Knowledge, Skills & Experience

Essential:

• Bachelor’s degree, Master’s degree or PhD in a quantitative subject, e.g. mathematics, computer science, actuarial science.
• A track record of successful delivery in pressured environments with the ability to cope with competing demands.
• Experience of developing working relationships with key stakeholders.
• Experience of presenting findings and results, and building an understanding of audience-specific communication requirements.
• Experience in quantitative modelling gained within the insurance, banking or asset management industry.
• Comprehensive knowledge of financial markets.
• Good knowledge of multiple asset types.
• Good understanding of statistics and statistical methods (e.g. stochastic simulation, VaR methodology and back-testing).

Desirable:

• Professional designations such as CFA, FRM, FIA/FFA would be viewed as favourable.
• Good understanding of modern financial mathematics (e.g. bond mathematics, option pricing, hedging, Monte Carlo simulation in real and risk neutral environment) is a strong plus.
• Good practical experience in code development (Python / C++ / R / Matlab).
• Experience in managing a team, providing oversight and guidance.
• The ability to implement novel technical solutions that are pragmatic, so they fit within business needs and produce analysis to support solutions.

Close Date: 4th April 2025

Recruiter: Matt Campbell

Work Level: Manager / Expert

We have a diverse workforce and an inclusive culture at M&G plc, underpinned by our policies and our employee-led networks who provide networking opportunities, advice and support for the diverse communities our colleagues represent. Regardless of gender, ethnicity, age, sexual orientation, nationality, disability or long term condition, we are looking to attract, promote and retain exceptional people. We also welcome those who take part in military service and those returning from career breaks.

M&G is also proud to be a Disability Confident Leader, and we welcome applications from candidates with long-term health conditions, disabilities, or neuro-divergent conditions.  Being a Disability Confident Leader means that candidates who meet the minimum criteria of a job, will be offered an interview if they 'opt in' to the scheme when applying. 

If you need assistance or an alternative means of applying for a role due to a disability or additional need, please let us know by contacting us at: careers@mandg.com