- Entry level
- No Education
- Salary to negotiate
Head of Pension Modelling & Capital : 0000DW8B
x Role Title: Head of Pension Modelling & Capital
New or Existing Role: New
- On a Global level, provide leadership in the shaping and stewardship of the pension risk management of the Group, to support effective risk and capital management of pension and benefit risk. Responsibility for all pension models operated by Pension Risk and for the delivery and communication of defined benefit pension capital requirements through leading a team of pension risk managers.
The role holder will carry out activities including:
- Management responsibility for team, providing clear direction, setting performance targets and contributing to employees' professional development
- Through the team, deliver pensions component of HSBC ICAAP on time and to a high standard, reviewing and challenging methodology, assumptions and models with responsibility for information submitted to the UK regulator;
- Work with regional pension risk teams, country management, group management, finance & HR to ensure pensions ALM risk is appropriately understood and factored into decision making;
- Influence and advise on investment decisions of pension schemes around the world towards an optimised capital position achieved via better matching of assets and liabilities and transfer of risk where appropriate;
- Co-ordinate and drive improvements in pension data quality at all levels (plan, country, region, group) to reduce risk & capital demand
- Lead all engagement with the Prudential Regulatory Authority on behalf of Global Pension Risk;
- Oversee the internal reporting of Key Risk Indicators for Pension Risk and develop and recommend metrics to be adopted for Pension Risk Appetite, and their thresholds and limits, in line with the Group’s overall risk management objectives;
- Contribute to pension related activity being carried out by colleagues in Treasury and Reporting teams, in the capacity of pensions subject matter expert (working knowledge of pension accounting & capital required)
- Contribute to pension related activity being carried out by colleagues in Stress Testing teams, bringing pensions modelling and capital expertise;
- Deputise for and advise the Global Head of Pension Risk, assisting with recruiting and strategy for the team and its structure;
- Regular attendee and presenter at the Global Pensions Oversight Forum.
- Championing and embedding best practice management, governance and administrative procedures into his/her own area of responsibility and supporting or driving the implementation of transformational change
- Supporting functional activity and/or work with Group across regions and functions, contributing to functional planning based on a detailed understanding of his/her own area of responsibility and overseeing day-to-day relationships with stakeholders
- Directing major projects or programmes with significant business impact within the department, area, and business unit
Impact on Business
- Develop and lead the modelling strategy for pensions and other post-employment benefits for HSBC
- Lead on Global strategy and policy requirements as they relate to financing/funding/investment/risk and capital management in respect of pension benefits
- Senior reviewer of the technical output from the Global Pension Risk team including capital calculations and stress testing results
Customers / Stakeholders
- Owner of 3rd party pension model supplier relationships
- Support regional pension risk teams and local management in their engagement with pension scheme trustees and fiduciaries as it relates to pension funding and investment strategy
- Lead relationships with external stakeholders (regulators, service providers, advisors)
- Write clear and concise papers for various boards/approvals and inspire confidence through clear communication
Leadership & Teamwork
- Shape and lead pension modelling team to deliver the model strategy safely and cost-efficiently
- Manage and mentor team members
- Build strong working relationships with Capital, Stress Testing, Group Treasury and Group Financial Reporting, as well as wider Finance, HR and other stakeholders.
Operational Effectiveness & Control
- Implementation of effective processes & systems supporting the pension/benefit risk strategy
- Responsible, though the team, for compliance with HSBC model governance requirements
- Champion innovative pension risk management ideas and be a role model for best practice
- Considerable model development planned for 2020 and beyond, requiring careful and well governed implementation
- Concentration of regulatory-driven workload in H1 of each year
- Need to apply commerical and risk-based judgement in prioritising own workload and that of the team
- Implementation of change across multiple business lines / geographic teams / legal entities
- Achieving enhancement to core pension data which is owned, managed and supplied by a wide range of internal and external stakeholders
- Managing multiple senior stakeholders
- Leading several large projects simultaneously
- Commercial judgment & experience to anticipate & address changes in market conditions & strategies, which have an impact on long-term pension obligations
- The Global Pension Risk team is small and responsible for a material quantum of risk within HSBC. The tasks will require contact with senior executives across the group, both cross border and across multiple functions. The roleholder will have authority to carry out the key activities and will be guided by their manager, the wider team and by HSBC policies.
- HSBC operates c140 pension and other post-employment benefit plans around the world with over $50bn in assets.
Management of Risk
- The roleholder will ensure the fair treatment of our customers is at the heart of everything we do, both personally and as an organisation. This will be achieved by consistently displaying the behaviours required to support the Best Place to Bank principles of Make Better Products, Sell Them Properly and Keep Them Sold.
- The roleholder will also continually reassess the operational risks associated with the role and inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology.
- This will be achieved by ensuring all actions take account of the likelihood of operational risk occurring.
- Also by addressing any areas of concern in conjunction with line management and/or the appropriate department.
Observation of Internal Controls
- The roleholder will also adhere to and be able to demonstrate adherence to internal controls. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators.
- The roleholder will implement the Group compliance policy by containing compliance risk in liaison with Global Head of Compliance, Global Compliance Officer, Area Compliance Officer or Local Compliance Officer. The term ‘compliance’ embraces all relevant financial services laws, rules and codes with which the business has to comply.
- This will be achieved by adhering to all relevant processes/procedures and by liaising with Compliance department about new business initiatives at the earliest opportunity. Also and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimising relations with regulators.
Knowledge & Experience / Qualifications
- Undergraduate degree a numerate subject, such as Mathematics, Economics, Business Administration, Finance or a related field. Actuarial qualification or postgraduate qualification in a quantitative field will be an advantage.
- Familiarity with typical pension and other post-employment benefits, including their administration and funding
- Familiarity with risk management processes and vocabulary
- Familiarity with basic accounting concepts and legal entity structures an advantage
- Experience of numerical modelling and using and communicating model outputs for business purposes
- Ability to form effective relationships and achieve influence at a senior level in the organization
- Strong analytical skills
- Understanding of ICAAP requirements
- Communication and interpersonal skills, including the capacity to articulate the case for risk management in the language of business and to explain complicated issues in simple terms
- Proven ability to self-manage and prioritise competing demands
- Ability to embrace change, contributing to joining up with the other teams in Risk Strategy and function globally
- Ability to think creatively and develop innovative solutions
- Full knowledge of the Microsoft Office product suite (Word, Excel, Powerpoint, Outlook)
- Experience with platform PFaroe an advantage
As a business operating in markets all around the world, we believe diversity brings benefits for our customers, our business and our people. This is why HSBC is committed to being an inclusive employer and encourages applications from all suitably qualified applicants irrespective of background, circumstances, age, disability, gender identity, ethnicity, religion or belief and sexual orientation.
We want everyone to be able to fulfil their potential which is why we provide a range of flexible working arrangements and family friendly policies.
- business administration
About the company
HSBC is one of the world’s largest banking and financial services organisations. We serve around
48 million customers through four Global Businesses:
• Commercial Banking
• Retail Banking and Wealth Management
• Global Banking and Markets
• Global Private Banking
Our network covers 72 countries and territories in Europe, Asia, the Middle East and North Africa, North America and Latin America.
With around 6,100 offices worldwide, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and ultimately helping people to fulfil their hopes and realise their ambitions.
HSBC is listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges.
Specialties: Banking, Financial Services, International Finance and Banking, Wealth Management, Corporate and Business Banking.