Legal & General America

Director, Credit Risk

Job Locations US-CT-Stamford
ID
2022-2731
# of Openings Remaining
1
Category
Retirement

Overview

Legal & General is a leader in Pension Risk Transfer with over 30 years of experience globally, servicing over a million annuitants. Building on our global success, we established our Pension Risk Transfer platform in the US in 2015.  The business has grown steadily and in 2020 we eclipsed $1.6 billion in premium written.

At Legal & General Retirement America, we aim to make a positive difference in the lives of our customers, partners, colleagues, and the communities in which they live.  We are passionate about what we do and how we do it. This means working with pace and energy to reach our goals and challenging ourselves to achieve more.  We strive to create a unique environment where balance between work and life is possible.

 

Purpose and Objective

Reporting to the LGRA Chief Risk Officer, the Director, Credit Risk provides independent oversight of Credit Risks arising from the investment portfolios managed by Legal & General America. Works collaboratively with 1st Line to deliver business objectives within agreed Credit Risk appetite and tolerances, providing independent feedback and challenge to inform senior management decisions. The Director, Credit Risk will contribute to the maintenance of an effective credit risk control and governance framework, and ensure that the risk appetite is appropriately defined and adherence is correctly measured.  The role requires close collaboration with the LGA Investment team and with Legal & General’s wider Risk organization which includes constituents in the United Kingdom. 

Responsibilities

  • Provide timely independent Credit Risk analysis and opinions on LGA proposed direct investments, working collaboratively with 1st Line and relevant 2nd Line colleagues, developing mitigants and, if needed, systematic frameworks to identify and manage Credit and other risks, and supporting pricing analysis.
  • Support the introduction of new investment asset classes, ensuring that Credit Risks are fully identified and properly mitigated and appropriate governance is followed, working collaboratively with 1st Line and supporting an efficient evaluation, opinion, approval and implementation process.
  • Provide second line review of existing and new, prospective asset managers ensuring compliance with existing guidelines and ability to source investments in line with our appetite; Provide risk opinions as necessary
  • Assist the Director of Financial Risk manage and monitor Credit MI and advise on improvements to ensure adherence to Credit Risk appetite and tolerances; provide guidance and support to improve Credit Risk management practice; and proactively engaging with 1st Line to ensure Credit Risk issues are addressed in a timely fashion.
  • Support LGA’s effort to analyse the impact of climate risk on real assets of the investment portfolio.
  • Provide support and second line review of strategic asset allocation and the development of the surplus investing strategy for LGRA. Related to the asset class initiative is the broader review of asset allocation as applied to both US business which includes insurance entity in Maryland
  • Review the appropriateness and effectiveness of internal controls relating to credit risk reporting and all risk processes and ensure regular policy updates are incorporated.
  • Build and maintain effective relationships with the LGRA Pricing, Finance and Investment teams, and promote open and honest dialogue within the business to ensure early and appropriate engagement between first and second lines to enable LGRA to meet its business objectives. 
  • Play an active part in working with the United Kingdom-based parent risk teams (Legal & General Retirement and Legal & General Group) and the Maryland-based Legal & General America risk team, to share information and experience and develop the aims of good risk management practice across Legal and General. 
  • Ability to identify and timely communicate existing and emerging risks, effectively articulate recommendations as well as available options to various senior constituents.
  • Ability to validate and analyse investment ratings and methodologies, rating migrations and impact to portfolio.
  • Ability to pivot and work in a growth environment with shifting priorities and pitch in where needed.
  • Ability to identify legal issues and exercise sound judgment for benefit of LGRA.

Qualifications

Education 

  • BA in mathematics/economics/finance or related field required.
  • CFA charter preferable.

 

Experience/Knowledge

  • 7+ years credit related experience including underwriting and/or rating and structuring, portfolio management and workouts
  • Strong, hands-on knowledge of legal documentation and ability to interpret same
  • Deep understanding of the credit cycle, institutional investing and illiquid direct investments

 

Skills

  • Self-starter, results-driven work ethic with the ability to thrive independently. 
  • Ability to think strategically and executing tactically to meet aggressive deal structuring time frames 
  • Experience influencing in a matrix-oriented environment with multiple stake holders and team members 
  • Experience with direct investment underwriting and rating processes
  • Ability to constructively challenge
  • Prior experience working with legal counsel

 

We are an equal opportunity employer and value diversity at our company. We do not discriminate on the basis of race, religion, color, national origin, sex, gender, gender expression, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment. Please contact us to request accommodation.

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