Chief Credit Officer, Lloyds
Insurance Pensions & Investments Risk
+ An annual bonus award, subject to Group performance + Share schemes including free shares
2 days a week in office
Retail and commercial bank
Be an early applicant
Retail and commercial bank
1001+ employees
Be an early applicant
+ An annual bonus award, subject to Group performance + Share schemes including free shares
2 days a week in office
1001+ employees
Company mission
To support families and businesses, helping them to take the next step, whatever that may be.
Role
Who you are
- Recognised as an expert in credit risk, with proven experience gained within a large complex financial services organisation, including management of regulatory and relevant risk management frameworks
- Expert knowledge of Solvency UK and CRA equivalent rating models
- Proven technical experience/ understanding of Group Reportable Balances (e.g. Shareholder Assets) and as a senior sanctioner for significant transactions
- Knowledge of industry standards, legislation and regulation relating to credit risk management
- Effective relationship management, delivering successful business partnering whereby constructive challenge is undertaken in a timely and orderly fashion
- Ability to recognise and deliver the changing skills required for the Risk function of the future and adequately upskill and build a team of Risk professionals
- High standards of conduct and behaviour, especially with regards to the interests of customers
- Experience in leading and engaging teams across multiple offices
What the job involves
- The Insurance Pensions & Investments (IP&I) Risk Chief Credit Officer (CCO) is responsible for leading and strategically directing credit risk management within the IP&I function. This authority is delegated directly from the IP&I CRO
- As a Material Risk Taker under the Senior Manager Regime, you'll serve as the senior sanctioner for IP&I, with Delegated Credit Authority from the IP&I Board, delegated by the Insurance CRO. This role demands a deep understanding of credit risk management, including Group Reportable Balances (e.g.,
- Shareholder Assets), and a solid grasp of other significant risk areas impacting IP&I. You'll collaborate closely with the Chief Risk Officer Insurance, the Group Chief Credit Office, the IP&I Risk leadership team, the IP&I Executive, the Insurance Board, and other senior team members
- In your role as Chief Credit Officer, you'll coordinate all second line of defence (2LOD) activities related to IP&I credit. This includes conducting oversight and assurance of business activities to ensure the effectiveness of the risk control environment, and contributing to reports for the IP&I Executive Committee and the Insurance Board
- You'll need an excellent understanding of the Group and IP&I’s overall purpose and strategy. Your leadership and decision-making will be crucial in ensuring compliance with Solvency UK regarding all credit risk matters. You'll sanction all significant private credit assets in IP&I on the shareholder balance sheet and, together with the Financial Risk team, oversee any further activities to optimize the matching adjustment within IP&I
- Your oversight will be comprehensive, enabling you to lead all IP&I decision-making and senior reporting on credit. Effective and timely communication will be a critical aspect of this role
- As a leader in second line risk oversight, your role will involve providing credit risk insights for IP&I and ensuring adherence to Risk Appetite and Solvency UK regulations. A detailed understanding of credit ratings in banks and insurers, along with full knowledge of Solvency UK, is required
- To lead credit Risk decisioning for IP&I at the most material level and oversight the credit risk taking activity of the IP&I division
- Oversight MA optimisation undertaken by 1LOD, taking a view on the balance of risk vs return
- Maintenance of the credit risk strategy for the IP&I business - conducting oversight and providing assurance of 1LOD activities to ensure the efficiency of LBG’s Credit Risk controls
- Be the IP&I Risk subject lead for credit risk and educating colleagues on the topic
- Ensure all IP&I Division related credit policies, procedures and methodologies are appropriate, up to date and aligned with IP&I Risk Division and Group Risk Appetites
- Coordinate the development of a comprehensive credit risk approval framework for IP&I. Apply standard methodologies used in other departments. Take the lead in approving credit limits for the IP&I Division within lending authority
- Ensure reinsurance arrangements are conducted within IP&I Policy and Appetite, and Group Risk Policy and Appetite
- Specify and maintain an effective credit risk reporting framework to ensure that all credit risk within IP&I Division is appropriately reported
- Carry out appropriate benchmarking to ensure required standards are met
- Identifying emerging credit risks (obligor, sector, country etc) and recommending corrective action where appropriate
- Effective Risk management of a complex range of risk activities ensuring appropriate IP&I Risk team focus on contending priorities
Salary benchmarks
Our take
Lloyds Bank, part of Lloyds Banking Group, began operations back in 1765 and is nowadays one of the UK’s leading retail and commercial banks. As with many leading banks, the company has dealt with its share of controversy – including for its handling of PPI complaints in 2015, and the 2009 European Commission ruling that forced it to part ways with TSB – but it has nonetheless stood the test of time and worked to build back its public reputation in the wake of these setbacks.
Of the company’s 26 million customers, over 18 million of them are online, making it the largest UK digital bank. As part of its ongoing digital transformation, the company is seeking to put the cloud at the front of its services and systems, and has cited intentions to invest heavily in overhauling its current technology infrastructure. All this seeks to serve the modern banking customer, and to compete with the fast-increasing number of alternative banking options appearing on the market.
Recently, Lloyds Bank has shown great interest in facilitating innovation in the industry, joining as a partner on FinTech Action Labs (a FinTech accelerator programme) to bring its industry expertise to early-stage FinTechs. As well as investment in digital transformation and AI, the company is enhancing its wealth product and corporate banking offerings, as well as expanding its partnerships with digital banking companies.
Steph
Company Specialist at Welcome to the Jungle
Insights
Company
Company benefits
- Flex cash: This is 4% of your basic salary and can be used to spend on the benefits of your choice, or you can choose to take it as a cash top up in your monthly salary.
- A generous holiday allowance: You’ll be eligible for a minimum of 22 days holiday (excluding bank holidays), rising to 30 days based on length of service and grade.
- A flexible way of working: Whether you want flexibility over your location or when you log on, together we can create an approach that works for you and for the business.
- Family leave: Up to 63 weeks of maternity or adoption leave. Statutory maternity or adoption pay is available for 39 weeks, and 20 weeks will be enhanced to the equivalent of full pay. Partners can have six weeks of fully paid paternity leave.
- Health insurance: Our company funded Private Medical Benefit provides all colleagues with access to good quality medical care, including accommodation, nursing care and specialist advice.
- Colleague Offers: Get discounts on everything from electrical items to cinema tickets and weekly food shopping. You can share this benefit with up to ten family members or friends.
- Financial products: Take advantage of our great financial products, some at a discounted rate, including current accounts, home and car insurance and loans.
- Share plans: Participate in Sharematch and receive matching shares of up to £45 a month from the company, and you can choose to participate in Sharesave, our combined savings and share option plan.
- Pension: We offer a generous pension plan, with all joiners being automatically enrolled in our 'Your Tomorrow' scheme. You can decide how much you save and get a say in where your contributions are invested.
Company values
- We trust each other to achieve more together. We listen to, and are honest with, each other. We take things on, see them through, and give others the space and support to do the same.
- We put people first, and empower our colleagues to go the extra mile for our customers and communities. We treat everyone as individuals, and we don’t put processes ahead of real people’s needs.
- We embrace our differences to value everyone. We seek out diverse perspectives in order to learn about people’s different and changing needs, and to see how we can best support these.
- We’re bold and take action to drive the best outcomes for our customers. We champion ideas that move us forward, and we innovate for better results. We challenge things that aren’t right and make it our job to change them.
Company HQ
City of London, London, UK
Articles
Leadership
Charlie Nunn
(Group Chief Executive, not founder)Spent nine years at HSBC, including as Group Head of Wealth Management and Digital, and as CEO of Wealth and Personal Banking.
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