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Head of Investment Risk
Location: London - hybrid 50%
Contract: Permanent
Hours: Full time 35 hours
Purpose of the Role
The Head of Investment Risk provides independent second line oversight and challenge of Just's investment activities, including investment strategy, portfolio construction, and new asset initiatives. The role ensures that investment activity remains aligned with Just's business model as a UK retirement income insurer, operates within risk appetite and regulatory requirements, and supports long-term policyholder obligations.
Working closely with Investment teams and Risk colleagues, the role provides independent risk insight, constructive challenge, and escalation where required.
Key Accountabilities
- Provide independent second line oversight and challenge of investment strategy, strategic asset allocation, and portfolio construction.
- Review and challenge proposals for new asset classes, complex transactions, and material changes to investment activity.
- Assess the effectiveness of first line processes for identifying, measuring, monitoring, and managing investment risks.
- Evaluate investment risks across credit, market, liquidity, capital, valuation, and operational risk dimensions.
- Review and challenge investment risk methodologies, stress testing, scenario analysis, and risk monitoring frameworks.
- Assess the appropriateness of investment risk limits, tolerances, and triggers, ensuring alignment to risk appetite.
- Provide clear, balanced, and evidence-based risk opinions to senior management and governance committees.
- Escalate material concerns where activities fall outside risk appetite, governance standards, or regulatory expectations.
- Maintain second line oversight of distressed assets and workout activity, including lessons learned.
- Collaborate with Investment teams and Risk colleagues to support effective and consistent investment risk management across the business.
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Examples of Key Activities
- Review strategic asset allocation proposals and assess associated risk implications.
- Conduct independent analysis of portfolio risks, concentrations, liquidity profiles, and capital impacts.
- Assess proposals for new asset classes, investment structures, and material transactions.
- Challenge assumptions, methodologies, and outputs used in risk assessments and investment analysis.
- Review investment risk limits, metrics, and monitoring approaches for appropriateness and effectiveness.
- Monitor investment risk exposures, emerging risks, trends, and breaches, escalating where necessary.
- Prepare risk papers, challenge reports, and independent risk opinions for governance forums.
- Participate in committees and working groups, providing investment risk expertise and constructive challenge.
- Review distressed asset and workout strategies from a second line risk perspective.
- Support the ongoing development of investment risk policies, frameworks, reporting, and governance practices.
What We're Looking For
Essential
- Significant experience in investment risk, credit risk, investment oversight, or a related discipline within insurance, asset management, banking, or financial services.
- Strong understanding of investment strategy, portfolio construction, and investment risk management, including complex and illiquid assets.
- Good understanding of the needs of a UK retirement income insurer, including liability matching, capital considerations, and policyholder obligations.
- Experience providing effective review and challenge of investment proposals, risk assessments, methodologies, and governance papers.
- Strong analytical skills, with the ability to assess complex issues and translate them into clear, practical insights for decision-makers.
- Excellent communication and stakeholder management skills, with the ability to influence and challenge constructively at senior management and committee level.
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Desirable
- Experience of private credit, structured credit, securitisations, or other complex investment asset classes.
- Understanding of Matching Adjustment requirements, Solvency UK, and the investment governance expectations applying to UK insurers.
- Experience working within a second line risk function or three lines of defence framework.
- Relevant professional qualification, such as CFA, FRM, actuarial, or equivalent.
What’s in it for you
- A competitive salary, pension scheme, and life assurance
- 25 days annual leave plus an additional day on us for your birthday
- Private medical cover and income protection, just in case
- A generous and highly achievable bonus scheme
- Opportunities to progress your career in-role and within the company
- Free access to the Headspace app, 24/7 employee assistance helpline, and trained physical and mental health first aiders
- A variety of employee-funded benefits available via our online benefits portal
- Plus, several additional purchase options available for you and your loved ones
Explore our full range of benefits on our dedicated benefits page.
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