The Railways Pensions Scheme is one of the UK’s largest and longest established pension funds. RPMI Railpen (Railpen) is responsible for the safekeeping and investment of around £29 billion of assets on behalf of the scheme’s 350,000 members who are connected to the railway industry. Our mission is to pay our members’ pensions securely, affordably and sustainably.
To achieve this, we invest the scheme’s assets to generate strong investment returns over the long term. The scheme is the seventh largest pension scheme in the UK by assets under management. Railpen invests in both private and public assets. Every day we work together to help create a better future for 350,000 people and their families.
Investment Risk Management Team Purpose:
The Investment Risk Management Team supports Railpen in its vision of being a world leading pension fund. Railpen takes investment risk in order to generate returns; therefore, the management of our investment risk is foundational to our business. To enable a world-class investment team, we must maintain a world class Investment Risk Management function, equipped with the capabilities manage, not limit investment risk, in order to help the business pay pensions securely, affordably and sustainably.
The team’s specific objectives are:
- Develop and maintain RPMI’s risk governance framework (risk policies, risk guidelines, risk processes).
- Devise risk management frameworks (setting risk limits, thresholds and tolerances) for internal and external stakeholders
- Integrate investment risk considerations into top-down investment decisions (ALM, SAA, hedging, ESG, valuation, scenario analysis, market crisis planning).
- Architect and maintain an effective and efficient suite of risk tools, including end-user analytics and data visualization tools.
- Research and model best in class qualitative and quantitative risk measurement techniques
- Build and maintain an inventory of standard and bespoke performance and risk reports which are responsive and well regarded by all users.
- Develop key performance indicators (KPIs) to measure and track investment and client success.
You will be working on:
- Within IRM team, support the Investment Risk Management function
- Work to improve the investment team’s decision making and provide strong oversight through
- Measuring, analysing and interpreting investment risk at portfolio and total fund level; build narrative and provide appropriate follow up, and investigation.
- Use quantitative risk metrics such as sensitivity and scenario stress testing, counterparty and credit risk, liquidity analysis and market risk monitoring to assist the team in forming qualitative risk opinions.
- Ad-hoc research on investment risk queries.
- Communicating results and findings within the investment risk team, the wider investment and fiduciary teams and Management Committees.
- Development of investment risk tools, metrics and processes for both public and private markets to support the firm’s investment decision process in a multi asset, multi fund context.
- Contribute to continuous improvement and enhancement of automated reporting capabilities of the team.
- Support IT in the maintenance of risk systems & operational process.
- Timely and considered responses to data queries.
- Production of Board, Trustee and other required reporting materials, ensuring content and output are timely, accurate and relevant.
- Collaborate with internal teams as required, including the Investment Team, Strategy Team, Technology Team and Client Investor Services team.
- Promote the investment risk management team’s role and capabilities internally.
- Collaborate with external stakeholders as required (index vendors, software providers, etc.)
- Other duties as required.
- Takes Ownership: Maintains and improves BAU reporting, identifying improvements to content and operating model
- Collaborative: Works with other teams and peers across the industry to improve the IRM product
- Pioneering: Ability to grow ideas into scalable and deliverable solutions.
Skills & competencies
- Demonstrated understanding of risk methodology, models, measures, financial instruments and financial data, and knowledge of historical, Monte-Carlo and Stress Testing for both public and private markets would be advantageous.
- Advanced working knowledge of Excel, SQL, MATLAB or R. Other programming languages and analytics tools (eg: Python, PowerBI) is considered a significant asset
- Ability to handle multiple, complex tasks simultaneously.
- Experience with process design and execution, and stakeholder management
- Detail oriented analytical skills and capability to think through complex ideas and problems, while assessing multiple factors to recommend practical solutions
- Exceptional numerical and analytical skills
- Excellent verbal and written communication skills.
- Strong interpersonal skills
- Degree / Master’s degree in relevant field (ex: Financial Mathematics, Business/Finance, Economics, Computer Science)
- 3+ years of experience in financial services with relevant exposure to investment risk measurement experience in market, credit and/or liquidity risk
- Professional designation or progress towards one (ex: CFA, FRM)