Business Unit: Finance Treasury
Salary range: £49,600 - £64,000 DOE
Contract Type: Permanent
Join Virgin Money as we transform our team into one that is ready to meet the challenges of the future, setting us up to support our ambition to disrupt the status quo and turn traditional banking on its head. We’re on the lookout for like-minded individuals and innovators to help drive our strategy forward. We’re also transforming how we work, offering our colleagues more choice, control and flexibility to live and work how they choose with A Life More Virgin.
Here’s what it means for YOU:
- 38.5 days annual leave for all colleagues (including bank holidays and pro rata if part-time)
- Five extra paid well-being days per year
- A 35-hour working week
- 20 weeks paid, gender neutral family leave (52 weeks in total) for expectant parents and those looking to adopt
- Market leading Pension & Private Medical Insurance
- Flexible benefits including Cycle to Work, Wellness & Health Assessments and Critical Illness
- Ability to work anywhere in the UK (where the role allows)
And you get these Red Hot Rewards from day one!
This role will enable you to develop an understanding of all aspects of VMUK, ensuring our Recovery and Restructuring Plans not only meet minimum regulatory requirements, but strive to be best of class.
Reporting to the Head of Recovery & Resolution, the Recovery & Restructuring Planning Manager is key to ensuring that VMUK remains compliant with the requirements of Recovery and Resolution planning from a regulatory perspective including the delivery of the Board approved Recovery Plan and Restructuring Plan.
Post the Global Financial Crisis regulators are increasingly concerned about how banks can manage stress situations under their own resources and not rely on taxpayer support. Banks are expected to have robust, actionable, and tested recovery plans for managing these situations and, in a worst case, credible plans that allow for their recapitalisation and restructuring.
We are a team of 4 sitting within Treasury, responsible for the recovery plan and everything around bank resolvability. This means we get to interact with all areas of the bank including senior management and the Board. This is an important area for the Board given the regulatory focus.
You will oversee both of these critical regulatory and board deliverables at least annually. This will involve a pan bank, cross functional exercise to understand, challenge and document our approach to a minimum of regulatory requirements and ideally reflecting the specific needs, risk and circumstances that we might find ourselves in.
You’ll be responsible for:
- Owning the framework and processes to produce the annual refresh of the Board approved Recovery Plan including the identification of potential Recovery Options and Stress Scenario development to test the Recovery Plan.
- Working with the business to ensure the Recovery Options are appropriate and executable and oversee the development of future Recovery Options which have been identified for development.
- The Bank’s Early Warning Indicator (EWI) framework and producing the Management reporting to Executive Risk Committee (ERC) monthly on the EWI breaches and any escalation actions / outcomes.
- Working with the business to develop and enhance the EWI metrics,
- Liaising with Risk to support the risk appetite setting in the Bank ensuring linkage between the EWI framework and metrics.
- Owning the framework and processes to refresh the Board approved Restructuring Plan as part of the Resolvability Assessment Framework (RAF). This includes the refresh of the Restructuring Options, and refresh of the BRP framework.
- Working with other areas of the Bank responsible for the RAF Barriers including Treasury, Business Resilience, Payments, Finance, HR and Governance to ensure the overall approach to RAF is appropriate and comprehensive.
- The periodic self-assessment for RAF relating to the Restructuring barrier.
- Working with the Capital Management Team, Treasury and the Business Resilience team to ensure Policies, reporting, stress testing and scenario planning are given appropriate considerations.
- Building strong relationships with Senior Leaders and the finance community.
- Contribute to regulator testing and assurance via fire-drill exercises.
To be successful you will need to bring:
- A post graduate professional qualification in finance, business administration or a related discipline or alternatively longer practical experience if non-qualified.
- Excellent knowledge of UK regulation (particularly in relation the PRA and Bank of England regulations).
- Possess strong analytical/planning skills, together with an exceptional control and risk background.
- Very high level of initiative and self-motivation but also able to follow the agreed way of working.
- Strong understanding of the regulatory and financial services landscape.
- Strong emotional intelligence and resilience to remain energetic, positive/can do, with the drive and ambition to succeed
We’d love you to have:
- Good communication, facilitation and analytical skills.
- A curious mindset with the ability to see the bigger strategic picture.
- The ability to engage and inspire others through clear and persuasive communication.
- Education to Degree level or equivalent with Accounting, Banking, Risk or Financial Services qualification, or relevant pension, insurance or banking industry experience.
We really need you to have the skills and experience listed in the ‘To be successful you will need to bring’ section above, but the rest is just our wish list, so please don’t let that put you off applying, we’d love to hear from you!
Inclusion at Virgin Money
Inclusion is at the heart of everything we do here at Virgin Money. It’s good for you, it’s good for us and it’s amazing for our customers. We know that great minds don’t think alike, so we rely on your diverse thoughts, feelings, beliefs and backgrounds to be the best we can possibly be. Got any questions about this or need some support with your application? We’d love to hear from you so get in touch with our careers team at email@example.com.
Now the legal bit…
Living A Life More Virgin allows our colleagues to be based anywhere in the UK (if the role allows it) but we will need to you to confirm you have the Right to Work in the UK.
If we offer you a job and you accept, there are some checks we need to complete before you can start with us. This will include a credit and criminal record check, as well as providing 3 years' worth of satisfactory references.