Head of Model Risk

Head of Model Risk

Croydon office location with hybrid working

£105,000 to £120,000 per annum plus Civil Service Pension

Permanent

Full Time

At the Pension Protection Fund (PPF), we provide security in retirement for our members and millions of people throughout the UK who belong to defined benefit (DB) pension schemes. Through the PPF and Financial Assistance Scheme (FAS), we compensate members for their pensions after the employer funding their pension becomes insolvent. In total, we look after over 400,000 members across the PPF and FAS. With over £30 billion in assets under management, our investments support long-term economic growth across the UK.

Our award-winning team of around 450 professionals has earned the IPE UK Pension Fund of the Year title three times in seven years. We work closely with government and industry partners to improve outcomes for scheme members, employers, and the broader pension system—playing a vital role in strengthening retirement security nationwide.

We are seeking a Head of Model Risk to lead and elevate our model risk oversight, ensuring the integrity, transparency and resilience of the models that underpin our most significant decisions.

As the Head of Model Risk, you will be responsible for the oversight and management of model risk across the PPF. You’ll ensure that models used throughout the organisation are appropriately governed, well understood, and relied upon with confidence.

Acting as an independent second‑line function, you will provide challenge, assurance and insight, ensuring model limitations, uncertainty and expert judgement are transparent and correctly reflected in our decision‑making. You’ll shape the PPF’s model risk framework, drive improvements, and foster a culture of high‑quality risk management.

This is a rare opportunity to influence the strategic direction of model risk management at a high‑profile financial institution with a unique social purpose.

We’re looking for a financial risk expert with deep experience in actuarial and stochastic modelling, model risk management and leading technical teams. You’ll bring strong model validation expertise, along with analytical capability and the ability to distil complex concepts into clear, compelling insight for any audience. Confident, independent thinking is essential, along with the courage to challenge established practices and the judgement to balance technical precision with commercial reality and have the ability to influence stakeholders effectively.

You’ll also bring strong technical foundations: understanding of quantitative methods, best‑practice financial modelling and industry standards. You’ll be fluent in stress testing, scenario analysis and reverse stress testing, with broad knowledge of investment products across public and private markets. Familiarity with emerging modelling techniques, including machine learning and GenAI, is important, underpinned by a sound grasp of economics and credit risk.

Sound like you? Apply now.

In return for your skills, experience and commitment we’ll give you a challenging role within a business where you’ll get the support you need to develop your career.

We’ll also give you lots of opportunities for personal development and skills training.

Our Croydon office is just across the road from East Croydon station, which is around 15 minutes from Victoria or London Bridge, 10 minutes from Clapham Junction or half an hour from St Pancras.

We are proud to be a Disability Confident Leader and actively encourage applications from people with disabilities. We are committed to ensuring our recruitment process is inclusive and accessible. If you require any reasonable adjustments during the recruitment process, please let us know. We are happy to discuss your needs and ensure you have the support required.

We embrace diverse talent welcoming people with different beliefs, backgrounds and ways of working. Whatever your background, and however you identify, you’ll be welcome here.

No agencies please