Vice President, Prudential Policy Specialist
Description About this role
BlackRock is one of the world's preeminent asset management firms and a premier provider of global investment management, risk management and advisory services to institutional, intermediary and individual investors around the world. BlackRock offers a range of solutions - from rigorous fundamental and quantitative active management approaches aimed at maximizing outperformance to highly efficient indexing strategies designed to gain broad exposure to the world's capital markets. Our clients can access our investment solutions through a variety of product structures, including individual and institutional separate accounts, mutual funds and other pooled investment vehicles, and the industry-leading iShares® ETFs. Business Unit Overview:
The Prudential Policy Team, which sits within Finance in Edinburgh, plays a key role in ensuring that BlackRock is compliant with regulatory capital and reporting requirements across 20 countries / territories within EMEA. This includes engaging with regulatory bodies like the Financial Conduct Authority (FCA), the Prudential Regulation Authority (PRA) and the European Banking Authority (EBA), and responding to consultation papers these bodies publish.
The team works closely with the Financial Reporting Group (FRG) to ensure that a large volume of regulatory returns are submitted accurately and on time in order to ensure that BlackRock is compliant at all times. The team also partners with RQA on the project management of the Internal Capital Adequacy Assessment Process (ICAAPs) which are submitted annually to the UK, the Netherlands and Saudi Arabia. The team are also responsible for the co-ordination and submission of the Pillar 3 Disclosure documents. Purpose/Background:
The individual will play a key role in the production of regulatory deliverables like the ICAAP and other ad hoc projects which will have an impact on regulatory reporting and capital requirements. This will involve working with a variety of stakeholders across the BlackRock Group Limited (BGL). Currently a key area of focus is preparing for the introduction of the Investment Firms Prudential Regime ('IFPR') in the UK and the Investment Firms Regime ('IFR') in Europe.
The ICAAPs in the UK, The Netherlands and Saudi Arabia are some of the largest pieces of work the team leads on and considered to be one of the most important regulatory submissions the Boards in each country must make to the various European regulators. As such it is a high profile deliverable. The primary purpose of the ICAAPs is to inform the Boards of the ongoing assessment of their ability to meet their liabilities as they fall due, how they intend to deal with risks, and the amount and nature of financial resources that the Board considers necessary to hold. The Prudential Policy Team coordinates on behalf of the Boards a year round collaboration across a number of functions within the BlackRock Group Limited ('BGL') including the BGL Board, Risk and Quantitative Analysis (RQA), the Financial Reporting Group (FRG), Business Finance and Treasury.
The individual will be the subject matter expert on various Prudential Regulations across Europe which will involve horizon scanning of proposed new rules, writing policies as they will apply to BlackRock and provide a linkage to the other finance areas to ensure a successful implementation of those policies. Key Responsibilities:
- Be a subject matter expert in relation to the capital requirements and regulatory reporting requirements in relation to key regulatory submissions like the ICAAP and the Pillar 3 Disclosure document. This will include knowledge of the new IFPR and IFR rules.
- Provide assistance with the project manage the delivery of one of the ICAAPs and other ad hoc projects.
- Coordinate / manage regulatory visits including the provision of pre and post visit information requests.
- Contribute to the stakeholder management of key relationships with the BGL Board, the Non-Executive Directors (NEDs), FRG, RQA, Treasury and Business Finance.
- Ensure that key stakeholders (e.g. FRG, RQA, Treasury, and Business Finance) are kept abreast of changes / forthcoming changes to legislation and regulators expectations.
- Chair the monthly Solvency II horizon scanning meetings relating to the BlackRock Life Company.
- Respond to ad hoc regulatory queries.
- Engage with third party advisers and BlackRock's Regulatory Engagement Team with a view to better understanding regulators' expectations.
- Deputise for the EMEA Prudential Policy Director at the BGL Capital Committee and prepare and present papers when required to do so.
- Contribute to the building of relationships across the industry (e.g. FCA, PRA, EBA, the Investment Association (IA), other firms, third party advisers) with a view to ensuring that BlackRock is actively involved / leads lobbying on prudential regulatory matters.
- Actively search for improvements within the role.
This is a key role within the Finance function and an excellent opportunity for an individual to gain a thorough understanding of how BGL as a whole operates. In the process the individual will have the opportunity to gain a detailed insight into not only BGL's financials but also how it considers risk, liquidity and overall governance. The role will provide exposure to a number of stakeholders including the BGL Board, FRG, RQA, Treasury, Business Finance and Compliance. Experience/Competencies:
- Ideally educated to degree level or equivalent.
- Professional qualification preferred (for example, accounting or legal qualification) or a background in compliance.
- Excellent written and verbal skills.
- Strong stakeholder management skills.
- Possess a high degree of integrity and professionalism.
- Experience of working in a prudential policy team or as a consultant in this area.
- Strong presentation skills - able to present competently to senior stakeholders.
- Ability to manage multiple priorities successfully.
- Ability to work collaboratively across a variety of teams and stakeholders.
To help you stay energized, engaged and inspired, we offer a wide range of benefits including a strong retirement plan, tuition reimbursement, comprehensive healthcare, support for working parents and Flexible Time Off (FTO) so you can relax, recharge and be there for the people you care about. About BlackRock
At BlackRock, we are all connected by one mission: to help more and more people experience financial well-being. Our clients, and the people they serve, are saving for retirement, paying for their children's educations, buying homes and starting businesses. Their investments also help to strengthen the global economy: support businesses small and large; finance infrastructure projects that connect and power cities; and facilitate innovations that drive progress.
This mission would not be possible without our smartest investment - the one we make in our employees. It's why we're dedicated to creating an environment where our colleagues feel welcomed, valued and supported with networks, benefits and development opportunities to help them thrive.
For additional information on BlackRock, please visit careers.blackrock.com | www.blackrock.com/corporate | Instagram: @blackrock | Twitter: @blackrock | LinkedIn: www.linkedin.com/company/blackrock
BlackRock is proud to be an Equal Opportunity and Affirmative Action Employer. We evaluate qualified applicants without regard to race, color, national origin, religion, sex, sexual orientation, gender identity, disability, protected veteran status, and other statuses protected by law.
BlackRock will consider for employment qualified applicants with arrest or conviction records in a manner consistent with the requirements of the law, including any applicable fair chance law.