Principal Quantitative Analyst

Details ----------- Reference number 472125 Salary £61,250 - £76,671 A Civil Service Pension with an employer contribution of 28.97% GBP Job grade Grade 7### Contract type Permanent### Business area UKEF - Risk Management Group - Analysis Division### Type of role Analytical### Working pattern Flexible working, Full-time, Job share### Number of jobs available 1 Contents ------------ * Location * About the job * Benefits * Things you need to know * Apply and further information Location ------------ Westminster, LondonAbout the job ----------------- Job summary The Analysis Division (AD), in Risk Management Group (RMG), brings together analysts from a range of disciplines, including economics and operational research. Together we produce impactful, innovative analysis essential to delivery of UKEF’s mission, and provide analytical leadership across the Department. We are made up of four branches: * Country Risk Analysis – assessing economic and political risk factors relating to UKEF’s portfolio and pricing, delivering thematic macroeconomic analysis and monitoring and managing UKEF’s system of country exposure limits. * Economic Analysis – developing economic insights and research, with particular focus on quantitative techniques and understanding the real-world impact of UKEF’s activities. * Pricing – managing deal information and calculating premium so that UKEF both meets internationally-agreed requirements, and covers the risks we take through our exposures. * Operational Research and Analysis (ORA) The Operational Research \& Analysis (ORA) branch’s core function is to manage, model and price risk across UKEF’s portfolio, monitoring how it evolves as we support UK exports around the globe. This task involves regular stress testing and scenario analysis exercises, as well as on-going reviews and development to ensure our methods represent best possible practice. The financial success of UKEF is dependent upon sound risk management practices, which are increasingly vital given the headwinds faced by the global economy. Analysts in ORA also act as internal consultants, using our problem solving and communication skills to support colleagues right across UKEF. We work in close collaboration with every division on tasks as diverse as problem structuring, project management, model development, and statistical analysis, including data science and artificial intelligence. We offer a supportive and encouraging environment emphasising continual development of analytic, communication, and people skills through self-directed and external training, always seeking to apply what we have learnt to improve decision making and operations across UKEF. ORA is also involved in major projects that will shape the department for years to come. Current examples include embedding financial reporting changes in line with new International Financial Reporting Standards (IFRS 9 and 17), as well as projects to identify automation and data science or machine learning/artificial intelligence applications across the department. Job description The Principal Quantitative Analyst reports directly to the Deputy Head of ORA and supports the day-to-day leadership and delivery for the programme of work of the Operational Research and Analysis team. That programme includes four main areas: * Portfolio modelling and analysis, which plays a central role in assessing risk across UKEF’s portfolio, measuring whether the Department is meeting its financial objectives and providing assurance to internal and external stakeholders. The importance of understanding our risk has grown in recent years in line with the growth of our portfolio, the diversity of products we offer and the range of counterparties we engage with. * Project related work, ORA contributes to several transformational projects across the Department. Recently, the team led the development of new risk models as part of the Financial Reporting Changes project. Following implementation, a key objective is embedding processes and insights from the new suite of models to ensure continued compliance with the Standard. ORA also plays a critical role in projects aimed at improving the data and analysis infrastructure across the Department. In addition, the team is focused on modernising our modelling approach, automating key processes, and enhancing the communication and reporting provided to stakeholders. * Analytical leadership. This includes development and adoption of new analytical techniques and technology in UKEF, in portfolio risk modelling but also in the wider field of data science – including use of new programming languages, software and statistical techniques. This requires horizon scanning and awareness of the latest advancements, and also looking for new ways and contexts in which to apply them. * Internal Consultancy. Investigating problem areas and / or undertaking analysis which is too complex for other teams to carry out, and using the results to formulate advice. The work is commissioned by senior management and may relate to policy or operational issues. The Principal Quantitative Analyst will coordinate substantial strategic research projects, from scope to delivery, often involving significant technical challenges. Analysis performed during these projects may require the use of operational research techniques, statistical (including data science and AI) or mathematical modelling, or broader management science techniques. The Principal Quantitative Analyst provides relevant analysis and advice to ensure UKEF meets its strategic and business objectives, and as such good communication and interpersonal skills are highly valued. Quality assurance of the analysis work performed by other members of the team is a significant part of the role, encompassing both model and paper reviews. The role will likely also include the identification and definition of project opportunities, and agreement thereof with the Chief Analyst and Head of ORA. This work is done in collaborative environment, via consultation with senior managers and subject matter experts throughout UKEF. The role will include line management responsibilities, supporting and encouraging the development of more junior colleagues, as well as ensuring that all regular staff management, reporting, and training requirements are met. The Principal Quantitative Analyst will have the opportunity to become a member of the Government Operational Research Service (GORS), a Civil Service-wide profession offering opportunities for development and knowledge transfer across government. Main Activities ------------------- The main activities of the role are summarised below. Training (self-directed, internal, and external) is available to cover any specific technical skills described below; candidates are encouraged to consider whether the environment and type of work might suit their general skills, outlook, and interests rather than whether they have specific experience with the techniques outlined below. * Portfolio risk management and model development: + Manage, develop and maintain UKEF's portfolio risk modelling in the form of the Portfolio Risk Simulation Model (PRISM) and the PRISM process. PRISM is a core business critical model, underpinning measurement against UKEF’s financial objectives. + Conduct and manage the PRISM monthly process, quality assuring analysis performed by other ORA analysts on movements in UKEF’s portfolio risk. + Apply appropriate financial knowledge and risk management practices, including: Value at Risk modelling, stochastic modelling (including Monte Carlo simulation techniques), Excel and VBA, understanding of UKEF’s portfolio. Apply software modelling knowledge of Excel VBA and/or python. + Oversee and/or conduct scenario analysis and stress testing, reverse stress testing, and claims scenario analysis exercises, both regularly and on an ad hoc basis as required by UKEF’s Executive Committee and Board. + Provide and/or review portfolio risk analysis and value for money assessments for UKEF’s Active Portfolio Management (APM) activities. APM activities include monitoring risk concentrations, analysing value for money in reinsurance exercises, and providing other ad hoc analytic support. + Oversee and undertake regular reviews of PRISM assumptions and prepare papers for presentation to UKEF’s Enterprise Risk and Credit Committee (ERiCC). * Leadership and team management: + Effectively manage 1 or 2 team members at the SEO/HEO level in accordance with departmental management policies to improve business performance and build potential. + Lead and motivate the team to deliver business outcomes/targets. + Assist or deputise for the Deputy Head and Head of ORA as required (for example when they are out on leave). + Ensure effective communications are in place across the team, between colleagues, and with external stakeholders. + Engage with customers across UKEF to determine their analysis or model development needs. + Build the team’s knowledge of finance, mathematical and financial modelling, UKEF’s pricing and risk structures, and relevant OECD arrangements. + Liaise with Treasury, UK Government Investments (UKGI), and other Export Credit Agencies (ECAs) around the world about portfolio risk management practices. * Major project related work: + Financial Reporting Changes: The aim of this project is to bring UKEF in line with new financial reporting standards (IFRS 9 and 17). This will have a huge impact in portfolio risk management, including significant changes to portfolio risk modelling and processes to incorporate the impacts of macro-economic factors on UKEF’s future risk. The successful candidate will oversee and undertake work in embedding these new developments in our activities and processes. + Other project opportunities: As need arises and strategic imperatives evolve. Recent and ongoing major project work includes ORA’s automation project, which aims to streamline and automate our internal processes, and those of other teams, using modern techniques as well as problem structuring skills. Upcoming projects include the identification of automation and data science or machine learning/artificial intelligence applications across the department, and the ORA team’s project to modernise our suite of portfolio risk modelling tools. * Internal consultancy and data science/AI leadership across UKEF: + Investigate problem areas and/or undertake analysis for other divisions, to support change that is too complex for them to carry out on their own. + Carry out quality reviews where in-depth, cross-divisional knowledge or particular technical expertise is required. + Perform analysis work using quantitative and qualitative analytical techniques, including machine learning/AI and data science. Present the final papers to UKEF’s Executive Committee/ERICC or other significant committees within the business. + Review analysis and papers written by other members of the team, organise and actively participate in challenge sessions. + Undertake continual professional development to expand the suite of tools and techniques that we can use as internal consultants across UKEF. We are currently interested in expanding our R, Python, and data science expertise. + Help lead development of UKEF’s use of data science, particularly through identification and implementation of machine learning/AI applications. * Model development: + Develop and maintain UKEF’s premium pricing models, used to calculate the premium we should charge for each deal based on our risk methodologies and OECD and other agreements UKEF has entered into. + Engage with customers across UKEF to determine and scope their model development needs. + Plan out development tasks and ensure that modelling policy and best practice is followed. + Develop, maintain, and support models built in Excel VBA, python, and other software tools. + Perform quality assurance to the models developed by other team members. As part of this role the Principal Quantitative Analyst is expected to undertake at least one hundred hours of training per year. This training can be self-directed, internal (including role shadowing opportunities), or external. Our aim is to ensure that the Principal Quantitative Analyst is able to directly apply any training they undertake by identifying suitable projects and opportunities across UKEF. This list is not exhaustive, and you may be required to carry out additional duties according to business needs. Person specification UK Export Finance is looking for motivated individuals with a desire to learn about the business. Successful candidates will be provided not only with functional training to enable them to do well in their role, but also with personal development to help them to achieve their career ambitions. Please note that the person specification below outlines at which stage(s) you will be assessed on how you meet the criteria for the role(s) including:- A\= assessed at application stage I \= assessed at interview stage T\= assessed by test stage P \= assessed at presentation stage Essential ------------- Qualifications * A highly numerate degree (minimum 2:1, or a 2:2 with relevant experience or a postgraduate qualification). Typically, these include operational research, mathematics, physics, econometrics, engineering or data science, but the list of subjects considered is left Other numerate degrees, including accountancy, biology, chemistry, finance, etc may be accepted if at least 50% of modules are highly numerate, with evidence required prior to interview (A) * Evidence of Continuing Professional Development (I) Knowledge * Multiple analytical research methods and techniques (examples could include Monte Carlo simulation, econometrics, Value at Risk modelling, stress testing, data science). (A, P\&I) Skills/Ability * Proficient analytical ability; able to understand and select appropriate analytic techniques and models. (A, I) * Oral and written communication skills, including the presentation of results and explaining complex concepts to non-specialists. (I) * Effective problem-solving and problem structuring skills (A, T, I) * Consultancy skills including negotiation and facilitation (A, I) * Coding skills in a computer software language such as VBA, Python, R, or similar (A, I) * Project planning and time management. (A, I) * Microsoft office applications, including good Excel skills. (A, I) * Excellent attention to detail. (A, I) * The ability to build productive working relationships and work within a team. (A, I) Experience * Significant experience in an analytical or research role using a range of analytic or research methods and techniques. (A, I) * Management experience (A, I) * Project management experience (A, I) Desirable ------------- Qualifications * A higher degree (MSc/MBA/PhD) in a numerate subject * Membership of the Government Operational Research Service (GORS). Knowledge * Basic finance knowledge * A wide number of analytical techniques. Skills/Ability * Advanced Excel skills * Application of Machine Learning and/or Data Science Techniques * Advanced coding skills in Excel VBA, Python Experience * Experience with AGILE or another formal framework for Project Management Qualifications o A highly numerate degree (minimum 2:1, or a 2:2 with relevant experience or a postgraduate qualification). Typically, these include operational research, mathematics, physics, econometrics, engineering or data science, but the list of subjects considered is left open. Other numerate degrees, including accountancy, biology, chemistry, finance, etc may be accepted if at least 50% of modules are highly numerate, with evidence required prior to interview (A)### Behaviours We'll assess you against these behaviours during the selection process: * Managing a Quality Service * Communicating and Influencing * Working Together Technical skills We'll assess you against these technical skills during the selection process: * Technical - Question - 250 Words o Please provide example(s) where you have used operational research or analytic techniques in a professional setting. * Presentation - A short presentation, this will be a topic determined by UKEF and will need to be prepared in advance. * Question(s) - You will be assessed across your technical expertise and acumen, in relation to the essential criteria and the GORS Technical Framework at Grade 7. (Lead criteria in the event of tied scoring) We only ask for evidence of these technical skills on your application form: * Technical - Question - 250 Words o Please provide example(s) where you have used operational research or analytic techniques in a professional setting. Benefits ------------ Alongside your salary of £61,250, UK Export Finance contributes £17,744 towards you being a member of the Civil Service Defined Benefit Pension scheme. Find out what benefits a Civil Service Pension provides .* Learning and development tailored to your role * An environment with flexible working options * A culture encouraging inclusion and diversity * A Civil Service pension with an employer contribution of 28.97% Things you need to know --------------------------- Artificial intelligence Artificial intelligence can be a useful tool to support your application, however, all examples and statements provided must be truthful, factually accurate and taken directly from your own experience. Where plagiarism has been identified (presenting the ideas and experiences of others, or generated by artificial intelligence, as your own) applications may be withdrawn and internal candidates may be subject to disciplinary action. Please see our candidate guidance for more information on appropriate and inappropriate use.### Selection process details This vacancy is using Success Profiles , and will assess your Behaviours, Ability, Experience and Technical skills. We are assessing candidates using Success Profiles and Line Management Standards (see Appendix 1) and across the whole process we will assess your Experience, Ability, Technical, and Behaviours and Line Manager Standards as highlighted below. The application must be completed by 23.55 on the day of the closing date for it to be accepted. Use of Artificial Intelligence (AI) Artificial Intelligence can be a useful tool to support your application, however, all examples and statements provided must be truthful, factually accurate and taken directly from your own experience. Where plagiarism has been identified (presenting the ideas and experiences of others, or generated by artificial intelligence, as your own) applications may be withdrawn and internal candidates may be subject to disciplinary action. Please see our candidate guidance for more information on appropriate and inappropriate use. Please ensure that you read through the Candidate Information Pack attached to this advert, before applying. All applications will be sifted against our essential criteria outlined in the personal specification. * Qualification + A highly numerate degree (minimum 2:1, or a 2:2 with relevant experience or a postgraduate qualification). Typically, these include operational research, mathematics, physics, econometrics, engineering or data science, but the list of subjects considered is left Other numerate degrees, including accountancy, biology, chemistry, finance, etc may be accepted if at least 50% of modules are highly numerate, with evidence required prior to interview (A) * On-line ability test + Civil Service Numerical Test (to be completed by Tuesday 18 August 2026 @ 23:55pm) * Statement of suitability - you should fully articulate in 1000 words how you meet the essential criteria outlined in the person specification within the Information Pack. * Technical Question - 250 Words + Please provide example(s) where you have used operational research or analytic techniques in a professional setting. For the initial sift your application will be evaluated against: * Experience - CV / Application and Statement of Suitability * Ability - Civil Service Numerical Test (to be completed by Tuesday 18 August 2026 @ 23:55pm) * Technical - Question - 250 Words + Please provide example(s) where you have used operational research or analytic techniques in a professional setting. In the event of a high volume of applications, there will be a pre-sift on the following essential criteria; * Knowledge of multiple analytical research methods and techniques (examples could include Monte Carlo simulation, econometrics, Value at Risk modelling, stress testing, data science). (A, P\&I) * Coding skills in a computer software language such as VBA, Python, R, or similar (A, I) * The ability to build productive working relationships and work within a team. (A, I) If you are successful following the sift stage, you will be invited to an initial interview, to be held via MS Teams; this will include the following assessment: * Behaviours / Experience) - a formal panel interview where you will be interviewed across all three behaviours highlighted in Appendix 1. + Behaviour - Managing a Quality Service + Behaviour - Communicating and Influencing (*demonstrating the Line Management Standard - People)* + Behaviour - Working Together * Technical - you will be assessed across your technical expertise and acumen, in relation to the essential criteria + Presentation - A short presentation, this will be a topic determined by UKEF and will need to be prepared in advance. + Question(s) - You will be assessed across your technical expertise and acumen, in relation to the essential criteria and the GORS Technical Framework at Grade 7. (*Lead criteria in the event of tied scoring)* Details of interview panel members will be e-mailed to all successful candidates who are invited for interview. Feedback will only be provided if you attend an interview or assessment.### Security Successful candidates must undergo a criminal record check. Successful candidates must meet the security requirements before they can be appointed. The level of security needed is security check . See our vetting charter . People working with government assets must complete baseline personnel security standard (opens in new window) checks.### Nationality requirements This job is broadly open to the following groups: * UK nationals * nationals of the Republic of Ireland * nationals of Commonwealth countries who have the right to work in the UK * nationals of the EU, Switzerland, Norway, Iceland or Liechtenstein and family members of those nationalities with settled or pre-settled status under the European Union Settlement Scheme (EUSS) * nationals of the EU, Switzerland, Norway, Iceland or Liechtenstein and family members of those nationalities who have made a valid application for settled or pre-settled status under the European Union Settlement Scheme (EUSS) * individuals with limited leave to remain or indefinite leave to remain who were eligible to apply for EUSS on or before 31 December 2020 * Turkish nationals, and certain family members of Turkish nationals, who have accrued the right to work in the Civil Service Further information on nationality requirements Working for the Civil Service The Civil Service Code sets out the standards of behaviour expected of civil servants. We recruit by merit on the basis of fair and open competition, as outlined in the Civil Service Commission's recruitment principles . The Civil Service embraces diversity and promotes equal opportunities. As such, we run a Disability Confident Scheme (DCS) for candidates with disabilities who meet the minimum selection criteria. The Civil Service also offers a Redeployment Interview Scheme to civil servants who are at risk of redundancy, and who meet the minimum requirements for the advertised vacancy.### Diversity and Inclusion The Civil Service is committed to attract, retain and invest in talent wherever it is found. To learn more please see the Civil Service People Plan and the Civil Service Diversity and Inclusion Strategy .Apply and further information --------------------------------- This vacancy is part of the Great Place to Work for Veterans initiative. Once this job has closed, the job advert will no longer be available. You may want to save a copy for your records.### Contact point for applicants Job contact : * Name : UKEF Recruitment * Email : Recruitment2@ukexportfinance.gov.uk Recruitment team * Email : Recruitment2@ukexportfinance.gov.uk Further information Should you have a complaint or wish to raise any concerns regarding the recruitment process, please e-mail your complaint to the Head of Pay and Resourcing (UKEF) at Recruitment2@ukexportfinance.gov.uk and include “Complaint” in the subject heading. Should you remain dissatisfied following UKEF’s investigation then you can refer your complaint to the Commission - http://civilservicecommission.independent.gov.uk/making-complaint.