About the job

Summary

The principal role of the Department is to support UK companies exporting to foreign markets by providing insurance, loans and guarantees against non-payment or non-performance by UK exporters and overseas buyers.

The Pricing and Risk Analytics Division (PRAD), as a part of UKEF’s Risk Management Group (RMG), manages portfolio risk and sets prices to ensure UKEF meets its financial objectives. We work closely with the Risk Assessment Division (RAD), which assesses risks on countries, corporates and other sub-sovereigns; and the Business Group, which is responsible for underwriting and new product development. We also pool our analytical skills to provide technical, modelling and consultancy support to other teams across UKEF.

Job description

This role is in the Economic Analysis team within PRAD and will provide internal consultancy and leadership in applying economic theory and quantitative economic techniques to the key strategic challenges currently facing UKEF, such as:

• leading on analysis of UKEF’s economic impact, to ensure we are delivering our policy objectives of supporting UK

exporters;

• modelling credit and macroeconomic risk for regular scenario and stress testing exercises, horizon scanning and

implementation of new accounting standards (IFRS9); and

• applying an economics-based approach to address analytical questions around the department’s strategy and

objectives, working closely with the Corporate Strategy team.

Working to the Head of the Economic Analysis team, you will lead and manage the day-to-day planning and delivery of key projects – investigating key analytical questions and carrying out data quality reviews on the request of senior management and relating to strategic, policy or operational issues where technical economics knowledge is required. We will also work to make maximum use of UKEF’s data – developing, improving and complementing existing data resources – so that we can apply quantitative techniques to greatest effect.

The role will require good communication skills to explain technical issues with clarity to non-technical audiences, as well as engagement with internal and external stakeholders across and outside HMG. There will be opportunities to manage and work through staff in the wider Pricing and Risk Analytics Division for specific projects.

The successful candidate will also have the opportunity to become a member of the Government Economic Service (GES) if not already.

Responsibilities

As an Economic Adviser in the Economic Analysis team, you will:

• Deliver annual updates and improvements to the Jobs Supported Analysis using project management techniques.

This will require close engagement with internal and external stakeholders, as well as identifying and implementing

continuous improvements to the data and methodology.

• Perform an internal analytical consultancy role for the wider division and department – investigating key analytical

questions relating to microeconomic and financial economics as well as data quality on the request of senior

management. For example, assessing the economic arguments for premiums charged by UKEF.

• Develop innovative techniques and models to deepen the analysis and understanding of UKEF’s economic impact,

beyond jobs supported. Apply economic theory and quantitative techniques to support strategic policy and product

development workstreams.

• Develop UKEF’s horizon scanning capabilities, identifying key opportunities and risks for UKEF based on a forward-looking view of the world and global economic trends.

• Liaise with external consultants to integrate macroeconomic scenarios for modelling credit risks and find practical solutions appropriate for UKEF.

• Engage with academia and other government departments to share best practices and develop UKEF’s analytical capacity in credit risk modelling, analysis of economic impact, forecasting and data analytics.

• Build and maintain relationships with stakeholders across UKEF teams, including Strategy, Policy and Climate Change (SPoCC) Directorate, Risk Approval Division (RAD) and Digital, Data & Technology (DDaT).

This list is no exhaustive; you may be required to carry out additional duties according to business need.

Qualifications

• Degree in economics or financial economics with a significant quantitative component