Socio-economic Risk Lead

Requirements of the role

The External Risk function within the Strategy, Policy and Analysis Directorate sits as the central point for the identification and prioritisation of risks to inform our regulatory activity. The Socio-economic Risk lead will manage the compilation, assessment, prioritisation, and reporting of risks that influence members’ ability to save for retirement and their likely retirement income. This role requires a strategic thinker and influencer with a good understanding of how the wider political, economic, technological, societal, legal and environment can impact the pension landscape and vice versa.

The postholder will work closely with analytical colleagues in the Evidence and External Risk Directorate to provide the evidence base for TPR’s future policy direction and ensure we are able to influence the wider structural debate on how best to regulate the intergenerational affordability of pensions.

Responsibilities

External risk management

• Ensure TPR has a robust understanding of how socio-economic risks can impact the savers journey and the wider pensions ecosystem, performing or facilitating deep dives as appropriate.
• Support policy development to mitigate identified risks and ensure alignment with TPR’s strategic goals.
• Produce or facilitate the production of high-quality risk assessments, briefings, and reports that inform decision-making at all levels of the organisation, including the Board.
• Collaborate with the innovation team to see if the mitigation of longer-term socio-economic trends can be best met through novel market solutions that nudge industry and saver behaviour.

Analysis and reporting

• Horizon scanning and monitoring of emerging societal trends that might impact retirement incomes. The role will need to identify and consider a diverse number of topics that could impact retirement adequacy of different cohorts of savers, including for example:
  • geo-political risks
  • tax changes and the level of public and private debt and household income
  • changes to life expectancy, an aging population, and intergenerational fairness
  • changes to career and family structures and automation on the workforce
  • ESG policies, especially climate change risk
  • competitive structure of pension provision and saver engagement
  • potential legal challenges
• The role will need to undertake an initial triage of such risks, undertake or commission further analytical deep dives to recommend any policy change requirements.
• Oversee the collection and analysis of evidence related to such risks, ensuring accurate and timely reporting to senior management and the Board.

Stakeholder engagement

• Undertake cross-functional collaboration with internal teams to ensure consistent risk management practices and effective communication of external risks, including seeking better understanding of risks from those undertaking market engagement.
• Credibility to maintain effective relationships with key stakeholders with the ability to influence policy and research across government and industry.

Leadership and team management

• Ensure the external risk team works with colleagues in the wider evidence and external risk function and across the organisation to collate and identify gaps in evidence relating to the specific risks identified.
• Exhibit the expertise to positively influence practice across TPR and guide the organisation in a proactive and forward-thinking approach to risk management.
• Deputise for the Head of External Risk as appropriate.

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