Optimising member value and protecting our balance sheet.
We have responsibility for supporting and overseeing many critical activities of the Group. We help the business by managing interest rate risk, raising wholesale funding, and maintaining liquidity to make sure cash demands can be met and are compliant with regulation.
We exist to support the business, which naturally means we have close working relationships with many other business areas. We provide banking facilities for our subsidiaries, work with Marketing on the design and pricing of new savings and mortgage products, support much of the Commercial Division’s lending, and work closely with Group Finance on the management of our balance sheet.
By providing access to the wholesale markets, Treasury allows the Group to react to market developments a lot quicker with wholesale funding being able to be raised within a matter of days rather than the weeks or months it might take to develop and launch a product to our members through our Retail branches.
For more about our teams, please read on. For a list of current roles we’re hiring for, please scroll to the bottom of the page.
Who we’re looking for
We are seeking talented, proactive, forward-looking individuals at all levels to be part of a highly-motivated, performance-driven team. While you’ll certainly be confident working independently. You’ll also need to have strong analytical skills, be adept in MS Excel and ideally highly educated (e.g. degree level) in a numerate or similar qualification.
Professional qualifications including AMCT/CFA/ACA/ACCA will be an advantage although for some roles we are prepared to invest in developing talented individuals who have less experience but demonstrate a willingness to learn and an aptitude for creative thinking and solution development.
You will be a team player and first-rate communicator, using these skills to strengthen your relationships across the business to really understand the risk position of the firm.
It will be of benefit to have knowledge of the financial markets and regulations that Treasury operates in including credit risk; capital management; collateral management; investment operations; product risk; liquidity risk; asset and liability management; conduct risk; prudential risk; compliance; governance and controls; capital markets; money markets; and rating agencies. An appreciation of how these apply to Building Societies and their specific regulatory requirements is helpful.
The team has several responsibilities, including raising short term and long term wholesale funding. We also manage the Society’s asset-backed funding programmes e.g. covered bonds, liaise with existing and potential investors, play a crucial role in making sure the Society is able to fulfil its capital requirements, and manage the division’s relationship with the rating agencies whose ratings are important in supporting the ability to raise cost effective funding.
We deliver a range of activities for the Group including managing Nationwide’s liquidity portfolio comprising of cash, bonds, and securities, executing derivatives with bank counterparties to manage market risks, and working with the Nationwide pension fund to optimise the asset allocation
Balance Sheet Risk
Our team is focused on the effective management of a variety of risks that the Society faces. Among these are Market Risk and Liquidity Risk, where our role is to monitor and report on the risks we are facing.
The Asset and Liability Management team monitor if any asset and liability mismatch takes place and there is also a Product Risk team who ensure that the market risks inherent in the retail business activity are correctly transferred to Treasury to manage.
The Modelling team’s role is to develop and maintain predictive models, which help to assess the inherent risks in Treasury assets and support the calculation of liquidity and capital requirements.
Balance Sheet Risk are also responsible for the performance monitoring of credit exposures, e.g. to sovereigns/supranationals, the completion of related regulatory reporting, and providing specialist support to stress testing and scenario forecasting.
Operations and Strategic Development
The team has a broad range of responsibilities within Treasury, and is split into three main areas.
The first is Treasury Operations, which includes making sure that all cash and securities trades are instructed and settled on time, broker confirmations, matching of cash and securities trades, carrying out daily reconciliations of cash and securities positions, and managing the daily collateral management process.
Secondly, the Regulation, Data and Governance team provide guidance and input to all regulatory changes impacting Treasury, and complete regulatory transaction reporting activities to enable compliance. The team also completes compliance activities in relation to trading counterparties, and monitors operational risks across the division.
Thirdly the Treasury Change team covers change, communications and support to the wider division. Within this we provide project management, business analysis and change services to Treasury. We also manage Treasury’s overall relationship with Group Technology teams and are responsible for Treasury division internal communications and people support.