Director – Treasury ALM / Balance Sheet Management
Permanent - Full TimeJob Overview
At OakNorth, we’re on a mission to empower the UK’s most ambitious businesses. Since 2015, we’ve lent over $21 billion across the UK and US, helped create more than 58,000 new homes and 36,000 new jobs, and supported hundreds of thousands of personal savers — all while fuelling the UK economy.
Reporting to the Group Treasurer, the Director of ALM will provide the analytical rigour and quantitative frameworks that inform balance sheet strategy — enabling better decisions on interest rate positioning, hedging, and funding mix. The role will mature and lead the Bank's ALM function, elevating existing capabilities in IRRBB, liquidity, and funds transfer pricing into a more sophisticated analytical engine, and building the infrastructure to support an £8bn balance sheet as we expand internationally.
This is a hands-on practitioner role.
We need someone who has built ALM frameworks, designed behavioural models, and implemented analytical systems. The successful candidate will bring deep expertise across IRRBB, FTP, and balance sheet risk management, introduce Python-based quantitative models, and translate risk analysis into actionable hedging strategies.
Beyond technical delivery, this is a leadership role: providing day-to-day oversight of India-based analysts who design and run the bank's IRRBB and liquidity frameworks, working alongside a London-based senior analyst, and building a function that can scale with the group's expansion into the US.
At OakNorth, we’re on a mission to empower the UK’s most ambitious businesses. Since 2015, we’ve lent over $21 billion across the UK and US, helped create more than 58,000 new homes and 36,000 new jobs, and supported hundreds of thousands of personal savers — all while fuelling the UK economy.
Reporting to the Group Treasurer, the Director of ALM will provide the analytical rigour and quantitative frameworks that inform balance sheet strategy — enabling better decisions on interest rate positioning, hedging, and funding mix. The role will mature and lead the Bank's ALM function, elevating existing capabilities in IRRBB, liquidity, and funds transfer pricing into a more sophisticated analytical engine, and building the infrastructure to support an £8bn balance sheet as we expand internationally.
This is a hands-on practitioner role.
We need someone who has built ALM frameworks, designed behavioural models, and implemented analytical systems. The successful candidate will bring deep expertise across IRRBB, FTP, and balance sheet risk management, introduce Python-based quantitative models, and translate risk analysis into actionable hedging strategies.
Beyond technical delivery, this is a leadership role: providing day-to-day oversight of India-based analysts who design and run the bank's IRRBB and liquidity frameworks, working alongside a London-based senior analyst, and building a function that can scale with the group's expansion into the US.
Principal Responsibilities
- Balance Sheet Support
- Provide scenario analysis and quantitative insight that informs balance sheet positioning and interest rate strategy
- Develop frameworks for evaluating hedging trade-offs—cost, capital efficiency, and earnings volatility
- Quantify the implications of different rate paths, funding structures, and strategic options for NII and economic value
- Liaise with Capital Markets / Front Office for design and execution of hedging and investment decisions
- Provide analysis on investment portfolio positioning and its impact on interest rate risk and liquidity
- Build the ALM Framework
- Lead the development of the funds transfer pricing framework—taking established design principles into production, building the data architecture and calculation engine, and operationalising across the business
- Enhance the bank’s IRRBB framework, building on existing reporting to create tools that genuinely inform balance sheet strategy and hedging decisions
- Develop FX risk measurement and reporting frameworks for the group, including UK-US consolidation and cross-currency exposure—providing analysis that informs hedging strategy decisions
- Analytical Infrastructure
- Strengthen the analytical toolkit—enhancing existing NII and EV models, and introducing more sophisticated treatment of behavioural optionality and hedge effectiveness
- Python and AI-assisted workflows are part of our toolkit, accelerating model iteration—relevant experience is a plus but core ALM and coding expertise is what matters
- Systematise and scale existing analytical processes into robust infrastructure
- Continue enhancing our in-house analytical infrastructure and evaluate vendor ALM solutions—defining the target architecture and making an informed build-vs-buy recommendation. Experience with vendor platforms is essential.
- Leadership & Oversight
- Provide day-to-day oversight and quality assurance of IRRBB and liquidity analysis produced by India-based analysts—developing the team’s technical capability and extending their scope into more complex analytical work over time
- Manage and develop a small team, providing technical mentorship and clear development pathways
- Build capability that allows the function to scale with the group's expansion
- Foster a commercial mindset while maintaining analytical rigour
- Governance & Controls
- Work closely with Treasury Governance to maintain policies, procedures, and controls supporting the ALM framework
- Provide input into ILAAP, liquidity stress testing, and ALCO MI
- Develop analytical reports and papers for ALCO and Board
Requirements
- Experience
- 10-15 years in ALM, treasury, or balance sheet risk management within a bank
- Hands-on experience designing and implementing FTP frameworks—you know what good looks like and how to get there
- Practical experience building IRRBB models and behavioural analytics
- Direct experience with ALM systems (vendor or in-house)—understanding of data flows, model integration, and what constitutes robust infrastructure
- Exposure to FX risk measurement and multi-currency balance sheets
- Technical Skills
- Strong Python skills with practical experience building financial models (QuantLib, pandas, numpy)
- Comfortable with AI-assisted coding workflows—we use these to accelerate development, though depth of ALM and Python expertise matters most
- Deep understanding of fixed income mathematics, derivatives pricing, and hedge accounting mechanics
- Solid knowledge of banking regulation (PRA expectations, EBA IRRBB guidelines, CRD)
- Qualifications
- Professional qualification required: BTRM, CFA, CQF, or FRM
- Attributes
- Genuine practitioner—has personally built the things we need, not just managed teams that did
- Strong interpersonal and communication skills—able to translate quantitative analysis into clear recommendations for ALCO and non-technical stakeholders
- Entrepreneurial mindset—excited by taking capabilities to the next level rather than maintaining the status quo
Benefits & Perks
- Equity. We want people to have a stake in the business so that all our interests are aligned.
- 25 days holiday
- Personalized benefits – opt-in to what matters to you
- Subsidised Private Medical Insurance with Bupa
- Enhanced maternity and paternity leave
- Wellbeing and social events
- In-house Barista Bar in London office
- Support causes that matter to you – Volunteering time off
- Salary sacrifice schemes (Cycle to work, nursery, gym, electric car scheme)