At a Glance
- Tasks: Lead the development of internal models to drive strategic business decisions and optimise performance.
- Company: Join Canada Life UK, a modern and agile organisation focused on building better futures.
- Benefits: Enjoy a competitive salary, generous pension, private medical insurance, and professional development opportunities.
- Other info: Flexible working arrangements available to support your work-life balance.
- Why this job: Make a real impact in financial modelling while working in a supportive and innovative environment.
- Qualifications: Qualified Actuary with experience in internal model development and strong communication skills.
The predicted salary is between 80000 - 100000 £ per year.
Location: London
Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation. Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues. Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.
Job Summary
The role holder is accountable for implementing the IM change agenda, including the development of minor and major model change proposals to support strong commercial outcomes and strategic business decisions for Canada Life UK. Integrating the use of the model in strategic business decisions such as investments, ALM, pricing, reinsurance, and risk management. Lead internal and external stakeholder management to ensure understanding and lead the integration of the internal model into business decisions as well as strong regulatory engagement.
The Following Skills And Experience Are Highly Desirable
- Hands on IM development experience (incl. Credit MMC experience)
- Strong PRA engagement skills
- Python programming and prototyping
- Matching Adjustment Under Stress, Credit Risk Modelling, stochastic aggregation frameworks essential.
What Will You Be Doing
The role holder is accountable for the internal model:
- Driving development and optimisation of the internal model
- Support strong commercial outcomes and strategic business decisions for CLUK.
- Integrate the use of the model in strategic business decision such as investments, ALM, pricing, reinsurance, and risk management
- Drive innovation to optimise the efficiency and effectiveness of the internal model.
- Operation of the internal model
- Direct ownership of the internal model for methodology and change:
- Harmonising the PIM Enhanced PIM or Full Internal Model Development
- Development of Matching Adjustment Under Stress
- Development of stochastic aggregation and proxy modelling
- Lead internal and external stakeholder management to ensure understanding and integration of the internal model into business decisions as well as strong regulatory engagement.
- Lead on the provision of effective and timely oral and written communication:
- Internal and external stakeholders
- Senior Executives
- Relevant Boards
- The Prudential Regulatory Authority as appropriate in relation to the internal model.
This role will have responsibility for gaining regulatory approval for all major internal model changes including the addition of new asset classes. Responsible for the ongoing appropriateness of the Canada Life U.K. Internal Model. Manage, develop and motivate the team in the achievement of their individual and business objectives. Provide direction, guidance and coaching to colleagues to develop skills and capabilities in order to continually evolve the output from the area. Maintain a strong external network with other financial institutions, consultancies, and other professionals.
What Experience Will You Have For The Position
- In depth knowledge of internal models, with proven track record of driving change, innovation, and optimisation.
- Proven track record of developing IM components from scratch, including getting them approved.
- Proven prototyping capability.
- Excellent technical skills and in particular, specialist knowledge of Solvency II, Credit Risk & MAUS, and Aggregation techniques for internal models
- Strong PRA engagement experience.
- Experience in applying technical expertise to analyse risk and capital information and apply this commercially.
- Strong project management skills with the ability to manage multiple priorities
- Strong commercial outlook
- Strong communication skills, demonstrating a clear and articulate standard of written and verbal communication in a complex environment, tailored for all levels of management.
- Attention to detail.
- Strong influencing skills, with experience of engaging with senior management and regulators to get desired outcome
- Strong interpersonal/networking skills, with the ability to maintain a variety of relationships with multiple stakeholders
- Proven track record of delivery under tight time pressure
- Self-motivated, well-organised, pragmatic, and able to perform tasks independently
Qualifications (For The Job And Not The Person)
- Qualified Actuary with current IFoA membership
Benefits Of Working At Canada Life
We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that’s regularly reviewed. As a Canada Life UK colleague, you’ll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with, income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regular personal and professional development.
How We Work At Canada Life
Our culture is unique and incredibly important to us. We care about doing the right thing for our people, customers and community and helping others to build better futures. Our blueprint behaviours shape and influence how we work, and are central to the relationships we have with others. Every day we are encouraged to be more curious, own the outcome, face into things together and find a way forward. We want colleagues to have rewarding careers with us so we invest in the development of our people, technology and workplaces. That’s why we offer a range of training, flexible working and opportunities to grow and develop.
Diversity and inclusion
Building an inclusive workplace with a diverse workforce where everyone can feel they belong and achieve their potential regardless of gender, ethnicity or any other characteristic is a key commitment for us. We are proud of the progress we’re making in DEI, and we continue for it to be a significant focus.
“At Canada Life we believe in the power of great people from different backgrounds, experiences and perspectives coming together to build better futures. Emerging talent is crucial to our growth and creating an environment that continues to inspire us all.” Nick Harding, Chief People Officer, Canada Life UK
We appreciate that everyone has different work and life responsibilities. We’re happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for you.
Head of Internal Model Design employer: Canada Life Assurance Europe plc
Canada Life UK is an exceptional employer, offering a dynamic and inclusive work culture that prioritises the well-being and development of its employees. With a competitive salary and comprehensive benefits package, including generous pension schemes and opportunities for professional growth, Canada Life UK fosters an environment where innovation thrives and diverse perspectives are valued. Located in London, the company is committed to building better futures for its customers and employees alike, making it a rewarding place to advance your career.
Contact Details:
Canada Life Assurance Europe plc Recruitment Team
StudySmarter Expert Advice🤫
We think this is how you could land Head of Internal Model Design
✨Tip Number 1
Network like a pro! Reach out to current or former employees at Canada Life UK on LinkedIn. A friendly chat can give us insider info and maybe even a referral.
✨Tip Number 2
Prepare for the interview by diving deep into their internal model strategies. Show us you understand how your skills in Python and risk management can drive innovation at Canada Life UK.
✨Tip Number 3
Practice your communication skills! You’ll need to articulate complex ideas clearly, so grab a friend and run through potential questions together. We want to see you shine!
✨Tip Number 4
Don’t forget to apply through our website! It’s the best way to ensure your application gets noticed. Plus, we love seeing candidates who take that extra step.
We think you need these skills to ace Head of Internal Model Design
Some tips for your application 🫡
Tailor Your Application:Make sure to customise your CV and cover letter to highlight your experience with internal models and stakeholder management. We want to see how your skills align with the role, so don’t hold back on showcasing your relevant achievements!
Showcase Your Technical Skills:Since this role requires strong technical expertise, be sure to mention your experience with Python programming and any specific modelling techniques you've used. We love seeing candidates who can demonstrate their hands-on experience in a clear and concise way.
Communicate Clearly:Your written communication skills are crucial for this position, so make sure your application is well-structured and free of jargon. We appreciate clarity and attention to detail, so take the time to proofread before hitting send!
Apply Through Our Website:We encourage you to apply directly through our website for a smoother process. It’s the best way for us to receive your application and ensures you’re considered for the role. Plus, it shows you’re keen to join our team!
How to prepare for a job interview at Canada Life Assurance Europe plc
✨Know Your Internal Models
Make sure you have a solid understanding of internal models, especially the ones relevant to Canada Life UK. Brush up on your knowledge of Solvency II, Credit Risk Modelling, and Matching Adjustment Under Stress. Being able to discuss these topics confidently will show that you're not just familiar with the theory but can also apply it practically.
✨Showcase Your Stakeholder Management Skills
Prepare examples of how you've successfully managed internal and external stakeholders in the past. Highlight your communication skills and how you've tailored your messages for different audiences. This is crucial since the role involves engaging with senior management and regulators.
✨Demonstrate Your Technical Prowess
Be ready to discuss your hands-on experience with Python programming and prototyping. If you have specific projects or achievements that showcase your technical skills, bring them up during the interview. This will help illustrate your capability to drive innovation and optimise internal models.
✨Prepare for Regulatory Engagement
Understand the regulatory landscape and be prepared to discuss how you've navigated it in previous roles. Familiarise yourself with the Prudential Regulatory Authority's expectations and be ready to explain how you would ensure compliance while driving change within the organisation.
