At a Glance
- Tasks: Lead the development of internal models to drive strategic business decisions.
- 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 flexible working options.
- Other info: Be part of a diverse team committed to personal and professional growth.
- Why this job: Make a real impact in financial modelling while leading innovation and change.
- Qualifications: Qualified Actuary with experience in internal model development and strong stakeholder engagement skills.
The predicted salary is between 60000 - 80000 £ per year.
Location: London
About Canada Life UK
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.
Skills and Experience
- 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
- 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 decisions 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
Stakeholder engagement
- Internal and external stakeholders
- Senior Executives
- Relevant Boards
- The Prudential Regulatory Authority as appropriate in relation to the internal model.
Regulatory responsibilities
This role will have responsibility for gaining regulatory approval for all major internal model changes including the addition of new asset classes.
Internal Model Management
Responsible for the ongoing appropriateness of the Canada Life U.K. Internal Model.
Team Leadership
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.
External Network
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 outcomes
- 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. Located in London, the company provides a competitive salary and comprehensive benefits package, including generous pension schemes and opportunities for professional growth, all while fostering a collaborative environment where diverse perspectives are valued and innovation is encouraged.
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
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We think you need these skills to ace Head of Internal Model Design
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