At a Glance
- Tasks: Analyse risks and develop internal models to support financial decision-making.
- Company: Join Canada Life, a leading firm in retirement and investment solutions.
- Benefits: Enjoy competitive salary, generous pension, private medical insurance, and flexible working options.
- Other info: Be part of a diverse team committed to building better futures for all.
- Why this job: Make a real impact in risk management while growing your career in a supportive environment.
- Qualifications: Experience in capital modelling and strong communication skills are essential.
The predicted salary is between 50000 - 65000 £ 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 Purpose
As an Internal Model Operations Team Specialist at Canada Life you will be responsible for actuarial and statistical analysis related to interest rate, inflation and credit risks calibrating our internal model, developing and reporting on our risk management framework. You will be working with our ALM, hedging and investment, pricing and capital teams to develop Canada Life's risk strategy and with our reporting teams in the operation of our internal model. You will ensure that we are managing risk in line with Canada Life's risk appetite, complying with our statutory responsibilities and meeting the needs of our policyholders and regulators. This is a great opportunity for an individual with life insurance and capital modelling experience to add value to our internal model team, across a number of risk areas and in a growing team, at an exciting time for the business.
Key Accountabilities
- Develop, maintain and run Internal Model components (including credit risk, equity release mortgage risk, interest rate risk inflation risk, aggregation).
- Ensure the internal model methodology complies with regulatory requirements and reflects the risk profile of the business.
- Ensure the methodology is up-to-date and reflects the emerging best industry practice by participating in industry survey and gaining insight into emerging best practice for market risk modelling.
- Work with the financial reporting team to effectively run the internal model capital reporting process by maintaining a well-controlled and efficient quarterly reporting process for risk capital, establishing a robust analysis of change process to explain the movement in capital results.
- Communicate complex modelling decisions to team members and stakeholders through the business in an appropriate manner to support governance sign-off of annual recalibration and model updates.
- Being the main conduit between internal capital model and the business to ensure the risks is well managed and adequately allowed for in business decision making.
- Support the development of risk management framework on SII, IFRS17 and LICAT bases.
- Support regular MI and bespoke analysis for ALM, hedging, pricing and investment activities by providing capital and risk related insight (such as market and credit risk MI).
- Own, maintain and develop specialist valuation models for limited price indexation and credit products including equity release mortgages.
- Work with the internal model implementation team to define, build test and implement software solutions to modelling problems.
Desired Knowledge / Experience / Skills
Technical Expertise
- Strong capital modelling experience in market and/or credit risk space within life insurance industry.
- Experience with some or all of the following would be an advantage:
- Proxy modelling
- Modelling of credit risk / MA under stress
- Principle-Component-Analysis
- Black-Scholes option pricing
- Limited price indexation and valuation
- Economic scenario generators, copulas and risk aggregation techniques
- Process for Internal Model Calibration and Validation
- Python and VBA coding and advanced MS Excel skills.
Communication
- Strong communication skills, demonstrating a clear and articulate standard of written and verbal communication in a complex environment, tailored for all levels of management.
- Ability to adapt messages to the audience, without prompting or significant coaching, in a format that is easily understood by non-technical colleagues.
- Ability to develop and maintain strong relationships across the actuarial function and the wider business, acting with integrity and role modelling the company values at all times.
- An individual confident in expressing their own ideas and in actively listening to the ideas of others.
Taking Initiative
- Pro-actively own and run monitoring and reporting processes within the team.
- Strong problem-solving skills and attention to detail with demonstrable ability in spotting issues, interdependencies and challenges to ensure work is produced to an accurate, commercial and informed standard.
- Self-motivated, well-organised, pragmatic and able to perform tasks independently.
- Pro-active management of stakeholders and commitment to service of our customers internal and external.
Developing Self and Others
- An inquisitive individual with an interest in financial modelling who is committed to their own ongoing professional and personal development.
- An individual who is coachable and keen to coach others in the team.
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.
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.
Internal Model Operations Specialist in Slough employer: Canada Life UK
Canada Life UK is an exceptional employer located in London, offering a dynamic and inclusive work culture that prioritises employee development and well-being. With a competitive salary and comprehensive benefits package, including generous pension schemes and private medical insurance, employees are supported in their professional growth while contributing to meaningful work that helps build better futures for customers and communities. The company's commitment to diversity and flexible working arrangements further enhances its appeal as a place where individuals can thrive both personally and professionally.
StudySmarter Expert Advice🤫
We think this is how you could land Internal Model Operations Specialist in Slough
✨Tap into Campus Networks
If you're still in uni, don’t forget to engage with your campus's career services and attend finance-related events. Banks often do presentations and recruitment drives on campus, so put yourself out there and make use of these opportunities to show off your passion for the field.
✨Get Certified
Consider pursuing relevant certifications like the CFA or ACCA while you’re job hunting. They not only beef up your CV but also connect you with professional bodies which can lead to networking opportunities and even job openings in banking and financial services.
✨Connect on Professional Platforms
Join finance-focused groups on platforms like LinkedIn and engage in discussions. This can really help you stand out from the crowd, allowing potential employers to see your knowledge and interest in industry trends. Plus, you might stumble upon job postings shared exclusively within the group.
✨Apply Directly and Be Proactive
Don’t shy away from reaching out directly to firms like Canada Life UK. Use their websites and apply through them, but also consider following up with a polite email to express your enthusiasm. Being proactive can make a huge difference in getting noticed in the competitive financial services sector.
We think you need these skills to ace Internal Model Operations Specialist in Slough
Some tips for your application 🫡
Show Off Your Numbers!:In the banking and financial services world, quantifiable achievements are key. Make sure your CV highlights your grades in relevant subjects, any financial certifications you hold, and specific projects where you've delivered measurable results. Employers love to see how your skills translate into real-world success.
Tailor Your Cover Letter to the Role:When applying for a full-time position, your cover letter should make a direct connection between your experience and the job description. Don't just state your enthusiasm for finance—dive into how your background in banking or financial analysis sets you apart. Let your passion shine through while being specific about what you can bring to Canada Life UK.
Include Relevant Financial Software Experience:If you've worked with financial modelling tools or software like Excel, SAP, or specific analytical tools during your studies or internships, bring that up! Highlighting your proficiency can really make your application pop and show you're ready to hit the ground running in a full-time role.
Research and Reflect:Before hitting that 'apply' button on Canada Life UK's website, do a little digging. Look up their recent projects, values, and culture. Reflecting their ethos in your application can make a huge difference and show you’re genuinely interested in being part of the team!
How to prepare for a job interview at Canada Life UK
✨Brush Up on Financial Analysis Skills
Make sure you're well-versed in financial concepts and analytical techniques relevant to banking and financial services. Get comfortable with tools like Excel for modelling or financial forecasting, as technical questions in this area are common during interviews with Canada Life UK.
✨Prepare for Case Studies
Expect to tackle case studies that demonstrate your problem-solving skills in real-world banking scenarios. Familiarise yourself with the types of problems you might face—think risk assessments or investment evaluations—and be ready to articulate your thought process clearly.
✨Show Your Passion for Finance
Since this is a full-time position, employers at Canada Life UK will be keen to see your genuine interest in finance. Be prepared to discuss recent industry trends or news articles that excite you, showcasing your enthusiasm and engagement with the field.
✨Network with Industry Professionals
Before your interview, reach out to current or former Canada Life UK employees on platforms like LinkedIn. They'll offer unique insights into the company's culture and the interview process, which can give us a delightful edge in showcasing a good fit for the team.
