At a Glance
- Tasks: Analyse risks and develop internal models for effective risk management.
- Company: Join Canada Life, a trusted name in the UK since 1903.
- Benefits: Enjoy a competitive salary, generous pension, and private medical insurance.
- Other info: Opportunities for personal growth and professional development in a dynamic environment.
- Why this job: Make a real impact on risk strategy while collaborating with diverse teams.
- Qualifications: Experience in capital modelling and strong communication skills required.
The predicted salary is between 60000 - 75000 £ per year.
Location: London, GB
Company: CLFIS Limited
Canada Life UK is part of Great-West Lifeco and has been operating in the United Kingdom since 1903.
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 collaborate with our ALM, hedging, 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 statutory responsibilities and meeting the needs of our policyholders and regulators.
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.
- Keep the methodology up-to-date by participating in industry surveys and incorporating emerging best practice for market risk modelling.
- Work with the financial reporting team to run the internal model capital reporting process, maintaining a well-controlled quarterly reporting process for risk capital and establishing a robust analysis of change process to explain capital result movements.
- Communicate complex modelling decisions to team members and stakeholders to support governance sign-off of annual recalibration and model updates.
- Act as the main conduit between the internal capital model and the business to ensure risks are well managed and adequately considered in business decision making.
- Support the development of risk management framework on SII, IFRS17 and LICAT bases.
- Provide capital and risk-related insight for ALM, hedging, pricing and investment activities by delivering regular MI and bespoke analysis.
- 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 the 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 with a clear and articulate written and verbal style in a complex environment, tailored for all levels of management.
- Ability to adapt messages to the audience without prompting or significant coaching.
- Ability to develop and maintain strong relationships across the actuarial function and the wider business.
- Confidence in expressing ideas and actively listening to 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 to spot issues, interdependencies and challenges.
- Self‑motivated, well‑organised, pragmatic and capable of working independently.
- Pro‑active stakeholder management and commitment to serving internal and external customers.
Developing Self and Others
- Inquisitive individual with an interest in financial modelling, committed to ongoing professional and personal development.
- Coachable and keen to coach others in the team.
Benefits
Canada Life UK offers a competitive salary and comprehensive reward package including a generous pension and bonus scheme, income protection, private medical insurance, life assurance, and support for personal and professional development.
Internal Model Operations Specialist employer: Irish Life Group Services Limited
At Canada Life UK, we pride ourselves on being an exceptional employer, offering a dynamic work culture that fosters collaboration and innovation in the heart of London. As an Internal Model Operations Specialist, you will benefit from a competitive salary, a comprehensive rewards package, and ample opportunities for personal and professional growth, all while contributing to a meaningful risk management framework that supports our policyholders and regulators.
Contact Details:
Irish Life Group Services Limited Recruitment Team
