At a Glance
- Tasks: Lead model risk management and validation, ensuring compliance with regulations and best practices.
- Company: Join a leading firm in the actuarial field with a focus on innovation and collaboration.
- Benefits: Competitive salary, professional development opportunities, and a supportive work environment.
- Other info: Opportunity for career growth and engagement with senior management.
- Why this job: Make a significant impact in risk management while working with industry experts.
- Qualifications: Qualified actuary with experience in technical actuarial roles, especially in annuities.
The predicted salary is between 70000 - 90000 £ per year.
Responsibilities
- Provide primary support to the Head of Risk Modelling & Validation, maintaining and overseeing PIC’s model risk management framework.
- Lead updates to reflect emerging regulations and best practices.
- Engage the business on the application of the framework and model risk management practices, producing and reporting model risk information.
- Lead the validation of the design, development, implementation, testing, documentation, governance, approval and performance of the Internal Model, including its supporting infrastructure.
- Lead wider model risk management reviews and model deep-dives.
- Provide wider support to the Head of Risk Modelling & Validation, the Head of Actuarial Assurance and the Head of Transaction Risk (as applicable), such as:
- Reviewing the calculations supporting the annual and monthly reporting metrics, and the weekly solvency updates.
- Providing 2nd line risk oversight of core areas such as new business pricing, hedging, liquidity and collateral management.
- Reviewing analyses supporting experience analyses and assumption setting.
- Leading and reporting on deep dive reviews, e.g., reporting processes, experience analyses, data quality.
- Leading ad-hoc investigations into emerging issues within areas of responsibility.
- Supporting planning and coordination of the annual cycle of line 2 review work within areas of responsibility.
- Providing close and effective engagement with Finance, Investment, Operations and Internal Assurance Functions.
- Providing oversight of junior members of the Actuarial Assurance Function within areas of responsibility.
- From time to time, deputise for the Head of Model Risk and Validation, Head of Actuarial Assurance, Head of Transaction Risk and Actuarial Function Holder at management level committee meetings within areas of responsibility.
Requirements
- Experience: Qualified actuary with post-qualified experience. Good experience working in a technical actuarial role, preferably related to annuities. Experience liaising with senior individuals and presenting to management committees. Experience working within or closely with an independent challenge function (e.g., a 2nd line Risk Function, consulting role or audit).
- Skills: Strong general actuarial skills, preferably related to bulk annuities. Strong written and oral communication skills, with the ability to convey complex actuarial information to senior individuals and management committees. Ability to influence upwards with credible independent opinions. Ability to plan and complete end-to-end tasks independently. Ability to utilise available information to maintain an understanding of developing practices across the market.
- Knowledge: Excellent technical knowledge of the actuarial and financial risks associated with UK bulk annuities. Excellent knowledge of relevant legal, regulatory and industry requirements. Excellent knowledge of the Solvency II balance sheet, including asset and liability requirements for managing matching adjustment funds. Excellent knowledge of data, models and systems as applied to actuarial work. Excellent knowledge of relevant business processes, standards, policies and procedures.
We think you need these skills to ace Senior Risk Actuary in London
Model Risk Management
Actuarial Skills
Communication Skills
Influencing Skills
Project Management
Data Analysis
Regulatory Knowledge
