Risk Review Actuary

About the role

The Risk Review Actuary works in the UK Risk Management team alongside the UK CRO and Munich central functions to strengthen the UK Branch and broader LH1 Region’s Actuarial and Enterprise Risk Management capabilities, striking the correct balance between risk and commercial considerations. In addition to this they will support the ongoing production of Regulatory Reports required to the PRA and FCA as the UK Branch is a Third Country Branch, post‑Brexit.

Key Responsibilities

Actuarial Risk Management

• Review large and complex transactions, especially with respect to financial, operational, legal and reputational risk, in line with the agreed risk appetite, providing risk sign off in place of the CRO.
• Provide impartial advice and challenge to UK CEO and other senior stakeholders.
• Review changes to pricing bases, product designs and pricing tools.
• Work independently or collaboratively with wider LH1 Risk Management on projects, reviews and reporting.
• Develop and report on the strategic risk outlook for the LH1 Region to support business steering.

Risk and Capital Regulatory Reporting

• Contribute to the UK Branch annual ORSA process working closely with local teams and Munich central functions.
• Liaise with all relevant regulatory bodies in the UK, creating a highly credible reputation and strong, collaborative relationship.
• Ensure compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules.

Enterprise Risk Management

• Risk reporting to UK CRO, UK ExCo, LH1 Management and Munich central functions.
• Monitor and report on the run‑off Non‑Life book of business.
• Delivery of the operational risk management framework.
• Review and assessment of other risk types e.g. market, credit, reputation, concentration, liquidity, strategic etc.
• Internal business governance activity within the UK Branch.

General Risk Management

• Support the UK Branch to write and maintain profitable commercial business and innovation initiatives, in line with the business strategy and risk appetite, acting as a Business/Risk Partner.
• Promote Risk Management principles, develop the UK Branch risk strategy and communicate and raise awareness of Risk Management within the UK Branch and across the wider region.
• Develop the UK Branch risk strategy and appetite including product limits, striking the balance between Risk and Commercial demands.
• Periodically represent risk management in special initiatives (e.g. product developments and business improvements) offering guidance and challenge.
• Maintain and improve the UK Branch risk management framework, policies, culture and processes.
• Be a point of reference for the business for guidelines and control processes.
• Proactively seek out efficiencies in the Risk Management process to enable business growth.
• Provide guidance and mentoring for more junior members of the Risk Management team.

Competencies

• Drives results – consistently achieve results even under tough circumstances.
• Decision quality – make good and timely decisions to keep things moving.
• Customer focus – build and maintain strong customer relationships.
• Business insight – apply knowledge of the business and the market to advance goals.
• Cultivates innovation – create new and better ways for Munich Re to be successful.
• Persuades – use compelling arguments to gain the support, buy‑in and commitment of others.
• Manages ambiguity – operate effectively even when things are uncertain.
• Courage – step up to address difficult issues and challenge the status quo.

Essential Skills & Experience

• Basic knowledge and experience of Actuarial and Enterprise Risk Management methodologies and frameworks.
• Life pricing experience, in particular areas of Protection, Longevity and Structured Re deal pricing.
• Confidence and diplomacy to challenge peers and manage upwards.
• Effectively deal with senior stakeholders.
• Ability to build an understanding of internal and external client strategy and needs.
• Experience delivering projects.
• Qualified actuary or university graduate equivalent.

Desirable Skills & Experience

• Significant experience in the UK insurance market, preferably in reinsurance, risk management or consulting.
• Experience in the UK protection market with a strong understanding of the key products and features.
• UK regulatory risk and capital reporting requirements, Solvency II Standard Formula and Internal Model methodologies.
• Postgraduate qualification in insurance or risk management (e.g. CERA).

Qualitative and Educational Requirements

• University graduate or equivalent; qualified actuary.

Regulatory & Conduct Requirements

• Liaise with all relevant regulatory bodies in the UK, creating a highly credible reputation and strong, collaborative relationship.
• Ensure compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules.

Benefits

Compensation package with on‑target bonus, 25 days annual leave with the option to purchase more, private medical insurance and an employer‑contributory pension of 10%.

Munich Re is an equal‑opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all our employees.