Model Validation Senior Actuary / Senior Analyst in London

Context for the role: Assists the Board to formulate, implement and monitor adherence to the Risk Appetite and Limit framework, risk management plans, risk policies, risk reporting and risk identification processes. Provides guidance, tools and technology and reviews and assesses the risk‑taking activities of the first line of defence, where appropriate challenging the actions being taken to manage and control risks; and provides the Board with an aggregate view of M&G plc’s risk profile and supports them in identifying and assessing key and emerging risks which threaten the achievement of M&G plc’s objectives. The M&G Life team is responsible for oversight of risks within M&G Life. The Model Validation team supports the business in managing model risk across the group through the independent validation of both the Solvency II Internal Model and other critical models and user‑developed applications within the business, including pricing models and operational risk modelling. The team also has responsibility for the company Solvency UK compliance framework, ensuring the business adheres to the relevant regulatory requirements including any new requirements issued by the PRA. The Manager role will provide the opportunity to validate the Internal Model, interpret and support the business in understanding and adhering to the various regulations and produce and present papers for senior committees.

Key Responsibilities:

• Provide independent validation of a range of models used across M&G plc (e.g., capital, pricing, valuations) to provide assurance on the accuracy, reliability, and integrity of models used within an organization. This involves conducting independent reviews of models, assumptions, and methodologies to identify potential risks or weaknesses. Following completion of the validation, you will be responsible for summarising the results of the validation and presenting these in a succinct manner to relevant committees and senior stakeholders, as well as agreeing any actions with the model owners.
• Work collaboratively with colleagues and key stakeholders to build out coverage of our model development risks and support any developments to the risk framework.
• Take personal accountability to maintain and enhance controls you are responsible for to support improvement of the overall control environment, customer outcomes and a reduction in M&G plc’s operational risk.
• Support the reporting of the quarterly model change log to the PRA and the results of the Solvency UK compliance exercise to senior committees and boards.

Knowledge statements:

• Experience in the validation of models and tools
• Good knowledge of financial services regulations and internal model design
• Working knowledge of industry best practice and good network / links with individuals and external bodies
• Good knowledge of the UK financial services regulatory environment
• Strong knowledge and recent exposure to model development risks and risk framework development
• Awareness of external developments and ability to identify, recommend and implement improvements to processes and policies in line with these detailed statistical knowledge

Experience statements:

• Essential: Experience in actuarial and statistical modelling, experience in model risk and governance, experience of providing constructive challenge and oversight of technical matters, experience in model development risks and risk framework development.
• Desirable: Experience in risk guidance and compliance environments, experience of liaising, influencing and negotiating effectively with internal parties, experience of the financial services regulatory environment and prudential regulations, experience of managing projects.

Personal attributes/skills:

• Essential: Able to work collaboratively across the immediate team and broader Risk and Compliance function while also being able to work independently, good analytical and organisational skills, good investigative skills and ability to constructively challenge, able to look beyond face value, ask the right questions and make links and connections across the organisation, a strong ability to learn quickly and explain issues to others.
• Desirable: Relationship building skills, strong oral and written communication skills, high level of diplomacy, discretion and problem‑solving ability, experience in Python, PowerBI or R.

Qualifications:

• Professional qualification, e.g., CFA or Qualified Actuary (desirable).

Benefits:

• We offer a pension scheme with a contribution of 18%, of which 13% is Employer Contributions and 5% is Employee Contributions.
• Share Save and Share Incentive Plan, together with access to financial wellbeing and support services.
• 38 days annual leave including bank holidays, with the opportunity to purchase up to 5 extra days and additional flexibility through our Time Off When You Need It policy.
• Inspiring Families policy includes comprehensive support and paid parental leave covering maternity, adoption, surrogacy, and paternity leave.
• Health & Protection cover including Private Healthcare, Critical Illness cover and Life Assurance for you, with family options.

Equality, diversity and inclusion:

M&G has a diverse workforce and an inclusive culture underpinned by our policies and employee‑led networks. We welcome and promote equal opportunity and strive to attract, promote and retain exceptional people of all genders, ethnicities, ages, sexual orientations, nationalities, disabilities and long‑term conditions. We are a Disability Confident Leader and welcome applications from candidates with long‑term health conditions, disabilities or neuro‑divergent conditions.

Experience Level: Manager / Expert