Senior Risk Actuary

4 weeks ago

London, United Kingdom PIC Full time

This job is brought to you by Jobs/Redefined, the UK's leading over-50s age inclusive jobs board.

Pension Insurance Corporation ("PIC") provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders. We achieve our purpose by setting companywide strategic objectives and driving a healthy culture based on our PIC Values of Resilient, Adaptable, and Loyal.

We are currently recruiting for a Senior Risk Actuary to join our Actuarial Assurance Function, within the wider Risk department. The Risk department contributes to the overall success of PIC by providing the framework and information that supports the delivery of the strategy within the acceptable limits established by the Board. This role requires the ability to effectively collaborate with numerous 1st line teams (including Origination, Investments, Finance, Legal and Operations) as well as to co-ordinate all sub-teams within Risk (such as the Investment & Counterparty Risk team, Non-Financial Risk team, Regulatory Affairs Risk team and the ERM team) to ensure that proposed new business and new reinsurance transactions receive appropriate second line challenge.

Working with our Head of Transaction Risk and the Actuarial Function Holder (AFH), you will provide insight and assurance on the underwriting and reinsurance risks faced and emerging with relation to PIC and support other areas within the AAF as required, e.g., support the Head of Actuarial Assurance and the Head of Model Risk & Validation in the Line 2 oversight and advice of matching adjustment eligibility, hedging, liquidity and collateral management risks.

Specific accountabilities assigned to the role of Head of Transaction Risk within the Risk function:

  • To support with line 2 assurance regarding all new bulk purchase annuity and reinsurance transactions, as presented for approval to the Board, IOC, PC or those approved under delegated authority.
  • To support with and/or lead fieldwork, challenge and influence the first line, and draft the Risk and Actuarial Function opinions on:
  1. All new transactions, ensuring co-ordination across the Risk Function to gain appropriate subject matter expert review and challenge across all material (and unusual) areas
  2. Any proposed changes to related methods, assumptions, models or systems
  3. The annual Actuarial Function opinion covering Underwriting and Reinsurance Arrangements (March - May)
  • To represent the Risk Function and the Actuarial Function, and deputise for the Head of Transaction Risk/CRO/AFH, at Pricing Committee.
  • To provide advice to and oversight of the relevant first line business areas, in particular, Origination (incl. LRM), Investments (ALM, Markets Solutions) and Finance (Business Partnering); and to ensure appropriate engagement across the wider Risk Function.
  • To support the Risk Function with respect to risk and actuarial modelling, relevant risk and modelling policies and procedures, external reporting and other advisory work.
  • To support the Head of Actuarial Assurance and the Head of Model Risk and Validation to help ensure that all deliverables required of the Actuarial Function are met. This might include ad-hoc support around areas such as annual and monthly reporting, hedging, liquidity, and collateral management.
  • To provide line 2 support to Origination (including LRM), Investments (ALM and Markets Solutions) and the Finance Business Partnering team.

Requirements

Experience:

  • Qualified actuary, with some post qualified experience
  • Must possess some experience of liaising with and presenting to senior individuals
  • Must possess experience of UK bulk annuity transactions, from either a 1st line or 2nd line perspective
  • Experience working within an independent challenge function, e.g. a 2nd line Risk Function, consulting role or audit.

Knowledge:

  • Excellent knowledge of UK bulk annuities, including pricing and transaction structuring
  • Good knowledge of legal, regulatory and industry requirements; as relevant to these transactions
  • Good knowledge of the Solvency II balance sheet (and associated elements, e.g. matching adjustment, transitional measure on technical provisions) and/or IFRS 17
  • Some familiarity with the SMF20 ('Chief Actuary') responsibilities
  • Some familiarity with relevant business processes, standards, policies and procedures; and the relevant legal, regulatory and industry requirements

Skills:

  • Willing and able to develop a strong technical understanding of the complex methodology, assumptions and results calculated with respect to BPA and reinsurance transactions; including the information presented in committee level pricing papers and ad hoc submissions
  • Good written and oral communication skills, with ability to communicate complex information to senior management, their direct reports and a range of external parties.
  • Must be able to, or develop skills required to provide robust and credible opinions, with limited oversight.
  • Must be able to manage self and others and communicate effectively with other areas of the business
  • Ability to distil information and apply judgement
  • Must have, or be able to build, internal and external relationships to maintain an understanding of developing practices across the market

Desirable personal attributes aligned to what success looks like in the role:

  • Intellectually curious with a willingness to learn through own research.
  • Strong problem-solving skills utilising consultative questioning to challenge current norms and drive change within the business function.
  • Effective communicator - structures insights into clear messages and effectively engages others within business function, as well as internal stakeholders, professional and regulatory bodies.
  • Innovative thinker - positive attitude to change and a willingness to embrace new ideas and techniques to improve performance.

Benefits

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme and much more.

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