Senior Actuary

4 weeks ago

Potters Bar, United Kingdom Irish Life Full time

**Location**:Potters Bar, GB**Company**:CLFIS Limited**Description:
Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.- Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.- Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.- Job Purpose
This position will be responsible for:

Performance and communication of the Independent Validation of Canada Life’s Internal Model.
A key role that contributes to the CRO’s Opinion of the ongoing appropriateness of the Internal Model.
- In addition:

- contribute to the wider delivery of the CLL Risk Team’s plan
- (Non-PIM) Model Risk Reviews and Management
- contribute to Internal Model oversight at a CLG-level.
- maintain CLL’s Internal Model governance framework.
- Reports to the Head of Internal Model Oversight.
Key Accountabilities
1) Deliver Independent Validation of the Internal Model for CLL and also in support of oversight at CLG. Regular activities include:

- Perform Independent Validation reviews of Internal Model components, ensuring reviews are preceded by an agreed Terms of Reference.
- Confirm factual accuracy of findings with stakeholders and summarise points into Executive-level reports. Obtain explicit management responses and agreement of remedial actions. Monitor progress on addressing findings raised, escalating where necessary, and challenge the evidence of remediation before closing findings.
- Support the maintenance of a rolling schedule of review activity to provide appropriate coverage of Solvency II requirements.
- Maintain effective records of review evidence and Risk Opinions.
- Ensure work performed is in line with the CLG Internal Model Governance Policy and Solvency II requirements.
- 2) Perform additional second line review activity, as appropriate:

- (Non-PIM) Model Risk Reviews and Management (Growing Area)
- Perform other second line risk reviews, in support of the wider delivery of the Risk Team’s annual plan e.g. Pricing/Business Strategy.
- Input to the wider ORSA process, as appropriate.
- Provide Risk Opinions on key Internal Model activity including Model Changes.
- Perform second line review of CLL’s Standard Formula Appropriateness Assessments.
- 3) As required, attend Internal Model governance bodies.
- Support the annual review of Terms of Reference for Internal Model governance bodies.
- 4) Manage stakeholder relationships in respect of the Internal Model.
- Maintain collaborative relationship with the CLG Risk Team, to ensure appropriate support is provided to help inform the CLG CRO’s Opinion of the ongoing appropriateness of the Internal Model at a CLG-level.
- Support engagement with the PRA in respect of the Internal Model, and external parties, as appropriate.
- 5) Maintain the Internal Model Standards documents that underpin CLG Internal Model Governance Policy, and ensure ongoing compliance with Solvency II requirements.
Desired Knowledge / Experience / Skills
- Experience in the life insurance industry.
- Strong technical knowledge and an understanding of Solvency II capital requirement calibrations, and a good understanding of Solvency II as a whole.
- Knowledge of Internal Model calibrations and if not already an expert in the various elements of risk modelling within the Canada Life model, possess the technical ability to rapidly become technically proficient in those areas.
- A good working knowledge and understanding the “three lines of defence”, and the risk oversight role of the second line.
- Strong report writing skills and ability to convert technical issues into clear, concise reports.
- Good communication skills, demonstrating a clear and articulate standard of written and verbal communication in a complex environment, tailored for all levels of management.
- Good influencing skills, with experience of engaging with senior management in order to get desired outcomes.
- Good interpersonal/networking skills, with the ability to maintain a variety of relationships with multiple stakeholders.
- Proven track record at delivering reporting requirements under tight time pressure.
- Knowledge of MATLAB, R ,Python is a bonus
- Self-motivated, well-organised, pragmatic and able to perform tasks independently.
- Qualified Actuary

**Benefits of working at Canada Life**
- We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that’s regularly reviewed. As

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