Lead Validation Actuary

4 days ago


London, UK, United Kingdom myGwork Full time

This job is with Beazley, an inclusive employer and a member of myGwork – the largest global platform for the LGBTQ+ business community. Please do not contact the recruiter directly.

General

Job Title: Lead Validation Actuary

Key Relationships: Risk and Compliance team, Capital Modelling, External Validators, Actuarial Reserving / Reporting and Group Actuarial more broadly, Internal Model Group, Internal Model Technical Group.

Job Summary:

Oversight of Internal Model (IM) Validation across Beazley’s various entities where the IM is used. This includes assessment of the model processes and governance as well as the data, assumptions and model results. The role involves co-ordinating with our external validators and managing any internal resource, as part of our co-sourcing validation model, to ensure that the validation work meets the relevant regulatory requirements and actuarial standards.

The role also oversees the validation of technical provisions, with support from more junior members of the team.

Although our external validators will continue to support in future years, Beazley is looking to become less reliant on external support. As such, this is an opportunity for someone to build out Beazley’s internal validation capabilities, with the team likely to grow in the future.

Key Responsibilities

  • Coordination, planning and delivery of internal model validation activities, in collaboration with first line teams and external validators, including:
    • Setting the scope of the annual validation, test specification and setting pass/fail criteria
    • Ownership of design and development of validation processes
    • Monitor and review of all validation testing performed from an independent perspective
    • Perform ad-hoc deep dive validation reviews of the internal model build and parameterisation
    • Liaising with the Head of Capital and Head of Insurance Risk on validation findings.
    • Effective challenge to quantitative and qualitative aspects of the Internal Model.
    • Engagement with senior stakeholders and regulators on validation issues, including clear and impactful reporting and presenting at Board Risk Committees.
  • Oversee and develop technical provisions validation.
  • Improve and embed ongoing validation processes, including keeping up to date with applicable regulatory requirements.
  • Supporting the Risk team’s challenge of quantitative aspects of Beazley’s first line processes.
  • Supporting junior team members in their learning and development as well as delegation and workflow planning in the delivery of the above responsibilities.

Personal Specification:

Education and Qualifications

  • Qualified Actuary

Skills and Abilities

  • Significant experience in internal model validation required, with experience also working within a first line capital modelling team. Experience in the London Market preferred.
  • Some experience in technical provisions would be an advantage, but is not essential.
  • Knowledge of Solvency II requirements, risk management and capital modelling principles.
  • Experience and technical skills in the planning and execution of actuarial work, specifically with respect to Lloyd’s Solvency II capital reporting and validation.
  • Methodical approach to problem solving, with a high attention to detail.
  • Ability to act flexibly and pragmatically in the face of new challenges and demands and exercise sound judgement based on overall business needs.
  • Excellent interpersonal, communication skills, and ability to tailor communication to both technical and non-technical audiences.
  • Ability to prepare comprehensive well written reports for internal and external stakeholders.
  • Proven project management and organisational skills with track record of delivering projects to strict deadlines.
  • Results oriented, with the energy and determination to succeed in a fast-paced environment
  • Advanced proficiency in using Microsoft Office. Experience with capital modelling software/programming languages would be an advantage.


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