• Competitive
  • London, England, United Kingdom
  • Permanent, Full time
  • M&G Prudential
  • 2019-04-20

Actuarial Analyst – Risk Modelling

  • Full time
  • London, England, United Kingdom
  • 20 Apr 19

Actuarial Analyst – Risk Modelling

Prudential plc is an international financial services group serving around 26 million insurance customers, with £669 billion of assets under management. We are listed on stock exchanges in London, Hong Kong, Singapore and New York.
We provide protection and savings opportunities to our customers, social and economic benefits to the communities in which we operate, jobs and opportunities to our employees, and long-term value for our investors. By offering security, pooling savings and making investments, we help to drive the cycle of growth.
Our strategy is designed to create sustainable economic value for our customers and our shareholders.
It is focused on three long-term opportunities:
  • The significant protection gap in Asia;
  • The transition of US baby boomers into retirement; and
  • The UK 'savings gap' and ageing population in need of returns and income.

The team

The team works closely with Group Risk and the Financial Reporting team within Group Finance (who are responsible for production of Group-wide capital results). The team also supports the Financial Planning and Analysis team and Group Strategy team and liaises extensively with the business units across the Group.

The role
We are looking for a qualified actuary or an individual who is studying towards actuarial qualification who is making good progress on passing exams (or equivalent level of experience in a related field) with strong technical skills to assist in the development of the risk models and simulation engine (the Risk Scenario Generator or RSG) within Prudential Group's internal capital model.
The role also involves support in delivery and development of the models used for the monthly Market Data Pack. This is a key deliverable which provides a snapshot of market indices used across the business in best estimate liability modelling and capital modelling.
The candidate should have a good knowledge of financial modelling statistics and be capable of independently implementing models in Excel/VBA or other high level coding languages or frameworks.
A structured approach to model development is critical and strong self-review is highly important. A high level of communication skills (both written and verbal) is required as the Group Capital Management and Modelling team liaises extensively with a range of stakeholders, including the PRA and other regulators.
The role offers the opportunity to combine some coding with the next-level activity of defining methodology, specifying requirements and participating in design. It offers the chance to build knowledge of simulation techniques without necessarily needing them as a prerequisite.
This is an exciting opportunity to be at the heart of a dynamic, fast-moving team with exposure to senior management in a growing business. This role sits within the risk and market data modelling team whose key responsibilities are:
  • develop and implement risk models inside of the RSG;
  • assist in the development of risk calibration tools, with opportunities to be involved in methodology design and implementation;
  • maintain and develop methodologies and expert judgements related to market data;
  • provide technical support and actuarial expertise to the wider Prudential group; and
  • staying up-to-date with regards to Solvency II regulatory requirements surrounding market data.

The role reports to the Manager, Risk Modelling

Core Competences

  • Sciences degree, with significant experience in life insurance industry is essential.
  • Ability to solve logical problems and explain them in a clear manner
  • Proven understanding of statistics and statistical methods
  • Strong coding skills in one or more programming languages is required (e.g. VBA, C#, MatLab). Proven track record of modelling developments to a high standard
  • Previous exposure to Risk Agility Financial Modeller is a distinct advantage
  • Excellent communication skills (both verbal and written). Ability to document outcomes and present/justify to senior stakeholders (both internally and externally)
  • Good progress with actuarial exams
  • Knowledge of capital modelling methods for Solvency II is highly desirable
  • Knowledge of financial markets is highly desirable
  • Excellent team player who is hard working and has a desire to mentor and train others
  • Ability to prioritise work both on an individual basis and also for others

Posting date: 10/04/2019
Closing date: 10/05/2019
Salary: competitive/market rate