Finance Specialist (ICAAP/Solvency II), AVP

  • Location: London, England, United Kingdom
  • Salary: Not Specified
  • Job Type: Full time

State Street The individual will assume an important role in the development and implementation of the Solvency II Own Risk Self-Assessment (ORSA) process and the annual ORSA Report, along Internal Capital Adequacy Assessment Process (ICAAP) related tasks. This role will also be responsible for managing

State Street

The individual will assume an important role in the development and implementation of the Solvency II Own Risk Self-Assessment (ORSA) process and the annual ORSA Report, along Internal Capital Adequacy Assessment Process (ICAAP) related tasks. This role will also be responsible for managing the Solvency II reporting and the Pillar 3 reporting processes

A qualified candidate will work closely with Risk to implement the ORSA through a series of workshops. This role will also make significant contributions at committee and Board meetings and provide support to the business for new business and product initiatives.

The individual will need to be able to have strong presentation skills, a proven ability to engage with senior management and to communicate regulatory reporting matters to non-technical leaders in a clear and compelling manner.

The successful candidate will also have the opportunity to participate in the Internal Capital Adequacy Assessment Process (ICAAP) process across State Street UK and Irish entities.

  • Responsible for the co-ordination and production of the annual Solvency II ORSA Report for a life insurance company.
  • Responsible for the development and implementation of Solvency II Pillar 3 regulatory reporting.
  • To be responsible for the assessment of the Company’s Solvency II balance sheet. Lead on all Pillar 1 aspects of Solvency II reporting and contribute to the embedding of Solvency II within the Company.
  • Responsible for presentation of accurate and timely solvency projections with easily understood communications to the Board.
  • To monitor and assess the further developments of the Solvency II requirements for Solvency Capital. Prepare updates to the senior management and Board to ensure understanding of the issues.
  • Development of Finance related Key Risk Information (KFI) tracking and reporting.
  • Support the implementation of Solvency II regulatory reporting requirements in conjunction with other subject matter experts in the UK Regulatory Reporting team.
  • Manage internal and external audit relationships within area of responsibility and convey position on audit issues where necessary.
  • Support new product and business initiatives by working closely with Finance peers to prepare capital requirement assessments.
  • Participation in the design and execution ORSA training covering new and existing regulatory requirements for senior management.
  • Opportunity to participate in the production of the annual ICAAP Statements for three EMEA State Street entities covering asset management and banking.
  • Continuously broaden and deepen expertise in capital adequacy rules via self-directed research and training.

Skills and Experience

  • Proven experience within Financial Services institution with a Solvency II / ICAAP focus.
  • ACCA/CIMA and/or equivalent (preferred).
  • Experience of Solvency II balance sheet gained in an insurance organisation.
  • Advanced knowledge of Solvency II, Basel II and III and understanding of the regulation of banks, insurance and investment management firms.
  • Relevant experience of stress testing and reverse stress testing development within a regulated institution.
  • An advanced knowledge of investment types and products.
  • Ability to apply technical understanding to real world business events/transactions.
  • Experience of operating at an executive management level, with a proven ability to engage with senior management.
  • Flexibility when solving and making decisions taking into account a broad range of internal and external factors;
  • Identify and cultivate relationships with key stakeholders; gain the cooperation of peers and customers, persuade others; mobilize people to take action.
  • Ability to set a strategic vision, inspire and motivate others.
  • Excellent communication and presentation skills.
  • A successful candidate will most likely have achieved an undergraduate and/or graduate degree in finance, accounting, or business and achieved and kept current ACCA /CIMA qualification or equivalent.
  • Experience within Financial Services institution with a Solvency II / ICAAP / regulatory focus.