Job title: Internal Model Risk Actuary
Location: Potters Bar
Job type: Permanent or fixed term contract
Who we are
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.
What we’re building
We now need an Internal Model Risk Actuary to support the transformation and the future growth of the business within the Finance function, so it can be a trusted and commercial partner that influences the business to make good financial decisions, by delivering excellent support, expertise and high quality Management Information.
•Performance and communication of Independent Validation of Canada Life’s Internal Model. Maintain CLL’s Internal Model governance framework.
•A key role that contributes to the maintenance of “CRO Opinions” over the Internal Model.
•In addition contribute to Internal Model oversight at a CLG-level.
•Report to the Head of Internal Model Oversight, and as appropriate, contribute to wider delivery of the CLL Risk Team’s plan.
What you’ll do
•Deliver Independent Validation of the Internal Model for CLL and also in support of oversight at CLG. Regular activities include:
•Support the maintenance of Canada Life’s Independent Validation approach document that includes a rolling schedule of review activity that provides sufficient coverage of Solvency II requirements.
•Timely delivery of allocated milestones.
•Drafting of Terms of Reference for Individual Independent validation reviews.
•Performing both technical actuarial and governance process-related Independent Validation reviews of the Internal Model.
•Maintaining a suite of Independent Validation Review Criteria; a key tool that underpins the execution of Independent Validation reviews.
•Confirming factual accuracy of findings with stakeholders, and summarising points into Executive-level reports.
•Obtaining explicit management responses and agreement of remedial actions with management.
•Ensure work performed is in line with the CLG Internal Model Governance Policy, and the underling internal Standards, as well as Solvency II requirements as a whole.
•Monitor progress to close findings raised, and contribute to Independent Validation of evidence from model owners to close limitations identified through Independent Validation.
•Perform additional second line review activity, as appropriate:
•Perform second line review of CLL’s Standard Formula Appropriateness Assessments made by the business.
•Perform other second line risk reviews, in support of the wider delivery of the Risk Team’s annual plan.
•Input to the wider ORSA process, as appropriate.
•As required, attend Internal Model governance bodies.
•Ensure personal contribution to second line inputs to the governance bodies is timely, complete, and of a consistent quality.
•Support the annual review of Terms of Reference for Internal Model governance bodies are reviewed annually and remain appropriate.
•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 over the Internal Model at a CLG-level.
•Support engagement with the PRA in respect of the Internal Model, and external parties, as appropriate.
•Maintain the Internal Model Standards documents that underpin CLG Internal Model Governance Policy, and ensure ongoing compliance with Solvency II requirements.
Who you are
•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.
•Attention to detail and discipline in consistently applying rigour and ensure maintenance of audit trails.
•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.
•Self-motivated, well-organised, pragmatic and able to perform tasks independently.
•Qualified Actuary essential
What you’ll like about working here
As a Canada Life UK colleague, you’ll receive a competitive salary and comprehensive reward package including income protection, private medical insurance and life assurance, along with a generous pension and bonus scheme. You’ll also receive the support you need with your personal and professional development.
Our focus is to have an engaged, committed and motivated work force, operating in a high performing and collaborative culture. We want to create an organisation that offers opportunities for all our people to develop their skills and talent, and build rewarding careers with us.
Diversity and inclusion
Canada Life is committed to a diverse and inclusive workplace. Our role as an employer of choice is to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences.