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Job Location | London |
Education | Not Mentioned |
Salary | Competitive salary |
Industry | Not Mentioned |
Functional Area | Not Mentioned |
Job Type | Permanent , full-time |
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 transformingto 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 The internalmodel risk team are currently recruiting for a Qualified Actuary to join them on a permanent basis. This position will be responsible for: Performance and communication of the Independent Validation of Canada Lifes Internal Model. A key role that contributesto the CROs Opinion of the ongoing appropriateness of the Internal Model. In addition: - contribute to the wider delivery of the CLL Risk Teams plan - contribute to Internal Model oversight at a CLG-level. - maintain CLLs 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 InternalModel 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 IIrequirements. - 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:- Provide Risk Opinions on key Internal Model activity including Model Changes - Perform second line review of CLLs Standard Formula Appropriateness Assessments. - Perform other second line risk reviews, in support of the wider delivery of the Risk Teamsannual plan. - Input to the wider ORSA process, as appropriate 3) As required, attend Internal Model governance bodies. - Support the annual review of Terms of Reference for Internal Model governance bodies are reviewed annually and remain appropriate. 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 CROs Opinion of the ongoing appropriateness of the Internal Modelat 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 withSolvency II requirements Desired Knowledge / Experience / SkillsExperience 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 knowledgeand 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 articulatestandard 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 experienceof 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 undertight time pressure.Self-motivated, well-organised, pragmatic and able to perform tasks independently. Qualified Actuary essential What youll like about working here As a Canada Life UK colleague, youll receive a competitive salary and comprehensive rewardpackage including income protection, private medical insurance and life assurance, along with a generous pension and bonus scheme. Youll also receive the support you need with your personal and professional development. Diversity and inclusion Canada Lifeis 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