IFRS 17 Methodology Actuary

Job Description

At M&G our vision is: to become the best loved and most successful savings and investment business and were looking for people who are excited about joining us on our journey. Were digitally transforming and investing heavily in technology and innovation to develop new and improved customer propositions that really raise the bar for our customers. To help us achieve our vision were looking for exceptional people who live our values and behaviours and who can inspire others; embrace change; deliver results and keep it simple. We know that an inclusive environment makes us more accessible and ensures we attract, engage, promote and retain exceptional people. We welcome applications from all individuals regardless of age, gender/gender identity, sexual orientation, ethnicity/nationality, disability, or military service and welcome those who have taken career breaks. We will consider flexible working arrangements or home working arrangements for any of our roles. What you can expect from us: We are committed to creating an environment where you can be exceptional at all you do. To help us deliver this, we promise to: Challenge Your Limits by creating a stimulating working environment and providing opportunities for you to be involved in meaningful and challenging work Support Your Aspirations with a commitment to learning and development that helps you achieve and build your experience with people who want you to succeed Value Your Input whereby leaders and managers will involve you in key decisions, listen to your thoughts and recognise the important contribution you make Balance Your Life through a work life partnership that focuses on making this an inclusive, diverse and friendly place to work and offers the flexibility and support that enables everyone to be at their best How do we support our employees: All M&G plc employees will be supported in the workplace through our M&G Employee Assistance Programme (EAP). If you need counselling, confidential financial or legal advice. The service is available 24 hours a day, 365 days a year and offers access to qualified professionals who can provide specialist information, advice and support on many issues. It offers a broad range of services, including help with family issues, maintaining work/life balance and mental health support. The Role: IFRS 17, which will supersede IFRS 4 and which is expected to take effect for accounting periods from 1 January 2022, provides an international accounting standard for insurance contracts that replaces the wide range of current practices. The IASBs aim in introducing IFRS 17 is to address the lack of relevant and transparent information from some of the accounting today and the lack of comparability that arises under IFRS 4. IFRS 17 not only deals with the definition of an insurance contract, as IFRS 4 does, but also provides a comprehensive measurement framework. The IFRS 17 workstream in M&G plc is responsible for interpreting the IFRS 17 requirements in the context of M&Gs business within the scope of IFRS 17 and considering the commercial implications of the standard. The IFRS 17 workstream will also work with other teams and workstreams within Finance to ensure the timely delivery of IFRS 17 processes. We require a qualified actuary with strong with-profit experience to join the team on a 12 month Fixed Term Contract. This role will begin working remotely and will then have a blended approach of working from home and out of one of our offices - Scotland or England. Key Work Level Accountabilities: Manager or Expert: For people managers, accountable for managing and motivating others to ensure quality of delivery to customers and stakeholders For technical specialists, accountable for delivering expert advice or service, using specialist knowledge and subject matter expertise Applies judgement to deliver outcomes, evaluating a range of potential solutions, considering the impact for customers, cost and risk Manages conflicts that may impact delivery Challenges upwards given knowledge of delivery and awareness of complex systems and the broader picture Identifies and anticipates need for changes to continuously improve quality and efficiency of output Manages resources and risks using expert judgment, know-how and experience Key Responsibilities for this role: Interpretation of the IFRS 17 requirements in the context of M&Gs business within the scope of IFRS 17 Carrying out financial impact analyses to help inform methodology and commercial decisions Working with M&G plc Finance to establish IFRS 17 accounting policies Working with other Finance Ambition workstreams to assist in the specification of systems and processes Working with Finance Ambition and/or Financial Reporting to deliver dry run results and opening balance sheet and prior year comparatives Key Knowledge, Skills & Experience: Qualified Actuary with deep technical actuarial and reporting expertise in the life insurance industry A deep understanding of the requirements of IFRS 17 and experience of working with businesses in interpreting and implementing these requirements Experience of financial reporting and operation of with-profit funds Strong knowledge of financial services, regulatory and legislative frameworks, including IFRS and SII principles and associated external reporting and disclosure requirements A strong understanding of financial statements and the key data included in the P&L and balance sheet An understanding of the commercial implications of decisions Significant experience in understanding the wider business and distilling this information to provide understandable results to the business Experience of disseminating complex quality information to internal and external stakeholders (including regulators and rating agencies) and ensuring it is understood Experience of working in teams to deliver under pressure and/or to tight timescales Ability to make recommendations that balance technical requirements, commercial outcomes and control/process implications Strong understanding of applying materiality and audit requirements in implementing new valuation processes Work Level: Manager or Expert Recruiter Name: Emma Pryde Closing Date: 27th May 2021 We live by four behaviours at M&G and we ask all our employees to: Inspire Others - Support and encourage each other, creating an environment where everyone can contribute and succeed Embrace Change - Be open to change, willing to be challenged and able to adapt quickly and imaginatively to new ideas Deliver Results - Focus on outcomes, set high standards and deliver with energy and determination Keep it Simple - Cut through complexity and bureaucracy, be clear and decisive and never overcomplicate things