Model Validation Senior Actuary 12 Month FTC

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. Context for the role: M&G plc, as a major UK listed financial services provider is expected and required to maintain a Risk Management and Compliance framework, meeting regulatory standards. The FICM team is responsible for oversight of Financial, Insurance, Counterparty and Market Risks. A key focus is review & challenge to ensure the business accept, manage and monitor risks appropriately within M&G plc, PACs and M&Gs risk appetite and limits. In line with the operating model approved by the Board Risk and Capital Committee (BRCC) the requirements under Solvency II to perform independent validation of the SII Model are performed mostly in house, by a specific team that sits within FICM. Work Level Accountabilities: Manager/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: To support and maintain overall internal model validation scope and plan To assess the appropriateness of Internal Model assumptions, methodology and results To consolidate results from model validation and present progress and findings to IMGOC and ERC To manage the governance requirements and MI production work in relation to validation To support the provision of Major Model Change validation reports to IMGOC, BRCC , PAC Boards and equivalent committees within To operate within the validation budget and provide oversight of validation performed by 3rd parties To operate the validation of other Models and User Developed Applications ("MUDA") deemed to be sufficiently critical not currently covered by the CA team and review whether there are sufficient processes in place around external actuarial models given their use within the company To collaborate with Chief Actuary on wider review of methodology and assumptions in respect of EC and SII internal models To work collaboratively with colleagues and take personal accountability to maintain and enhance controls you are responsible for to support improvement of the overall control environment, customers outcomes and a reduction in Prudential UKs operational risk To work with the business to ensure the right outcomes for customers Knowledge, Experience & Skills: Detailed knowledge of Solvency II regulations and internal model design Detailed knowledge of UK financial services regulatory environment Detailed knowledge of Prudential products, systems and distribution methods Detailed knowledge of UK life insurance products and pensions products, market, competitors and distribution channels Working knowledge of industry best practice and good network / links with individuals and external bodies Awareness of external developments and ability to identify, recommend and implement improvements to processes and policies in line with these detailed statistical knowledge Experience of a broad range of financial risk management frameworks and approaches Experience in internal model risk and governance Experience in complex actuarial and statistical modelling Experience of regulations relevant to Financial and Insurance Risk, in particular Solvency II Experience of providing constructive challenge and oversight of technical matters Experience of liaising, influencing and negotiating effectively with internal parties and external parties at a senior level Experience in risk guidance and compliance environments Experience of Financial Services regulatory environment and Prudential regulations Personal attribute/skills: Strong investigative skills A promoter of risk awareness within the organisation A strong ability to learn quickly and explain complex issue to others Able to work collaboratively across the immediate team and broader Risk function while also being able to work independently and take ownership for areas of expertise An ability to constructively engage with and challenge peers. High level of diplomacy, discretion and problem solving ability. Good personal presence and resilience. Qualifications: Qualified Actuary with relevant post qualified experience, a Fellow of the Faculty and Inst