Head of Internal Model Oversight

Phoenix Group
Birmingham, West Midlands
Competitive Salary + On target bonus - 30% up to 60%
21 Apr 2021
04 May 2021
Contract Type
Full Time

Head of Internal Model Oversight

Competitive Salary + On target bonus - 30% up to 60% + Car Allowance £8,000 + Excellent range of flexible benefits

Based Wythall, South Birmingham 

As one of the UK’s Top Employers we’ve brought together businesses with long, successful histories and many strengths. More than ever, people need help and guidance from a company which is simple to deal with and who they trust.  And that’s where you come in.

We’re currently recruiting for a Head of Internal Model Oversight to join our Group Risk Function to lead the team in alignment with the Group Risk's Mission to promote informed decision making and controlled risk-taking that improves customer outcomes and delivers long term value for shareholders.  

This is an exciting opportunity to shape the risk function’s oversight of the Group’s Internal Model, in particular leading and developing a team of Solvency II risk professionals in the efficient design and operation of the independent validation framework for the Group’s Internal Model.

You will play a leading role in the strategic development of the Group’s Internal Model to ensure that the model reflects industry best-practice, and that improvements are appropriately prioritised to enable development of a cutting-edge internal model.  You will also provide oversight and challenge to the actuarial and finance functions in the execution of their responsibilities under the Solvency II regime and with respect to model change activity, including both actuarial and operational aspects of the Internal Model.

Key Responsibilities

  • Lead and develop a team of permanent employees in the execution of the independent validation of the Group’s Internal Model, including the use of external and consultancy expertise as appropriate to ensure validation is carried out by appropriately qualified individuals.
  • Design and implement an appropriate rolling cycle of independent validation activity including an annual top-down validation of the Internal Model, highlighting the key weaknesses, limitations and strengths of the Internal Model and recommend areas requiring improvement.
  • Drive the strategic direction and development of the Group’s Internal Model and advising where existing risk management and Internal Model approaches need to be improved to meet emerging market best practice, regulatory expectations and the needs of the business as it evolves. In particular, strengthening Line 2 capability in relation to the move to a full stochastic modelling approach and the use of a proxy model.
  • Work with Internal and External stakeholders including the PRA and non-executive directors to gain endorsement for the oversight model of the Internal Model and its execution.
  • Represent Line 2 in meetings with the Group’s regulators and ensure that regulatory expectations relating to independent validation of the Group’s Internal Model are met.
  • Provide independent validation of Internal Model change activity across the Phoenix Group, including harmonising and executing Internal Model governance and Independent Validation, project managing Line 2 oversight of major model changes, and ensuring quality and timeliness is maintained in respect of key deliverables.
  • Work effectively across programme boundaries within broader change management programmes to ensure all dependencies are identified and effectively managed.
  • Provide advice and guidance to the business on Solvency II related issues and compliance related matters.

What We’re Looking For

  • A senior qualified actuary (preferable) with substantial experience in actuarial modelling and the validation of internal models of UK Life insurance companies, or similar.
  • Detailed knowledge of the Solvency II regulatory requirements and the ability to interpret emerging regulation as it develops.
  • Understanding of risk across all categories impacting the Group.
  • Excellent communication skills and gravitas, including reporting and presenting at Board level; and track record of being able to challenge effectively at a senior level.
  • Strong influencing skills and with desire to proactively support delivery of business objectives.
  • Experience of effective leadership of small to medium sized teams with a track record of delivering quality within timescale and cost budgets, and strong project management skills.
  • Be able to deputise for the Financial Risk Director at Board level.
  • Drive and flexibility to undertake a wide range of projects / activities simultaneously.
  • Forthright and resilient to provide effective challenge to members of the Senior Management Group.

What We Offer 

Bring your ‘whole self’, skills and dedication to the Phoenix Group and we’ll recognise your effort, support your development and help to drive your ambition. We’ll ensure you’re rewarded for your contribution with a competitive package that includes an attractive pension, annual bonus potential, private medical insurance, generous holiday entitlement, enhanced maternity and adoption leave and a range of other financial services and lifestyle flexible benefits. 

Join us and you join a unique organisation. It’s not just the 14 million policyholders we serve, or the £300 billion of assets we look after. Or that we’re a FTSE 100 company that has been listed as one of the UK's Top Employers for nine years running.  It’s our talented, inclusive and diverse workforce that makes us a success.  We offer flexible working opportunities ensuring we attract and retain the very best of talent. Find out about more about our people’s stories, our values and our commitment to diversity.

Online Interviews and Onboarding

All our interviews, onboarding and new joiners are now managed remotely.  We have in place a strong virtual support network to ensure new colleagues are supported and developed as they navigate their first few months with us.

About Us

Phoenix Group is a member of the FTSE 100 index and is the UK’s largest long-term savings and retirement business. We specialise in the acquisition and management of Heritage life insurance and pension funds. We’ve businesses in the UK, Germany and Ireland and hold a broad range of both Heritage and Open products split across three key business segments: UK Heritage, UK Open and Europe.  Our open business manufactures and underwrites new products and policies to support people saving for their future in areas such as workplace pensions and SIPPs, primary under the Standard Life brand. And we market corporate pension trustee services and manufacture products to be sold under other brands. Did you know Phoenix Life manufactures SunLife’s market leading Guaranteed Over 50’s plan?

We value diversity in our workforce and welcome enquiries from everyone.

Closing date for applications: Tuesday 4th May 2021.

To apply, simply click on the 'Apply Button'


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