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Actuarial Managers - Risk, Validation and Stochastic

Edinburgh, City of Edinburgh
Competitive salary + benefits
Closing date
22 May 2022

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Banking and finance
Contract Type
Full Time
Qualified (executive), Qualified
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Some careers have more impact than others.

If you’re looking for a career where you can make a real impression, join HSBC and discover how valued you’ll be.

Retail Banking and Wealth Management serves more than 50 million customers worldwide with a complete range of banking and wealth management services to enable them to manage their finances and protect and build their financial futures. It is a global business that brings together management responsibility for Retail Banking, Wealth Management, Insurance and Asset Management with a focus on customer-centric propositions and innovative and efficient distribution channels.

We are currently seeking a number of Actuarial Managers-  Risk, Validation and Stochastic 

Role Purpose

HSBC’s insurance business operates globally and is the world’s leading bancassurer.  HSBC’s most significant insurance manufacturing operations are based in Asia Pacific, Europe and Latin America. These businesses provide a comprehensive range of insurance products including with profits, unit-linked, protection, and annuities. The actuarial models supporting the business cover a range of uses including financial reporting, statutory capital, economic capital, and pricing. 

ACE was formed at the end of 2019, following the decentralization of actuarial resources to local entity insurance manufacturing teams. ACE is part of the FLoD (First Line of Defence) in Group Insurance, based in Hong Kong and the UK, and is responsible for a range of actuarial services to both Group Insurance and local entity actuarial teams:

  • Stochastic Modelling and Projections
  • Actuarial Analytics and Support
  • Model Development and Testing
  • Model Review and Validation
  • Data Services

The Actuarial Manager will be part of the Stochastic Modelling and Projections team, who will support the development, maintenance and operation of stochastic modelling components which underpin key actuarial reporting processes.


In this role, you will:

  • Provide centralised Stochastic Modelling and Projection capabilities (including ESG calibration and production) to underpin routine capital reporting and financial reporting timetables, as required by global insurance entities.
  • Support the monitoring, implementation and testing of the IFRS17 projection and forecasting model.
  • Deliver services which provide meaningful business insights to support the decision-making process, and which enables the insurance business to satisfy relevant regulations and company policy.
  • Ensure that the solutions provided are compliant with relevant policy and regulations, and evidenced appropriately to underpin the External and Internal Audit process.
  • Keep up-to-date with applicable modelling standards, requirements and good practice, as part of a leading centre providing quantitative services and solutions to the local insurance entities.

To be successful in the role, you should meet the following requirements:

  • Theoretical and practical knowledge of stochastic models and Economic Scenario Generators (required).
  • Knowledge of insurance risk-based capital regimes such as HSBC EC, Solvency II, HK RBC, IAIS ICS or equivalents (required).
  • Knowledge and understanding of IFRS17 accounting standard (desirable).
  • Knowledge of RBC II in Singapore or C-ROSS (desirable).
  • Hands-on experience of stochastic modelling and Economic Scenario Generators gained in a life office, consulting, banking, or investment management context (required).
  • Managerial experience at a project level e.g. managing several more junior colleagues to deliver a specific task (required).
  • Practical experience of IFRS17 accounting standard (desirable).

You’ll achieve more when you join HSBC.

HSBC is committed to building a culture where all employees are valued, respected and opinions count. We take pride in providing a workplace that fosters continuous professional development, flexible working and opportunities to grow within an inclusive and diverse environment. Personal data held by the Bank relating to employment applications will be used in accordance with our Privacy Statement, which is available on our website.

Issued by The Hongkong and Shanghai Banking Corporation Limited.

As a business operating in markets all around the world, we believe diversity brings benefits for our customers, our business and our people. This is why HSBC is committed to being an inclusive employer and encourages applications from all suitably qualified applicants irrespective of ethnicity, religion, age, physical or mental disability/long term health condition, marital status, sexual orientation, gender identity, gender expression, genetic information (including characteristics and testing), military and veteran status, and any other characteristic protected by local law in the jurisdictions in which we operate. Within the work place you will have access to various employee resource groups which aim to promote and achieve a healthy work / life balance and support our diversity ambitions. HSBC has in place processes in order to avoid nepotism, which means to avoid creating circumstances in which the appearance or possibility of conflicts of interest may exist within the hiring process.

Job Field: Asset and Wealth Management

Role Workstyle: Hybrid Working

Primary Location: Europe-United Kingdom-Midlothian-Edinburgh

Job Type: Permanent - Full Time


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