Actuary

Recruiter
Emerald Group
Location
Hampshire
Salary
Up to £100,000 + Benefits
Posted
19 Nov 2018
Closes
19 Dec 2018
Ref
48934
Experience
Qualified
Contract Type
Permanent
Hours
Full Time

Consultant Name: Molly Davies

Telephone Number: +44 (0)203 867 9822

Email Address: molly.davies@emerald-group.com

Key Responsibilities:

Impact on Business:

  • Overall ownership of the risk and controls framework for all analytic models
  • Lead development of modelling methodology ensuring industry best practice is followed
  • Production of regular experience analysis using standard models
  • Lead recommendations on setting actuarial assumptions for use in financial and capital reporting
  • Lead ad-hoc experience analysis within the wider business as required
  • Model change subject matter expert within the business
  • Owner of the Model change process for models used in the department
  • Responsible for all processes and systems utilised in production of results. This includes interfaces with data, assumptions and other models used elsewhere in the entities we engage with
  • Ultimate responsibility for data extraction, manipulation, validation, analysis and storage systems and processes, including responsibility for adherence to the company’s data protection requirements
  • Own maintenance and provision of evidence of compliance with all model governance requirements
  • Key Member of the Model Oversight Committee
  • Lead the Modelling team with a focus on coaching and developing staff
  • Quality assurance of team deliverables

Customers/Shareholders:

  • Overall ownership of the risk and controls framework for all analytic models
  • Lead development of modelling methodology ensuring industry best practice is followed
  • Production of regular experience analysis using standard models
  • Lead recommendations on setting actuarial assumptions for use in financial and capital reporting
  • Lead ad-hoc experience analysis within the wider business as required
  • Model change subject matter expert within the business
  • Owner of the Model change process for models used in the department
  • Responsible for all processes and systems utilised in production of results. This includes interfaces with data, assumptions and other models used elsewhere in the entities they engage with
  • Ultimate responsibility for data extraction, manipulation, validation, analysis and storage systems and processes, including responsibility for adherence to the company’s data protection requirements
  • Own maintenance and provision of evidence of compliance with all model governance requirements
  • Key Member of the Model Oversight Committee
  • Lead the Modelling team with a focus on coaching and developing staff
  • Quality assurance of team deliverables

Leadership & Teamwork:

  • Provides modelling methodology and controls leadership to the team on behalf of customers
  • Provides modelling thought leadership to the team on behalf of customers
  • Maintains standards/requirements for actuarial work undertaken by the team
  • Line management responsibility for team
  • Acts as career/study mentor to staff

Operational Effectiveness & Control:

  • Manages resources to meet time and quality requirements
  • Ensures work undertaken meets recognized actuarial standards (internal FIM and external as set by professional bodies)
  • Ensures compliance with quality control as well as governance processes stipulated by Insurance Head Office and Group Insurance Model Oversight Committee
  • Responsible for ensuring overall compliance with model risk governance framework for all work produced by the department
  • Responsible for effective management of Model Change process within acceptable limits of operational risk
  • Oversee model developments and ensure good coding practice and model development practice is exercised

Major Challenges:

  • The role holder needs to bring thought leadership and expertise to the role on modelling practices and risk management
  • The role holder will be required to be self-sufficient and proactive in implementing superior modelling processes, operational procedures and model risk governance processes
  • The role holder will be required to build new processes and relationships, replacing existing ones in certain cases
  • The role holder will be required to upskill and enhance the abilities of the modelling team including, but not limited to, the introduction of the appropriate skills and processes to run Prophet as an actuarial modelling software in addition to Moses

Role Context:

  • The role will have a focus the quality and timeliness of delivery in order to be perceived as the actuarial lead on modelling
  • The role will lead the risk and controls framework in the team to ensure the integrity of modelling outputs
  • The role services the in scope entities and so work may be undertaken on various legal entities from time to time
  • Attention to detail, customer satisfaction and ability to deliver are especially important to ensure key deliveries are met but are balanced against wider considerations

Role Dimensions:

  • Leadership on:
    • All analytical models within the Actuarial team
    • Model Governance and model risk management and mitigation
    • New and emerging industry practice related to analytical modelling including highlighting areas for improvement
    • Best practice on modelling, including production of model results
    • Best practice on data extraction, manipulation, analysis and storage
  • No direct budget

Management of Risk:

  • The jobholder will ensure the fair treatment of their customers is at the heart of everything they do, both personally and as an organisation. This will be achieved by consistently displaying the behaviours required to support the Best Place to Bank principles of Make Better Products, Sell Them Properly and Keep Them Sold
  • The jobholder will also continually reassess the operational risks associated with the role and inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology
  • This will be achieved by ensuring all actions take account of the likelihood of operational risk occurring
  • Also by addressing any areas of concern in conjunction with line management and/or the appropriate department

Observation of Internal Controls:

  • The jobholder will also adhere to and be able to demonstrate adherence to internal controls. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators
  • The jobholder will implement the Group compliance policy by containing compliance risk in liaison with Global Head of Compliance, Global Compliance Officer, Area Compliance Officer or Local Compliance Officer. The term ‘compliance’ embraces all relevant financial services laws, rules and codes with which the business has to comply
  • This will be achieved by adhering to all relevant processes/procedures and by liaising with Compliance department about new business initiatives at the earliest opportunity. Also and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimising relations with regulators

Qualifications/ Experience:

  • In depth knowledge of risk and controls relating to model governance
  • In depth knowledge of modelling processes and data storage management
  • Significant leadership and customer relationship management skills
  • A qualified actuary (IFoA or equivalent) with significant post qualification experience

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