Bank of Ireland

Model Development Actuary

Dublin, Republic of Ireland
19 Jan 2022
01 Feb 2022
Approved employers
Approved employer
Contract type
Full time
Experience level
Qualified accountant

Description of business unit:

The Wealth and Insurance division of Bank of Ireland is a market leading life, pension and general insurance provider in the Irish market. The Life Company (New Ireland Assurance Company) was established over 100 years ago and provides a range of protection, investment and pension products offering customers access to a wide range of investment markets and fund managers across its fund platform. New Ireland distributes across three core channels made up of the Group's distribution channels, independent financial brokers and its own tied financial advisor network. It is the only Bancassurer in the Irish market.

The Actuarial Valuations team is responsible for the production of quarterly financial reports on the company value and solvency position for group, regulatory and external purposes. This team collaborates with other areas of the business producing invaluable financial insights and analysis which is shared across various functions for business purposes. This role offers the opportunity to get involved in technical analysis and financial reporting as part of a supportive team.

Purpose of the Role

New Ireland Assurance ("the Company") uses the Actuarial Valuations Model ("the Model") in the production of financial reporting figures for accounting and regulatory purposes.

The use of the Model is critical component of the financial reporting process, being centrally involved in accounting, embedded value, new business calculations and Solvency II reporting requirements, including ORSA projections. The Model values approx. 550k policies which make up €16 billion of funds under management.

The Model Development Team is responsible for all development on the Model, maintaining the model and ensuring full compliance with Group Model Risk Policy and Standards. This includes significant developments relating to the new IFRS17 accounting standard.

The Model Development Actuary leads the Model Development Team and is a key senior member of the Actuarial Function, which involves supporting the Head of Actuarial Function and Head of Actuarial Valuations in their roles. The Model Development Actuary supports the development of other members of the Actuarial Function, particularly in development of modelling skills. The role involves managing 2-3 individuals in the Actuarial Function.

The Model Development Actuary is a key member of the Model Steering Committee. This group is responsible for approval and overall governance of the Model and reports into the Financial Risk Committee.

Key Accountabilities

  • The Model Development Actuary is responsible for all development relating to the Model. This includes the following:
  • Responsible for compliance with Group Model Risk Policy and Standards
  • Oversight of all coding of the Model developments and parameterisation
  • Responsible for overall data preparation phase of the Financial Reporting Process.
  • Identification and communication of data quality issues
  • Ensuring new products and changes to existing products are reflected correctly in the Model
  • Working with the IFRS17 Implementation Team to ensure the Model is fully compliant with the new IFRS17 accounting standard
  • Ensuring that the Model operates in a fully controlled environment
  • Responsible for setting up the data flow processes to/from Prophet to meet modelling and financial reporting requirements
  • Responsible for reporting on the performance of the Model to the Financial Risk Committee and Model Steering Committee
  • Responsible for ensuring that the Model used in the Financial Reporting Process is as efficient as possible, by exploring opportunities to automate processes where possible.

What is the opportunity?

The Model is a key enabler for the Company's strategy in terms of understanding the financial impacts of product pricing, capital and risk management. The Model Development Actuary plays a key role by ensuring the Model is operating effectively and reflects all new and existing product features brought about by transformational and strategic change.

Essential Qualifications

  • Qualified/Part Qualified Actuary with experience of life and pensions industry

Essential Skills & Experience

  • Financial reporting experience including MCEV, IFRS and Solvency II
  • Prophet modelling essential
  • Knowledge of the financial structure and operation of life and pensions products
  • Experience in implementing reporting change (e.g. Solvency II) or in auditing / peer reviewing / independent validation of reporting change
  • Excellent communication and presentation skills
  • Proven track record in delivery with a demonstrated ability in managing multiple tasks.
  • Strong teamwork skills

Desirable Qualifications, Skills & Experience

  • Good IFRS17 experience advantageous
  • Track record of continuous improvement and process re-engineering

Key Competencies

  • One Group, one team - People Manager
  • Agile - People Manager
  • Accountable - People Manager
  • Amplify Capability - People Manager
  • Accountable - People Manager

Where Agency assistance is required Bank of Ireland Recruitment Team will engage directly with suppliers. Unsolicited CVs / profiles supplied to Bank of Ireland by Recruitment Agencies will not be accepted for this role.

Bank of Ireland Group is an equal opportunities employer and is committed to fostering an inclusive workplace which values and benefits from the diversity of our workforce.

 For further information, and to apply, please visit our website via the “Apply” button below.

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