Senior Market Risk Actuary
- Recruiter
- Phoenix Group
- Location
- Edinburgh / Shropshire, Telford / Worcestershire
- Salary
- Competitive
- Posted
- 30 Sep 2022
- Closes
- 14 Oct 2022
- Ref
- 3850
- Contact
- The Phoenix Group
- Approved employers
- Approved employer
- Job role
- Compliance/risk
- Sector
- Insurance
- Contract type
- Permanent
- Hours
- Full time
- Experience level
- Manager
As the Senior Market Risk Actuary you will lead on maintaining and developing the internal model calibration methodologies for market risks, working with senior stakeholders and obtaining regulator approval to ensure the Internal Model remains appropriate in a rapidly changing business. If you are a strong communicator, have experience of Solvency 2 market risk calibrations and want to play a leading role in the development of Phoenix's Internal Model then apply now.
Salary: Competitive plus bonus of 30% on target (up to 60%), 38 days holiday, pension, healthcare and flexible benefits Job Type: Permanent
Location: Birmingham/Telford/Preston/London/Edinburgh with hybrid and flexible working
We're currently recruiting for a Senior Market Risk Actuary to join our Capital Management team to support the Head of Internal Model in the maintenance and development of market risk calibrations supporting the Group Internal Model.
This is an excellent time to join Phoenix Group as you will have the opportunity to drive the development of our Internal Model and market risk modelling capabilities during a period of change and growth in a dynamic environment. Bringing your expertise, knowledge and modelling experience, you will continually look to enhance processes and procedures to deliver effective solutions for the business.
In your role, you will support the Head of Internal Model to
- lead Internal Model market risk methodology and calibration developments and maintain the market risk calibrations for the Life companies which underpin the Phoenix Internal Model
- ensure that the market risk developments support and are aligned to the Group risk strategy
- develop and implement market risk methodology and calibration changes that improve the capital efficiency of Phoenix's Internal
In your role, you will
- own and maintain the Phoenix Internal Model market risk methodologies and calibrations in support of the capital management strategy for the Life companies and Group.
- manage a team to produce the market risk stress assumptions for the SCR reporting and to maintain the software producing these stresses.
- lead Internal Model market risk methodology changes in the delivery of Major Model Change applications and other key projects across the Group by acting as the Internal Model SME for market risk.
- monitor relevant emerging regulations and developments within the industry and to report to the business on the implications of developments as they emerge.
- perform market risk deep dives as the Phoenix business evolves and expands to identify the key areas of changes required for the Internal Model to continue to support the business.
- educate the business, and appropriate governance committees on Solvency II market risk methodologies and the Internal Model.
- identify and implement Internal Model market risk methodology developments that improve the capital efficiency of Phoenix's Internal Model.
Key Responsibilities
- Manage the specification, development and testing of complex numerical models, analysing a range of business data, providing detailed interpretation and making recommendations to senior management to support decision making.
- Lead the preparation of papers and reports for senior management and Executives, including conducting analysis and preparing recommendations and providing sign off prior to circulation.
- Act as actuarial subject matter expert on strategic business or Group level projects to ensure specialist input is provided to business decision making.
- Communicate effectively with a technical actuarial audience. and simplify communications of technical issues to a non-technical audience.
- As required lead, develop, coach and mentor others, typically qualified actuaries, to maximise their contribution and ensure they are fairly rewarded.
- Continually look to enhance processes and procedures to deliver effective solutions for the business.
- Provide technical leadership in key areas of expertise and represent business area appropriately within cross divisional projects.
- Apply a high level of knowledge and understanding of technical software, regulation, proposition, systems and processes as relevant for role.
- Maintaining regulatory, business & professional knowledge (including professional Actuarial Standards) in an environment of fast moving regulatory change.
What We're Looking For
Essential
- Experience of developing market risk models for risk capital models.
- Excellent communication skills with the ability to simplify communications of technical issues to a non-technical audience.
- Solvency II experience.
- Coding experience in statistical software packages, for example R, Python & Matlab.
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
As we begin to open up our office doors and move into our hybrid way of working our interviews can be held either remotely or in one of our office locations. You will be told in advance how and where this will take place. All of our Onboarding is managed remotely with the exception in obtaining your right to work documents. If you are successful in the role we will require you to visit your new office ahead of joining with us. This will be managed and organised by the hiring manager or nominated person.
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? Find out more about Phoenix Group here.
We value diversity in our workforce and welcome enquiries from everyone.
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