Senior Risk Actuary

Pension Insurance Corporation
The City, UK
Competitive salary
04 May 2021
07 May 2021
Job role
Role purpose

To provide support to the Head of Actuarial Assurance and the Actuarial Function Holder about insight and assurance on the reporting, reinsurance and underwriting risks faced and emerging with relation to PIC, including views and findings relating to prospective transaction proposals (including strategic developments related to new business) and assumption setting, analysis, and strategic developments related to insurance risks (including review and validation of the insurance risk components of the firm's Internal Model).

How this role fits into the business

This role sits within the Actuarial Assurance Function, within the wider Risk Team. The Risk team contributes to the overall success of the business by providing the framework and information that supports the delivery of the strategy within the acceptable limits established by the Board.

Key responsibilities
  • Key areas of responsibility relate to the line 2 assurance of the Solvency II, MCEV and IFRS reporting bases, and the review of new business pricing and reinsurance transactions.
  • To provide primary support to the Head of Actuarial Assurance, particularly in relation to
  • review and validate proposals for prospective new scheme transactions, or strategic developments, including insight and assurance on the content, quality and implications of proposals and advice in relation to the risks, controls, and relevant contractual wording.
  • detailed risk reviews (primarily for prospective transaction risks), validation activities, and engage in business decisions, activities or projects as requested by the Head of Actuarial Assurance and AFH.
  • support the fieldwork and drafting of Actuarial Function opinions relating to Underwriting; Reinsurance Arrangements; and the methods, assumptions and adequacy of Technical Provisions.
  • reviewing the calculations supporting the annual and monthly reporting metrics, and the weekly solvency updates, including analyses supporting experience analyses and assumption setting
  • performing and reporting on deep dive reviews, e.g. new business pricing, reporting processes, experience analyses, data quality
  • performing ad-hoc investigations into emerging issues within areas of responsibility
    • Desired specialism regarding longevity expertise, to support 2nd line independent opinions on best estimate longevity assumptions and the stressed longevity models.
    • To provide line 2 support to Finance, Finance-Actuarial and the Internal Assurance Functions
    • To provide ad-hoc support to the Head of Model Risk and Validation, as required.

    Person specification

    Knowledge, experience, skills and abilities (technical competencies)

    • You must act with integrity.
    • You must act with due skill, care and diligence.
    • You must be open and co-operative with the FCA, the PRA and other regulators.
    • You must pay due regard to the interests of customers and treat them fairly.
    • You must observe proper standards of market conduct.
    • Must be a qualified actuary, with at least 3 years post qualified experience.
    • Must have excellent written and oral communication skills, with ability to communicate complex actuarial information to senior management and their direct reports.
    • Must be willing and able to develop detailed knowledge of our business processes, standards, policies and procedures; and the relevant legal, regulatory and industry requirements
    • Must be willing and able to develop a strong technical understanding, and be able to explain, the complex methodology, assumptions and results calculated with respect to Solvency II, IFRS and MCEV; included the information presented QRTs and RSR.
    • Must be able to manage self and others and communicate effectively with other areas of the business and senior stakeholders

    • Excellent knowledge of longevity risk and longevity risk modelling, in the context of best estimate assumptions and Internal Model SCR stresses
    • A good knowledge of bulk annuities would be desirable, including knowledge of annuities pricing and reinsurance arrangements
    • A good knowledge of the Solvency II balance sheet and/or IFRS/MCEV in the context of an annuity portfolio.
    • A good knowledge of Matching Adjustment requirements

    • Must be a qualified actuary with at least 5 years PQE
    • Familiarity with the UK regulatory environment and specific solvency regime, as it relates to bulk annuity business

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