Head of Actuarial Reporting, Planning & Analysis (New Ireland Assurance)
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 Function is a key control function with responsibility for overseeing the calculation of the technical provisions, providing opinions on the underwriting policy and reinsurance arrangements and contributing to the effective implementation of the risk management system. The Actuarial Function also plays an integral role as part of the wider Finance team with responsibility for financial reporting, strategic planning and analysis, supporting the development of customer propositions, and developing the capital management and reinsurance strategies for New Ireland.
Purpose of the Role
The Head of Actuarial Reporting, Planning & Analysis reports to the Chief Actuary, and Head of Actuarial Function (HoAF), of New Ireland and forms part of the senior actuarial leadership team. The role has responsibility for delivery of financial reporting requirements (MCEV, IFRS, Local GAAP), leading the strategic planning and analysis with Group Finance, supporting commercial strategy, pricing and change initiatives.
- Oversight and sign-off of calculation and analysis of New Ireland and Group Reporting (MCEV, IFRS and Local GAAP) on a quarterly basis including analysis of all drivers of profit.
- Build, develop and maintain a strong business control environment with a focus on risk management, particularly regarding financial reporting processes.
- Play lead role with the Finance team in producing the monthly management accounts, including providing insight and commentary on results for Senior Management team and Group Finance.
- Lead the actuarial input to the strategic planning and analysis process (ICAAP), including budgeting and forecasting, monitoring profitability and expenses, and ensuring alignment with business plans.
- Lead the input from the Actuarial Function on issues relating to pricing and change initiatives for the Company.
- Lead process of engagement (along with Head of Regulatory and Reserving) with actuarial peer reviewer and external auditor ensuring the process is managed effectively and actions taken to address recommendations where appropriate.
- Support the Chief Actuary in producing all key reports for Audit Committee and Board relating to financial reporting, planning and analysis.
- Support the Head of Regulatory and Reserving in aspects of the role relating to the key tasks of the Actuarial Function under Solvency II and DAR.
- Maintain knowledge of changing financial reporting landscape by following developments with respect to IFRS17 and supporting the project team with its implementation for New Ireland.
- Represent the Actuarial Function on key management committees such as Pricing and PSLM as required.
- Build strong relationships with key internal stakeholders in Finance (New Ireland and Group), Risk and Commercial functions and external parties such as actuarial peer reviewer and external auditor.
- Lead, develop and motivate a team of trainee and qualified actuaries responsible for reserving and regulatory reporting. Assist the Chief Actuary in building succession plans for the Actuarial Function.
What is the opportunity?
You will play a lead role in financial reporting, strategic planning and analysis and pricing for New Ireland. You will have the opportunity to work closely with the Chief Actuary, the W&I Senior Management team and stakeholders in Group Finance. The role provides a unique opportunity for you to develop people leadership skills, technical experience and to directly influence at a senior level.
Working at Bank of Ireland doesn't have to mean working in an office to have an impact. Our commitment to enabling colleagues to thrive means that depending on role type you can have choice and flexibility in where you work and live, subject to your role, customer needs and our requirements. We have a hybrid working model, with home, agile hub and office based options available. We will always list a primary location which can be where you go for in person collaboration, and a location where you can best perform your role.
Please note you must live in the jurisdiction for the business to which you are contracted.
This job can be done anywhere in ROI with the primary office location as Baggot Plaza to which travel will be required for in person collaboration. Exact frequency to be agreed with manager.
- Qualified Actuary with significant post qualification experience
Essential Skills & Experience:
- Extensive knowledge of the regulatory landscape, particularly Solvency II and the Domestic Actuarial Regime
- Significant experience of the life and pensions business
- Financial reporting experience including MCEV, IFRS, local GAAP
- Strong analytical, problem solving and modelling skills
- Proven track record in delivery with a demonstrated ability in managing multiple tasks
- Ability to effectively lead, develop and motivate your team to ensure delivery against objectives and maximising potential
- A proven ability to work effectively with, and constructively challenge and influence the actions of stakeholders up to and including senior management level.
- Excellent communication skills (verbal and written)
Desirable Qualifications, Skills & Experience:
- A developed understanding of the Company's financials and product range
- Experience and knowledge of IFRS17
- Customer Focused - Leader
- Agile - Leader
- Accountable - Leader
- Manage Risk - Leader
- Amplify Capability - Leader
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.
Closing date: Jun 23, 2021.
For further information, and to apply, please visit our website via the “Apply” button below.