Bank of Ireland

Head of Regulatory & Reserving (New Ireland Assurance)

Dublin, Ireland
15 Jun 2021
24 Jun 2021
Approved employers
Approved employer
Contract type
Full time
Experience level

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 Regulatory & Reserving 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 supporting the HoAF in ensuring that New Ireland complies with the reserving and regulatory requirements of the Actuarial Function as set out in the Solvency II regulations and the Central Bank of Ireland's Domestic Actuarial Regime (DAR).

Key Accountabilities 

  • Oversight and sign-off of calculation and analysis of the technical provisions and capital requirements of New Ireland on a quarterly basis.
  • Build, develop and maintain a strong business control environment with a focus on risk management, particularly regarding data quality, methodology and assumptions for technical provisions.
  • Lead the annual process of experience investigations and reviewing actuarial assumptions, by working with the other Actuarial and Finance teams.
  • Lead process of engagement (along with Head of Actuarial Reporting, Planning & Analysis) with actuarial peer reviewer and external auditor ensuring the process is managed effectively and actions taken to address recommendations where appropriate.
  • Oversight and sign-off of Solvency II regulatory reporting (Quantitative Reporting Templates (QRTs)) on a quarterly basis.
  • Lead the input from the Actuarial Function on issues relating to unit pricing and policyholders' reasonable expectations (PRE)
  • Oversee the compliance of the Company with actuarial guidance with respect to policyholder disclosure.
  • Support the HoAF in producing all key regulatory reports required under Solvency II and DAR, including the review of actuarial assumptions, the Actuarial Report on Technical Provisions (ARTP) and pricing and reinsurance opinions.
  • Maintain knowledge of changing regulatory landscape by incorporating any new guidance from EIOPA, the CBI and the Society of Actuaries in Ireland (SAI) as it arises. Active participation in industry and professional working groups and committees will be encouraged to ensure that the Company is well placed to monitor and react to developments.
  • Represent the Actuarial Function on key management committees such as Financial Risks Committee, Technical Forum as required.
  • Build strong relationships with key internal stakeholders in Finance, 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 delivering the regulatory requirements of the Actuarial Function for New Ireland. You will have the opportunity to work closely with the Chief Actuary and the Senior Management team. 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.

Essential Qualifications 

  • 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

Key Competencies: 

  • 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.

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