Canada Life a leading Life Assurance Business are currently recruiting for an Actuary to join our team located in Potters Bar.
Contribute to the production and maintenance of the methodology for the calculation of economic capital (ORSA) contributing to the ERM framework, and validating the proper implementation of that methodology in capital models.
•ensuring that capital models are capable of projecting regulatory and economic capital metrics at the appropriate level of detail required to support the business
•the aggregation and disaggregation (or capital allocation) methodologies appropriate to CLL.
Support the production and review of methodology used to determine regulatory capital requirements and ensuring this is implemented appropriately in models and results produced for regulatory reporting purposes.
Provide advice and support to the Valuation and Reporting team to facilitate this and review the calculation of regulatory capital requirements produced for reporting purposes.
Support initiatives required to:
•optimise capital requirements and/or
•reduce earnings volatility, and/or
•manage the risk exposure of the company in line with company risk appetite, tolerance limits and overall ERM framework.
This can include reinsurance and risk mitigation solutions or the use of different asset strategies.
Contribute to the development and delivery of SST results (both point in time and projections) that are required as part of an effective Enterprise Risk Management Framework. This includes the following:
•Analysis required for the Own Risk and Solvency Assessment (ORSA) including the Forward Looking Assessment of Own Risks (FLAOR) on both UK and Canadian bases (DCAT);
•Liaising with the business units to produce the scenarios and projections necessary to support business planning and strategy development;
•Producing information required to support the Internal Model Validation process.
•Contribute to the production of sensitivity testing to support various requirements including:
•Risk reporting as required by the Risk Function;
•Assumption significance assessment (liaise with AFH support and Valuation and Reporting team);
•Information necessary to support regular assessment of the robustness/endurance of risk mitigation techniques.
Support the development and maintenance of market risk models (not including credit).
Liaise with the Actuarial Modelling and Development team on capital modelling and SST requirements, and development needs. This includes specifying the requirements to achieve this and validating that these have been properly implemented in capital models.
Manage, develop and motivate actuarial students in the Capital and SST team in order to optimise their performance as well as the performance of the team.
•Strong technical skills including financial reporting and Solvency II knowledge/experience
•Good understanding of the UK regulatory environment.
•Delivery focussed and able to take a pragmatic solution if required.
•Able to build relationships and gain trust and respect at all levels.
•Ability to apply actuarial techniques to business problems and to see wider implications.
•Proven ability to act independently as well as working as part of a wider team.
•Strong communication skills (able to articulate technical and complex issues clearly both verbally and in writing to senior audiences including non-actuaries).
•Demonstrated personal drive, energy, persistence and self-motivation and awareness of the needs of the wider business.
•Experience in applying technical expertise to analyse risk and capital information and convert this into management information that is both timely and helpful.
•Fellow of the Institute and Faculty of Actuaries (or equivalent).
About Canada Life:
~~Canada Life looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures.
There can be no greater priority than the commitment and responsibility towards all our customers. At Canada Life we adhere to the same principles as when we were formed in 1847: integrity, consistency and experience.
Our heritage is important to us. Our parent company, Great-West Lifeco, is a financially strong, stable, modern global organisation. The oldest Canadian life assurance company, Great-West Lifeco traces its foundation back to 1847 - that is more than 170 years of helping customers plan for the future.
Since 1903 we have operated in the United Kingdom where we have hundreds of respected and supported staff all geared to doing the right thing for customers.