Credit Risk Actuary Credit Risk Actuary …

Canada Life Limited
in London, England, United Kingdom
Permanent, Full time
Last application, 05 Jul 20
competitive plus car
Canada Life Limited
in London, England, United Kingdom
Permanent, Full time
Last application, 05 Jul 20
competitive plus car
Canada Life are currently recruiting for a Credit Risk Actuary to join our London team.

Job title: Credit Risk Actuary

Location: London


Job type: Permanent

 


Canada Life UK is transforming to create a more customer-focused business by providing expertise on financial and tax planning, and multi-product financial planning solutions for our clients in a digitalised way.

For Finance and Actuarial, our aim is to be a trusted and commercial partner that influences the businesses and the organisation to make good financial decisions. We want to deliver excellent support, expertise and high quality management information to the businesses in a consistent way and to ‘avoid surprises’. To support this we need a Credit Risk Actuary.

 


 Job summary


Reporting to the Head of the Credit Risk and Asset Optimisation, provide support to ongoing development and operation of the Canada Life Credit Risk Model (comprising Bonds, Commercial Mortgages and Equity Release Mortgages model components) and the embedding of a credit risk framework in the investment decision making process to optimise investment strategy.


What you’ll do

•Maintain the Canada Life Credit Risk Models in line with Partial Internal Model (PIM) governance requirements:◦Innovate proposals to make the Credit Risk Model (and capital management more generally) more efficient and effective;
◦Identify changes required to the model, and communicate them to senior management. Lead on the implementation and testing of model changes in line with Model Change Standard;
◦Oversee validation testing required on the model;
◦Ensure ongoing compliance with EUC requirements and PIM model governance requirements;
Ensure model is maintained and operated within the intended control framework

•Support the Head of Credit Risk and Asset Optimisation in creating and embedding a credit risk framework to investment strategy.  This will involve:◦Working with pricing and investments teams to optimise the investment mix used to back new business.
◦Identifying investment initiatives to optimise the back book allocation of assets and work with the investments team to implement these.
Working with the investments team to understand new asset classes and the optimal structuring to ensure they are capital efficient across a range of credit risk metrics and reporting regimes.

•Prepare high-quality, presentational materials on relevant topics, delivering these where relevant to:◦IMEG, IMGC, Board and other internal stakeholders
◦PRA and other external stakeholders such as rating agencies

•Provide general technical oversight of the Canada Life Credit Risk Model PIM methodology, calibration and assumptions. This will involve:◦Identify and implement model change proposals;
◦Lead on the annual model recalibration exercise for individual asset classes;
◦Perform analysis and produce results for the 1st line validation process;
◦Interpret the results of calibration and validation processes and communicate these to senior management and the Board.

•Support the Head of the Credit Risk and other relevant stakeholders with results and outputs from the PIM:◦Production of PIM SCR calculation, OSNA, SST & other relevant outputs;
◦Analyse and interpret results and outputs from the Credit Risk Model and communicate them to the key stakeholders;
◦Coordinate the calculation of any required sensitivities;
◦Outputs for the Profit and Loss attribution.


Who you are
 
•In depth knowledge and understanding of credit risk exposures.
•Strong technical skills and in particular specialist knowledge of Solvency II and Credit Risk modelling methods.
•Able to build relationships and gain trust and respect with management and peers.
•Proven ability to act independently as well as working as part of a wider team.
•Demonstrated personal drive, energy, persistence and self-motivation and awareness of the needs of the wider business.
•Strong communication skills (able to communicate technical and complex issues both verbally and in writing to senior audiences including non-actuaries).
•Coding expertise (in particular MatLab) and familiarity with actuarial cash flow systems is a bonus, but not essential.
 
•Qualified actuary (essential)


Your development at Canada Life


As a Canada Life colleague, you’ll get all the support you need in your new role including full training and professional development. Our focus is to have an engaged, committed and motivated employee force, operating in a high performing and collaborative culture. We want to create an organisation that offers opportunities for all our people to develop their skills and talent, and continue to build rewarding careers with us.

Diversity and inclusion

Canada Life is committed to a diverse and inclusive workplace. Our role as an employer of choice is to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences.

We welcome applications from individuals who have taken an extended career break, and are willing to consider flexible working arrangements wherever possible.

 

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