Senior Manager, IFRS17 Technical and Financial Management Lead
At Prudential, we understand that success comes from the talent and commitment of our people. Together, we have a shared vision in securing the future of our customers and our communities. We strive to build a business that you can shape, an inclusive workplace where everyone's ideas are valued and a culture where we can thrive together. Our people stay connected and tuned in to what's happening around us, keeping us ahead of the curve. While focused on the long-term, we look to the future to bring growth, development and benefit to everyone whose lives we touch.
The main focus of the IFRS17 Technical and Financial Management Lead is to act as the technical subject matter expertise to the IFRS17 Standard, manage the technical discussions & assessments and drive appropriate actions for meeting the financial and business objectives on the adoption of IFRS17 Standard. Ensure compliance with the IFRS17 Standard and Group accounting policies.
The role would also need to provide insights on the KPI management, including but not limited to, design of future MI reporting and alignment of actual management actions and practices. The role may need to provide technical supports and internal consultancy services as part of the transformation advisory to various stakeholders upon management request.
The role will lead to team in technical design, development, enhancement and maintenance of actuarial models and reporting tools to ensure incorporation of IFRS17 requirements and consider the future operational efficiency.
- IFRS 17 Technical and Financial Management: Be the subject matter expertise to the principles of IFRS17 Standard. Lead the technical discussion on the new reporting requirements; Manage various deep-dive analysis & technical assessment and provide value-added insights that have direct financial implications to PHKL; Ensure compliance with the IFRS17 Standard, IASB paper and Group accounting policies; Drive the implementation project and present the conclusions and recommendations on technical methodology for Steer Committee approval.
- IFRS 17 Transformation Advisory: Provide insight of the financial and operational implications of various part of the IFRS 17 implementation project; Align the actual management actions and practices, advise new product features as part of the financial and business strategy for KPI management; Set out the framework for future Management Information (MI) reporting for better understanding of drivers of value; Provide advance technical supports and internal consultancy services to various key stakeholders within PHKL Actuarial and Finance, Regional Office and Group Office for shaping the final accounting policies.
- IFRS 17 Innovative Solution and Modelling: Lead the team to construct the technical specification and model design for IFRS17 reporting, as well as pioneer in CSM module development within PCA; Lead the team and engage external consultants to carry out the model enhancement for both deterministic and stochastic models according to the target design; Advise and resolve any technical and modelling challenges and ensure robust change management is in place;
- Support IFRS17 solution workstream in subledger solution design, covering CSM engine, Risk Adjustment and TVoG treatment, etc, to align with the technical conclusion from Group accounting policies, PCA guiding principle and new/existing reporting processes; Operational efficiency should be well considered to optimize the reporting timeline and ensure good quality control. Working closing with external consults to ensure the deliverables are in line with the business requirements provided.
- People Management: Provide regular IFRS17 training to junior staffs. Supervise junior members to achieve performance objectives through providing continuous actuarial knowledge development and regular career coaching; Support the resource planning for the Director of Chief Actuary Office; and support staff engagement initiatives.
- Fellow of the Society of Actuaries or equivalent
- University graduate
- At least 10 years of relevant experience with minimal of 3 year at supervisory level
- Solid experience in life insurance industry, preferably with UK with-profits management, economic capital (e.g.
- Solvency II) and financial reporting experience
- Possess in-depth knowledge to the IFRS 17 standard; Exposure to IFRS 17 project or analysis is essential.
- Modelling experience with Prophet and stochastic modelling software (e.g. Prophet ALS) is essential
- Actuarial consultancy background or experience in project management is a plus
- Presentation experience to senior management with ability to transform complex technical actuarial issues into
- simple business concepts
- Experience in project management, people management and coaching
- A team player with good interpersonal skills, able to work independently and under pressure
- Good command of both spoken and written English and Chinese