Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation. Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues. Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers. Job Purpose The role holder will lead the development and maintenance of models and system that Canada Life use to calculate regulatory capital for complex assets (public and private credit, commercial mortgages, equity release mortgages, etc).
Such models and system will also be used to support high quality business decision making such as the choice of asset strategy and risk mitigation techniques. This ensures we are managing risk to the business in line with Canada Life's risk appetite, complying with our statutory responsibilities and meeting the needs of our policyholders and regulators.
Key Accountabilities 1) Maintain and develop Canada Life's suite of models for complex assets in line with model governance requirements: o Innovate proposals to make the models (and capital management more generally) more efficient and effective; o 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; o Oversee validation testing required on the model; o Ensure ongoing compliance with EUC requirements and PIM model governance requirements; Ensure model is maintained and operated within the intended control framework.
2) Provide general technical oversight of the Canada Life PIM ("Partial Internal Model") methodology, calibration and assumptions. This will involve: o Identify and implement model change proposals; o Lead on the annual model recalibration exercise for individual asset classes; o Perform analysis and produce results for the 1st line validation process; o Interpret the results of calibration and validation processes and communicate these to senior management and the Board.
3) Support the Head of the Credit Risk and other relevant stakeholders with results and outputs from the PIM: o Production of PIM SCR calculation, OSNA, SST & other relevant outputs; o Analyse and interpret results and outputs from the PIM and communicate them to the relevant senior stateholders; o Coordinate the calculation of any required sensitivities; o Outputs for the Profit and Loss attribution.
Desired Knowledge / Experience / Skills Technical Expertise • Significant experience in asset modelling in the context of life insurance industry with proven track record of developing capital models. Practical experience with Matlab / C++ is preferred, although experience with other programming language would also be considered. • Strong commercial awareness and understanding of the needs of the business. Will be able to apply technical actuarial techniques and understand business/commercial implications • Willing and capable of taking difficult and complex decisions independently in order to progress issues, and able to exercise sound judgement and commercial sense to understand the importance of different issues and assess when matters need to be escalated. Communication • Strong communication skills, demonstrating a clear and articulate standard of written and verbal communication in a complex environment, tailored for all levels of management. • Strong ability to adapt messages to the audience, without prompting or significant coaching, in a format that is easily understood by non-technical colleagues Relationship Building • The ability to develop and maintain strong relationships across the actuarial function and the wider business, acting with integrity and role modelling the company values at all times. • Strong interpersonal/networking skills, with the ability to maintain a variety of relationships with multiple stakeholders, Taking Initiative • Exceptional problem solving skills and attention to detail with demonstrable ability in spotting issues, interdependencies and challenges to ensure work is produced to an accurate, commercial and informed standard. • Self-motivated, well-organised, pragmatic and able to perform tasks independently.
Qualifications: • Fellow of Institute of Actuaries (or equivalent).
What you'll like about working here As a Canada Life UK colleague, you'll receive a competitive salary and comprehensive reward package including income protection, private medical insurance and life assurance, along with a generous pension and bonus scheme. You'll also receive the support you need with your personal and professional development.
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