Model Risk Analyst

Goodman Masson; Dover; On-site; GBP 65,000 - 90,000; Full time

Job summary

Goodman Masson is seeking an Actuarial Model Risk Analyst for a London-based role within Life Reinsurance. The position suits a nearly qualified actuary who enjoys technical work and broader exposure across the business rather than a single focus.

You will interact with model owners and senior stakeholders to review and improve model design, processes and controls across pricing, reporting, capital and R&D.

Qualifications

• Nearly qualified actuary with understanding of life insurance industry.
• Strong analytical and technical skills for modelling reviews.
• Experience with actuarial models and modelling software.
• Ability to challenge methodologies and provide independent views.
• Strong written and verbal communication for senior stakeholders.

Responsibilities

• Independently reviewing and validating actuarial models.
• Assessing model methodologies, assumptions, controls and robustness.
• Performing independent baselining and challenging modelling approaches.
• Supporting reviews following significant model changes.
• Monitoring remediation actions arising from previous reviews.
• Reviewing model inventory and risk assessments.
• Supporting wider model risk initiatives and development of modelling best practice.
• Contributing to management information and reporting for senior stakeholders.

Skills

Actuarial modelling experience

Strong analytical skills

Communication and report-writing

Challenge methodologies

Education

Nearly qualified actuary

Understanding of life insurance industry

Job description

Life Reinsurance | London | Nearly Qualified Actuary

I'm working with a leading global life reinsurer looking to hire an Actuarial Model Risk Analyst into its Model Risk Management team.

This is a strong opportunity for a nearly qualified actuary who enjoys technical actuarial work but wants broader exposure across the business, rather than being tied to one specific reporting, pricing or modelling area.

The team provides independent assurance to senior management and the Board around the robustness of key actuarial models, while also working closely with model owners to improve model design, processes and controls. You would gain exposure to a wide range of models across pricing, reporting, economic capital and R&D, as well as different modelling platforms and methodologies.

What will you be doing?

• Independently reviewing and validating actuarial models
• Assessing model methodologies, assumptions, controls and overall robustness
• Performing independent baselining and challenging modelling approaches where appropriate
• Supporting reviews following significant model changes
• Monitoring remediation actions arising from previous reviews
• Reviewing model inventory and risk assessments
• Supporting wider model risk initiatives and the development of modelling best practice
• Contributing to management information and reporting for senior stakeholders

Why consider it?

The attraction here is the breadth of exposure.

Rather than working within a single actuarial function, you'll get visibility across multiple areas of a global reinsurance business and develop a much broader understanding of how actuarial models are used, challenged and governed.

It should particularly suit someone who wants to:

• Broaden their experience beyond their current actuarial specialism
• Develop stronger technical review and judgement skills
• Gain exposure to senior stakeholders and important business-critical models
• Understand pricing, reporting, capital and R&D from a wider perspective
• Build experience that could ultimately lead towards model risk, actuarial risk, governance, capital or broader senior actuarial roles

What are they looking for?

Ideally you will be a nearly qualified actuary with:

• A good understanding of the life insurance industry
• Strong analytical and technical skills
• Experience working with actuarial models and modelling software
• An understanding of risk and control frameworks
• The confidence to challenge methodologies and form an independent view
• Strong communication and report-writing skills
• The ability to manage multiple priorities and work collaboratively across teams

You do not necessarily need to come from an existing model risk or validation role. Someone from reporting, capital, pricing, modelling or another technically focused actuarial team could be very relevant if they enjoy understanding how models work and questioning whether approaches are appropriate.