Model Validation Senior Actuary

M&G plc; City of Edinburgh; Hybrid; GBP 90,000 - 120,000; Full time

Benefits offered by this job

Pension up to 18%

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38 days annual leave

Job summary

At M&G plc in Edinburgh, we are seeking a Manager-level specialist to validate internal models and provide independent assurance across risk and compliance. You will challenge assumptions, document findings and present actionable recommendations to senior committees.

You will collaborate broadly to strengthen the risk framework, improve controls and support quarterly model-change reporting to the PRA and Solvency UK, with expertise in Python, Power BI or R beneficial.

Qualifications

• Experience in validating models and tools.
• Strong knowledge of financial services regulation and internal model design.
• Experience in actuarial and statistical modelling.
• Experience of model risk and governance.
• Proactive in improving processes and policies.

Responsibilities

• Provide independent validation of models (capital, pricing, valuations) and summarize results for committees.
• Collaborate with colleagues to cover model development risks and risk framework.
• Maintain controls and support improvements to the overall control environment.
• Report quarterly model change log to the PRA and Solvency UK compliance exercises.

Skills

Model validation

Risk governance

Python

Power BI

R

Regulatory knowledge

Stakeholder management

Analytical thinking

Education

CFA or Qualified Actuary

Job description

At M&G, our purpose is to give everyone real confidence to put their money to work. With a heritage dating back more than 175 years, we have a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions.

Our two distinct operating segments, Asset Management and Life, work together to provide access to balanced, long-term investment and savings solutions.

Through telling it like it is, owning it now and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.

We will consider flexible working arrangements for any of our roles and offer workplace adjustments to ensure you have the support you need to succeed in your role.

Context for the role:

The M&G plc Risk and Compliance function:

• Assists the Board to formulate, implement andmonitoradherence to the Risk Appetite and Limit framework, risk management plans, risk policies, riskreportingand risk identification processes.Provides guidance, tools and technology and reviews and assesses the risk taking activities of, the first line of defence, where appropriate challenging the actions being taken to manage and control risks; and,provides the Board with an aggregate view of M&G plc’s risk profile and supports them in identifying and assessing key and emerging risks which threaten the achievement of M&G plc’s objectives.TheM&G Lifeteamis responsible foroversightofrisks within M&G Life.
• The Model Validation team support the business in managing model risk across the groupthrough theindependent validation of both the Solvency II Internal Modelandother critical Models and User Developed Applications within the business, including pricing models andoperational risk modelling.The team also has responsibility of the company SolvencyUKcompliance framework, ensuring the business adheres to the relevant regulatory requirements including any new requirementsissued by the PRA.
• TheManagerrole willprovidethe opportunity tovalidatethe Internal Model,interpretand support the business in understanding and adhering to the various regulations and produceandpresent papers for senior committees.

Key Responsibilities:

• Provide independent validation of a range of models used across M&G plc (e.g. capital, pricing, valuations) to provide assurance on theaccuracy, reliability, and integrity of models used within an organization.This involves conducting independent reviews of models, assumptions, and methodologies toidentifypotential risks or weaknesses.Following completion of the validation, you willbe responsible forsummarising the results of the validation and present these in a succinct manner to relevant committees and senior stakeholders as well as agree any actions with the model owners.
• Work collaboratively with colleaguesand key stakeholderstobuild out coverage of ourmodel development risks andsupport any developments to therisk framework.
• To work collaboratively with colleagues and take personal accountability tomaintainand enhance controls youare responsible forto support improvement of the overall control environment, customers outcomes and a reduction in M&G plc’s operational risk.
• To support thereporting of thequarterly model change logto the PRA andresults of the Solvency UK Compliance exercise tosenior committees and Boards.

Knowledge statements** : **

• Experiencein the validationof models and tools
• GoodknowledgeofFinancialservicesregulations and internal model design
• Working knowledge of industry best practice and good network / links with individuals and external bodies
• Goodknowledgeof UK financial services regulatory environment
• To havestrong knowledgeand recent exposure tomodeldevelopmentrisksand risk framework development
• Awareness of external developments and ability toidentify, recommend and implementimprovements to processes and policies in line with thesedetailed statistical knowledge

Experience statements:

(Essential)

• Experience in actuarialand statisticalmodelling
• Experience in model risk and governance
• Experience of providing constructive challenge and oversight of technical matters
• Experience inmodeldevelopmentrisksand risk framework development

(Desirable)

• Experience in risk guidance and compliance environments
• Experience of liaising,influencingand negotiating effectively with internal parties
• Experience of Financial Services regulatory environment and Prudential regulations
• Experience ofmanaging projects

Personal attribute/skills:

(Essential)

• Able to work collaboratively across the immediate team and broader Risk and Compliance function while also being able to work independently
• Good analytical and organisational skills.
• Good investigative skills and ability to constructively challenge
• Able to look beyond face value, ask the right questions and make links and connections across the organisation.
• A strong ability to learn quickly and explain issuesto others

(Desirable)

• Relationship building skills
• Strong oral and written communication skills.
• High levelof diplomacy, discretion andproblem solvingability.
• Experiencein Python,PowerBIor R

Qualifications:

• Professional qualification, e.g.CFA orQualified Actuary, desirable

Experience Level - Manager/Expert

What we offer:

We’re dedicated to supporting your wellbeing and helping you thrive, both at work and beyond. Our benefits are designed to help you balance your professional and personal life , and financially plan for the future. Our UK benefits include :

• A valuable pension scheme of up to 18% (13% made up of employer contributions and 5% employee contributions).
• Access to our Share Save and Share Incentive Plan, alongside financial wellbeing and support services to help give you real confidence to put your money to work.
• Enjoy 38 days annual leave (including bank holidays), with the opportunity to purchase up to five extra days. Our Time Off When You Need It policy gives you the flexibility - to balance work and personal commitments.
• Our market-leading Inspiring Families policy includes comprehensive support and paid parental leave covering maternity, adoption, surrogacy, and paternity leave - because supporting families is an important part of our inclusive culture.
• Health & Protection cover includes Private Healthcare, Critical Illness cover and Life Assurance for you, with additional family options - for peace of mind.

To explore more about life at M&G and our full benefits offering, visit Life at M&G

At M&G we strive to have a diverse workforce and an inclusive culture, underpinned by our policies and employee-led networks that offer networking, support and development opportunities for the diverse communities our colleagues represent. We welcome applications from people of all backgrounds – across gender, ethnicity, age, disability, sexual orientation and more – including neurodivergent individuals, career returners and those with military service experience.

M&G is proud to be Level 3: Disability Confident Leader under the UK Government Disability Confident employer scheme, and we welcome applications from candidates with disabilities and long-term health conditions. If you would like to participate in the initiative, you will have the opportunity to indicate this on your application.

We are committed to providing an inclusive recruitment process. All candidates have the opportunity to request reasonable adjustments when applying. If you need any additional support at any stage, please contact us at: [e-mail]