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Senior Risk Actuary

Pension Insurance Corporation plc

London

On-site

GBP 45,000 - 60,000

Full time

11 days ago

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Job summary

An established industry player is seeking a Senior Risk Actuary to join their dynamic Risk department in London. This pivotal role involves overseeing the management of the matching adjustment fund, collaborating with various teams to ensure risks are effectively managed. You'll be at the forefront of regulatory compliance, providing insights and oversight to enhance the company's financial stability. If you are a qualified actuary with a passion for risk management and a desire to make a significant impact, this opportunity offers a competitive salary and excellent benefits, including private medical insurance and generous annual leave.

Benefits

Private Medical Insurance

28 Days Annual Leave

Generous Pension Scheme

Qualifications

Qualified actuary with experience in matching adjustment management.
Excellent knowledge of regulatory requirements and UK bulk annuities.

Responsibilities

Support the Head of Actuarial Assurance in managing the matching adjustment fund.
Lead eligibility assessments and review trades affecting the fund.

Skills

Matching Adjustment Management

Communication Skills

Problem-Solving

Technical Understanding

Relationship Building

Education

Qualified Actuary

1 month ago Be among the first 25 applicants

Pension Insurance Corporation ("PIC") provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders.

At PIC, we are recruiting for a Senior Risk Actuary to join our Risk department in a newly created role. The Risk department contributes to the overall success of the business by providing the framework and information that supports the delivery of the strategy within the acceptable limits established by the Board.

You will provide primary support to our Head of Actuarial Assurance and the Actuarial Function Holder (AFH) overseeing the management of PIC's matching adjustment fund, providing wider support to the Head of Actuarial Assurance, the Head of Risk Modelling & Validation and the Head of Transaction Risk on the oversight of PIC's reporting, capital, reinsurance, underwriting, hedging, liquidity and collateral management risks. The role requires the ability to effectively collaborate with numerous 1st line teams (including Finance, Investments, Origination and Operations) as well as sub-teams within Risk (such as the Investment & Counterparty Risk team, Non-Financial Risk team, Regulatory Affairs and the ERM team) to ensure that the risks are appropriately managed.

Specific accountabilities assigned to the role of Senior Risk Actuary (MA Fund Management) within the Risk function:

To provide primary support to the Head of Actuarial Assurance and the AFH overseeing the management of the matching adjustment fund, including:
Leading the review of eligibility assessments for new asset classes and liability features
Supporting the submission of new matching adjustment applications and the implementation of regulatory requirements and developments
Leading other BAU activity, such as the review of any trades and/or transfers affecting the matching adjustment fund and MI presented to committees
To provide wider support when required to the Head of Actuarial Assurance, the Head of Risk Modelling & Validation and the Head of Transaction Risk (as applicable), such as:
Reviewing the calculations supporting the annual and monthly reporting metrics, and the weekly solvency updates.
Providing 2nd line oversight of core areas such as new business pricing, hedging, liquidity and collateral management
Leading and reporting on deep dive reviews, e.g. reporting processes, experience analyses, data quality, internal model risk modules or processes, or aggregation routines.
Leading ad-hoc investigations into emerging issues within areas of responsibility
Contributing to the planning and co-ordination of the annual cycle of line 2 review work, within areas of responsibility
To provide line 2 support to the relevant first line business areas, in particular, Finance-Actuarial, Investments, Capital Management and the Internal Assurance Functions
To provide oversight of junior members of the Actuarial Assurance Function, within areas of responsibility
From time to time, deputise for the Head of Actuarial Assurance and Actuarial Function Holder at management level committee meetings, within areas of responsibility

Requirements

Experience:

Qualified actuary with some post-qualified experience
Must possess experience in relation to the management of the matching adjustment, from either a 1st line or 2nd line perspective
Familiarity with the UK regulatory environment and specific solvency regime, as it relates to bulk annuity business
Ideally have experience working within an independent challenge function, e.g. a 2nd line Risk Function, consulting role or audit

Knowledge:

Excellent knowledge of matching adjustment regulatory requirements and developments
Good knowledge of UK bulk annuities and illiquid assets
Good knowledge of legal, regulatory and industry requirements
Good knowledge of the Solvency II balance sheet (and associated elements, e.g. matching adjustment) and/or IFRS 17
Some familiarity with the SMF20 (‘Chief Actuary') responsibilities
Some familiarity with relevant business processes, standards, policies and procedures; and the relevant legal, regulatory and industry requirements

Skills:

Willing and able to develop a strong technical understanding of the complex methodology, processes and regulatory requirements with respect to the management of the matching adjustment
Good written and oral communication skills, with ability to communicate complex actuarial information to senior management, their direct reports and a range of external parties
Must be able to, or develop skills required to provide robust and credible opinions, with limited oversight
Must be able to manage self and others and communicate effectively with other areas of the business
Ability to distil information and apply judgement
Must be able to build internal and external relationships to maintain an understanding of developing practices across the market

Desirable personal attributes aligned to what success looks like in the role:

Intellectually curious with a willingness to learn through own research
Strong problem-solving skills utilising consultative questioning to challenge current norms and drive change within the business function
Effective communicator - structures insights into clear messages and effectively engages others within the business function, as well as internal stakeholders, professional and regulatory bodies
Innovative thinker - positive attitude to change and a willingness to embrace new ideas and techniques to improve performance

Benefits

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you will get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme and much more.

Seniority level

Seniority level
Mid-Senior level

Employment type

Employment type
Full-time

Job function

Job function
Finance and Sales
Industries
IT Services and IT Consulting

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