Senior Manager, Model Risk & Validation

Prudential; Kuala Lumpur; On-site; MYR 140,000 - 210,000; Full time

Job summary

Prudential plc seeks an experienced actuarial professional to join the Model Risk and Model Validation COE in Kuala Lumpur. You will help validate critical models used for valuation, capital reporting and pricing, preparing papers for the TAC and governance boards.

Strong analytical mindset and stakeholder communication are essential. The role requires a life insurance or risk-management background, with at least 5 years of relevant exposure, and familiarity with validation platforms and risk

Qualifications

• Part qualified actuary with life insurance or risk management background.
• Experience in actuarial model testing, development validation or audit preferable.
• Understanding of valuation techniques and capital calculations.

Responsibilities

• Assist with model validation preparation and terms of reference development.
• Execute validation activities for critical valuation models and pricing.
• Draft validation reports and present findings to TAC and Board/GRC.
• Conduct ad-hoc analyses to gain comfort with model use in decisions.
• Review model changes and maintain validation governance.

Skills

Actuarial modelling

Model validation

Data analysis

Stakeholder communication

Education

Part qualified actuary

Tools

Actuarial platforms

Validation governance tools

Job description

Prudential’s purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people’s career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.

Group-wide Risk and Compliance function

The Group-wide Risk and Compliance function is a second line of defence oversight and control function which is responsible for overseeing the acceptance, ownership and management of financial and non-financial risks by the business units (“BU”). In addition adherence to the Group’s regulatory and internal compliance requirements are supported. The Group-wide Risk and Compliance function is led by the Group Chief Risk and Compliance Officer (“GCRCO”) in collaboration with the material subsidiary Chief Risk and Compliance Officers (“CRCO”) and local business unit (“LBU”) CRCO across the Group. The Group-wide Risk and Compliance function serves the business and the Group’s Board, Risk and Audit Committees by providing advice and insight to support effective oversight of the Group’s risks, compliance and security obligations.

Model Risk and Model Validation COE

The incumbent will join the Model Risk and Model Validation Center of Excellence team, which is tasked with the development and implementation of the Model Risk Policy, as well as providing independent assurance and validation of the accuracy and relevance of key models utilised across the Group. This team also independently validates the internal capital model components used for the Group Internal Economic Capital Assessment (GIECA), ensuring compliance with the Groupwide Supervision (GWS) framework of the Hong Kong Insurance Authority (HKIA), thereby enabling the Board to discharge its responsibilities effectively.

Principal responsibilities

• Actuarial model validation Assisting with model validation preparation which includes development of the terms of reference; the identification of scope and fact-finding activities.
• Executing the validation activities for critical models used for a variety of purposes, including valuation, capital reporting and new business pricing.
• Helping to develop findings, gaining senior stakeholders support and ensuring the timely delivery of the validation reports.
• Conducting ad-hoc analysis required by senior management to gain comfort with the model use for decision making.
• Reviewing critical model changes and associated validation reports.
• Carrying out any Deep Dive reviews related to critical models.
• Reporting Preparing model validation related papers for the Group Actuarial Technical Committee (“TAC”) and the Board/GRC.
• Preparing reports on material model changes in relation to critical models to provide assurance to the relevant governance committees, the Board/GRC.
• Producing the Group-wide model validation update report.
• Consolidating BU model validation reports into the Group validation report.

Actuarial Model Validation Platform

• Developing replication templates for critical models
• Managing the model validation governance platform
• Supporting standardization agenda in terms of validation framework and process improvements.

Skills, knowledge and experience required

Part qualified actuary(at least 5 years experience) with relevant level of exposure and a life insurance or risk management background, including familiarity with current and emerging model platforms and risks that are relevant to the Group. Prior experience of actuarial model testing, development validation or audit is preferable. Understanding of the components of an insurance revenue accounts, balance sheet, the risks to which insurers are exposed and how they are modelled. Understanding of economic valuation techniques as well as capital calculations. Understanding of the key features of life insurance products and the types of risks associated with them. An international perspective on products and market characteristics would be an advantage. An analytical mind-set with strong statistical/problem solving skills.

Core competencies required

Highly motivated and able to work independently at times. A team player and flexible to adapt to a fluid environment. Ability to communicate with confidence to stakeholders, both at the Group and Business Unit levels.

Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time / fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.

We are Prudential. For every life, we are partners. For every future, we are protectors.

Prudential plc provides life and health insurance and asset management to 17 million customers across 20 markets in Asia and Africa. We are headquartered in Hong Kong and have dual primary listings on the Stock Exchange of Hong Kong and the London Stock Exchange. We are focused on four strategic regions: Greater China, ASEAN, India and Africa. Our customers are served by around 55,000 agents and more than 200 bank partners.

Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America or with the Prudential Assurance Company, a subsidiary of M&G plc, a company incorporated in the United Kingdom.

Find out more at www.prudentialplc.com Follow us on LinkedIn