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Head Of Internal Model Oversight, Potters Bar, Clfis Limited

Published 2022-06-28
Expires 2022-07-28
ID #1063366866
Free
Head Of Internal Model Oversight, Potters Bar, Clfis Limited
United Kingdom, Hertfordshire, Potters Bar,
Published June 28, 2022

Job details:

Job type: Full time
Contract type: Permanent
Salary type: Monthly
Occupation: Head of internal model oversight


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Description

Description:
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


Lead the planning, performance and communication of Independent Validation of Canada Life’s Internal Model. Maintain CLL’s Internal Model governance framework and manage the Risk Team’s input to relevant governance bodies. Support the CRO in maintaining a “CRO Opinion” over the Internal Model that is regularly presented to the Board and prepare related Board-level communications. In addition contribute to Internal Model oversight at a CLG level.


Key Accountabilities


1) Internal Model Oversight:
• Reviews & Findings – Set out Terms of Reference and ensure reviews follow regulation and internal governance. Ensure conclusions are written clearly and that management respond to findings. Monitor progress on findings and escalate where appropriate. 
• Approach – Maintain the Independent Validation (“IV”) Approach document and ensure the team follow this Approach.
• Risk Opinions - Challenge First Line proposals and write clear Risk Opinions for all Internal Model documents going to Internal Model Governance Committees and Board Risk Committees (“BRCs”), including Model Changes.
• CRO Opinion Report – Write and present a clear annual summary to the BRC.
• External perspectives – Maintain and continually expand knowledge and awareness of relevant external perspectives. 
2) Internal Model governance
• Internal Model Governance Policy - Maintain the Policy and accompanying Standards, ensuring ongoing compliance with SII requirements.
• Risk representation - Represent Second Line at Internal Model governance bodies.
3) Internal Model related activity 
• Standard Formula Appropriateness - Lead the Second Line review of Standard Formula Appropriateness Assessment and perform other Internal Model related review activity as appropriate.
• Other Models - Broaden beyond the IV schedule including consideration of risks not included in the Internal Model (such as interest rates) and related processes (such as the daily solvency monitoring tool).
4) Embedding of the Internal Model
• Internal Model Use - Advocate of Model Use, demonstrating improved the embedding of the Internal Model. Engage with the business to identify forward looking Internal Model consequences.
• Risk Appetite - Work with Financial Risk Team colleagues to consider how the Internal Model can better inform the Risk Appetite framework
• Business engagement - Identify business issues and engage with business to provide additional insight and influence resolutions. Work with wider Risk leadership team to embed advice from the Risk team.
• Upward management - Proactively take on responsibilities from the Head of Quantitative Risk and CROs and upwardly manage to improve overall Risk effectiveness.
5) Customer Centricity
• Networking - Maintain relationships with key parties, including the CLG and LifeCo Risk teams.
• Regulator - Support engagement with the PRA.
• End customer Impact - Consider users of CL products in providing risk oversight eg the impact on pricing. 
6) Internal Model Oversight Team

• Line Management - Manage and support two Internal Model Risk Actuaries


Desired Knowledge / Experience / Skills


Knowledge
• Strong technical and general SII knowledge
• Understanding of SII capital requirement calibrations
• Internal Model calibrations
• Understanding of the “3 lines of defence” model.

Skills
• Leadership capability, able to operate with independence and autonomy
• The ability to become technically proficient in Canada Life’s model (if lacking current knowledge of this)
• Influencing, stakeholder management and conflict management skills
• Relationship building skills
• Strong communication (both written and verbal) skills
• Strong report-writing skills
• Proven track record of delivering reporting requirements under tight time pressures
• Self-motivated, well-organised and pragmatic
• Ability to support and motivate direct report

Experience
• Extensive technical and SII experience
• Substantial life insurance experience
• Performing / leading Independent Validation of models (ideal)


• Qualified actuary

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

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    Clfis Limited
    Registered on October 7, 2017

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    Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty and risk. Finance can also be defined as the science of money management. Finance aims to price assets based on their risk level and their expected rate of return. Finance can be broken into three different sub-categories: public finance, corporate finance and personal finance.


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