Senior Capital Modelling Analyst (Regulatory Platform Team)

5 days left

£46000 - £56000 per annum + Desirable Package
02 Sep 2020
02 Oct 2020
Laura Thomas
Job Function
Actuary, Part Qualified
Contract Type

The role

The Capital Modelling function is responsible for the provision of statistical data and analytical support to the company. However, more than that, prides itself on actively supporting the use of the Economic Capital Model ("ECM") in its business for both the Group and its legal entities, making use of the model to deliver real business results while ensuring prudential requirements are met at local and group level.

The function comprises of two closely linked teams, with a Production team coordinating the parameterisation, maintenance, data updates and core analysis from the ECM and a Regulatory Platform team focusing on analysis and reporting to support the group and entity regulatory relationships.

This role is for a part-qualified actuary in the Regulatory Platform team. The role will suit a high-calibre part-qualified or recently qualified actuary with experience in the non-life insurance sector, gained through consultancy or in-house at a London Market firm. The ideal candidate will have very strong analytical and communication skills, and be someone who can get to grips with both the technical and commercial aspects that the role demands.

Key accountabilities

  • Supporting the Regulatory Platform Lead in production of internal and external reporting requirements relating to operating entities
  • Production of regulatory capital assessments relating to the approved internal model
  • Production of additional ECM deliverables to various regulatory entities relevant to the business, i.e. the PRA, Lloyd's of London, and the BMA as well as rating agencies
  • Supporting the robust application of 's Internal Model Change Policy as it relates to the approved internal model, including maintaining version control, model change records and production of model change approval documentation
  • Production of analysis and commentary to support internal risk reporting to committees and boards
  • Involvement in the entity-level business planning and reforecasting processes, including the production of capital calculations and associated exhibits, including explanations of movements from both a technical and 'real-world' perspective
  • Tracking and responding to independent validation feedback
  • Responding to regulatory requests and developing reporting solutions in response to the evolving regulatory environment
  • Assisting with regular model updates as required, including updates to parameters, data, exposure and reinsurance inputs
  • Assisting with parameterisation of risk categories as necessary, as well as involvement in parameterisation work conducted by other functions, including challenge and review where necessary, to ensure the ongoing appropriateness and robustness of the ECM
  • Supporting the effective and pro-active communication of capital model results and analysis to key stakeholders across the group, including explanation of movements in capital arising from changes to the underlying risk profile of the firm, or from changes to the model's methodologies, assumptions or parameters
  • Compliance with the ECM's operational control processes and other processes deriving from Internal Model policies (e.g. model change, documentation etc.) and proactively seeking to improve existing controls and processes that currently exist
  • Participation on actuarial research & development projects, as may be required

Skills & experience

  • Graduate with a 1st or Upper 2nd (2:1) degree from a top-tier university, in a subject involving a high level of numerical or quantitative content
  • Part-qualified actuary, demonstrating good progress with the actuarial examinations
  • At least 2 years of experience of actuarial work in the non-life insurance sector (ideally gained within a consultancy or London Market organisation).
  • Experience of non-life Capital Modelling techniques and analysis (Tyche or Igloo knowledge highly desirable)
  • Understanding of Underwriting Risk and Reserve Risk concepts and modelling techniques
  • Understanding of Solvency II, Lloyd's Minimum Standards, or equivalent regulatory regimes
  • Strong communication skills, both oral and written
  • Proficient in standard software tools (e.g. Excel, Word, PowerPoint)
  • High degree of proficiency dealing with quantitative concepts, with a strong analytical and problem-solving approach
  • Proactive approach to improving processes and challenging the status quo

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