Senior Actuary (ERM valuation)

Canada Life Limited
Potters Bar, United Kingdom
05 May 2022
15 May 2022
Job Function
Industry Sector
Finance - General
Employment Type
Full Time
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
Leading the modelling, valuation and reporting of the equity release mortgage (ERM) portfolio, and supporting the modelling and reporting of inflation risk for Canada Life UK Division.

Key Accountabilities
1) Lead the production of regular ERM valuations and reporting in accordance with the relevant standards and regulations for the UK Division and other funders. This will include:
• Production of quarterly reporting packs for ERM portfolios.
• Accurate and timely reporting of other associated requirements e.g. analysis of change, risk reporting, investment reporting
• Communication of the ERM valuation results to senior executives (Chief Investment Officer, Chief Financial Officer, Chief Actuary etc.) and provide recommendations as necessary.
• Review the valuation basis for ERM's on an annual basis in accordance with the relevant standards and regulations. Present the proposal to senior management to get their sign off.
• Provide appropriate support to the Reporting Actuaries and others to implement basis review recommendations and/or facilitate change to support the requirements of the business.
• Provide input/support on ERM's to the internal modelling team, Home Finance team and ERM pricing team, as necessary.

2) Lead the initiative to improve and optimise the ERM valuation process and provide value adding insight to the business.
• Support relevant initiatives and projects across the business for ERMs and inflation risk.

3) Support inflation risk reporting as required, including:
• Support the establishment of inflation risk management framework within the UK division.
• Support the production of Management information for inflation risk and enhance inflation models and documentations.
• Support the development of Solvency II Inflation risk internal model.
• Production of MI and other papers for the Asset/Liability Committee and working groups.
• Provide inflation risk assessments and support stress and scenario testing for the ORSA

Desired Knowledge / Experience / Skills

Technical Expertise
• Experience with valuation / reporting work and practical experience with setting actuarial basis.
• Understanding and ability to implement/maintain an actuarial control framework.
• Prior experience with ERMs, Inflation risk would be advantageous.
• Strong commercial awareness and understanding of the needs of the business. Will be able to apply technical actuarial techniques and understand business/commercial implications.
• Willing and capable of taking difficult and complex decisions independently in order to progress issues, and able to exercise sound judgement and commercial sense to understand the importance of different issues and assess when matters need to be escalated.
• Prior experience with Matlab would be advantageous.

• Strong communication skills, demonstrating a clear and articulate standard of written and verbal communication in a complex environment, tailored for all levels of management.
• Strong ability to adapt messages to the audience, in a format that is easily understood by non-technical colleagues.

Relationship Building
• The ability to develop and maintain strong relationships across the actuarial function and the wider business, acting with integrity and role modelling the company values at all times.
• Strong interpersonal/networking skills, with the ability to maintain a variety of relationships with multiple stakeholders.

Taking Initiative
• Exceptional problem solving skills and attention to detail with demonstrable ability in spotting issues, interdependencies and challenges to ensure work is produced to an accurate, commercial and informed standard.
• Self-motivated, well-organised, pragmatic and able to perform tasks independently.

• Fellow of Institute of Actuaries (or equivalent).

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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