Actuarial Audit Manager

Canada Life Limited
Potters Bar, United Kingdom
17 Mar 2023
16 Apr 2023
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.

As the third line of defence, Internal Audit is responsible for performing an independent assurance and providing an opinion on the effectiveness of systems of governance, risk management and internal control and the design and operating effectiveness of the Risk Governance Framework.

An opportunity has arisen for an Actuarial Audit Manager to join our UK Internal Audit team. This role will suit an ambitious, motivated individual who is keen to manage a varied portfolio of actuarial audits as part of a global team, and who is interested in harnessing the power of data to deliver valuable, innovative insights to stakeholders
Job Purpose
The primary objective is to provide reliable and independent "opinions" on the adequacy, effectiveness and sustainability of actuarial processes across Lifeco, with a particular focus on the UK Division. The successful candidate will provide key support to the UK Chief Internal Auditor (CIA) in forming their regular opinions to be delivered to the UK Division Board Audit Committee. The scope of the UK Division opinions to be provided is broad, covering a range of actuarial processes (e.g. product development and pricing, liability valuations, experience studies, capital, ORSA, etc). The scope of the opinions will cover local prudential requirements (e.g. SII and the equivalent in the IoM), local conduct requirements (e.g. FCA in the UK); and Canadian/other requirements (e.g. IFRS17, LICAT, etc).

The successful candidate will functionally form part of Lifeco's global Actuarial Internal Audit team, and will lead and manage resources from this global team (based in Ireland/Canada) on actuarial audit engagements. These audit engagements will span the regulatory jurisdictions (e.g. Ireland, UK, Germany, Isle of Man), and industries (e.g. Life and Health, Non-Life, Reinsurance) in which Lifeco operates.

The secondary objective of the role is to drive the global Internal Audit strategic analytics agenda within the UK audit function in the form of data analytics, data acquisition, data normalization and data testing. In addition to providing data analytics expertise on specific audits, the role will participate in analytical projects with the objective of developing a sustainable data analytics program using relevant tools to support audit assessments, fraud investigations, business processes and effective decision making and analysis. The role will build an effective cross-regional knowledge-sharing network that informs a value-add audit product.

Desired Knowledge / Experience / Skills
The following skills and/or experience are essential for the primary objective:
• Qualified Actuary
• Experience working within an actuarial audit role, OR a background in a range of technical actuarial roles (e.g. Pricing, Valuations, Capital Management, ALM, etc).
• Strong commercial awareness and knowledge of insurance industry and actuarial professional standards.
• Self-starter with willingness to manage a variety of projects and take responsibility for meeting audit delivery targets.
• Strong interpersonal skills to facilitate working in a diverse team and managing relationships with internal and external customers.
• Well-developed problem-solving and decision-making abilities.
• Excellent communication skills (both written and oral) to facilitate the completion of high quality presentations and reports to senior management.

The following skills and/or experience are essential for the secondary objective:
• Advanced analytical skills and excellent computing ability including experience working with databases and programming.
• Applied advanced knowledge and experience in using computer-assisted tools and techniques (e.g., Excel, SQL, R, Power Bi)

The following skills and/or experiences are an advantage:
• Experience using actuarial modelling software (e.g. Prophet)
• Relevant work experience in a Big Four accounting firm or within a financial services company with demonstrated working knowledge of governance, risk management and internal controls.
• Applied knowledge and experience in the use of accounting concepts, COSO Internal Control - Integrated Framework (2013), The IIA's International Professional Practices Framework (2017)

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

We appreciate that everyone has different work and life responsibilities. We're happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for you