At Pension Insurance Corporation we are recruiting for a Senior Risk Actuary to join our Actuarial Assurance Function within our wider Risk department.

As Senior Risk Actuary, you will provide support to, and work closely with, the Head of Actuarial Assurance, the Head of Model Risk and Validation and the Actuarial Function Holder about insight and assurance on the reporting, capital, reinsurance, underwriting, hedging, liquidity and collateral management risks faced and emerging with relation to PIC; such support is to be provided in the context of PIC’s stated Risk Strategy and Appetite, our obligation to policyholders, and how PIC conducts its business, its regulatory and other relevant obligations and requirements.

The Risk department contributes to the overall success of the business by providing the framework and information that supports the delivery of the strategy within the acceptable limits established by the Board.

Key areas of responsibility relate to the line 2 assurance of Solvency II, MCEV and IFRS reporting bases, and the review of new business pricing and reinsurance transactions, and the validation and governance of PIC’s Solvency II Internal Model.

Your responsibilities will entail:

To provide primary support to the Head of Actuarial Assurance and the Head of Model Risk & Validation (as applicable), particularly in relation to:

• Reviewing the calculations supporting the annual and monthly reporting metrics, and the weekly solvency updates
• The 2nd line risk oversight of core areas such as new business pricing, hedging, liquidity and collateral management
• Reviewing analyses supporting experience analyses and assumption setting
• Leading and reporting on deep dive reviews, e.g. reporting processes, experience analyses, data quality, internal model risk modules or processes, or aggregation routines
• Leading ad-hoc investigations into emerging issues within areas of responsibility
• Contributing to the planning and co-ordination of the annual cycle of line 2 review work, within areas of responsibility
• To provide line 2 support to the relevant first line business areas, in particular, Finance, Finance-Actuarial, Investments, Capital Management and the Internal Assurance Functions
• Leading on line 2 actuarial assurance aspects of ad-hoc wider risk function projects.
• To provide oversight of junior members of the Actuarial Assurance Function, within areas of responsibility.
• From time to time, deputise for the Head of Actuarial Assurance, Head of Model Risk and Validation and Actuarial Function Holder at management level committee meetings, within areas of responsibility

Requirements

Essential:

• Qualified actuary with post qualified experience, knowledge and skills related to the key responsibilities outlined above.
• Excellent written and oral communication skills, with ability to communicate complex actuarial information to senior management and their direct reports.
• Willing and able to develop detailed knowledge of our business processes, standards, policies and procedures; and the relevant legal, regulatory and industry requirements.
• Willing and able to develop a detailed technical understanding of the complex methodology, assumptions and results calculated with respect to Solvency II, IFRS and MCEV.
• Good actuarial modelling and Excel skills, including analysis and investigation of financial results from actuarial models.
• Able to manage self and others and communicate effectively with other areas of the business and senior stakeholders.

Desirable:

• Some knowledge of bulk annuities.
• Some knowledge of the Solvency II balance sheet and/or IFRS/MCEV in the context of an annuity portfolio.
• Some knowledge of Matching Adjustment requirements.

Benefits

In addition to a competitive base salary and the opportunity to participate in our annual, performance-related bonus plan, upon joining us here at Pension Insurance Corporation, you’ll get access to some great benefits, including private medical insurance, 28 days' annual leave (excluding bank holidays), a generous pension scheme and much more. This role also offers hybrid working.