Senior Actuarial Manager, Model Risk

  • 37141
  • Life - Actuarial
  • |
  • Hong Kong
  • |
  • Mar 31, 2020
Insurance
RESPONSIBILITIES
  • Contributing to the development and maintenance of the Internal Model Risk Policy, Group-wide Model Risk and UDA Policy, and the GwOS relating to model validation, data quality and change management.
  • Contributing to fit for purpose assessment of different models used for risk and capital management across the Group with a focus on Group Internal Economic Capital Assessment.
  • Performing validation and preparing opinions on the calibration of the Group Internal Economic Capital Assessment model and the results as per requirements set out in the GwOS.
  • Providing opinions on model changes to provide assurance to the Board/GRC.
  • Assisting the review of the G Group Internal Economic Capital Assessment model documentation to ensure it adequately reflects the Group-wide standards and relevant regulatory requirements.
  • Assisting the producing of the Group-wide model validation report including consolidation of BU model validation reports into the Group validation report.
  • Supporting the review and validation of models identified as Group critical tools, used for a variety of purposes, including valuation and new business pricing.
  • Supporting with managing and preparing papers for the Group Technical Oversight Committee.
  • Supporting interaction with TAC, as required, especially when decisions relating to model change are being taken.
  • Preparing monthly/quarterly model risk management information and papers for submission to the Board, GRC and GERC.
  • Performing any additional ad-hoc analysis required by senior management to gain comfort with some aspects of risk-based decision making.
  • Performing ad hoc reporting on model risk and model validation.
  • Assisting with maintenance of ongoing interaction with the Group's regulators on matters relating to model risk and model validation.
  • Contributing to Deep Dive reviews throughout the Group. In particular, helping to develop the terms of reference; the fact-finding activities; the development of findings, ensuring senior stakeholder support and finally the timely delivery of the review findings to the Group Risk Committee.
  • Performing analytical reviews of key business practices and models throughout the Group, with the ability to independently test and reproduce some of the calculations through the use of alternative methods.
QUALIFICATIONS
  • Qualified actuary with a life insurance or risk management background, including familiarity with current and developing insurance regulation that is relevant to the Group.
  • Prior experience of internal model validation or audit is preferable.
  • Understanding of the components of an insurance balance sheet, the risks to which insurers are exposed and how they are modelled.
  • Good understanding of economic valuation techniques as well as capital calculations.
  • Good understanding of the key features of life insurance products and the types of risks associated with them. An international perspective on products and market characteristics would be an advantage.
  • An analytical mind-set with strong statistical/problem solving skills.
  • Strong documentation and verbal communication skills, both to technical and non-technical audiences.
  • Strong stakeholder engagement and communication skills.
  • Highly motivated and able to work independently at times.
  • Ability to provide challenge while being commercially orientated and pragmatic.
  • A team player and flexible to adapt to a fluid environment.
  • Ability to communicate with confidence to stakeholders, both at the Group and Business Unit levels.
  • There may be a requirement to travel regionally and globally as needed.