Senior Actuarial Manager, Model Risk

  • 37141
  • Life - Actuarial
  • |
  • Hong Kong
  • |
  • Mar 31, 2020
  • 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.
  • 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.