[full-time] Economic Capital Management Actuary at Critical Recruitment

2010-09-08 00:02:35

URL: http://www.criticalrecruitment.com

Description:

Job Summary

In the immediate term, the Economic Capital Management Actuary will lead the development of the Savings Division’s economic capital management and reporting capability for its long term life and pensions business under a Solvency II regulatory regime. Working with the Savings S2 Programme Director and utilising the delivery team within the Programme the jobholder will take the lead in all modelling specification, development and organisational design to create a best in class capital management and reporting function to support the Division’s growth and investment plans in the life and pensions space

The jobholder will also will also define and execute a transition plan setting out how and when the Economic Capital Management Unit will transition back into Savings Finance on a business-as-usual basis. This plan will include the de-commissioning or amendment of regulatory and financial reporting for long term life and pensions business as and when required (Peak 1, Peak 2, ICA, IFRS and EEV etc.).

In the medium term the role of the Economic Capital Management Actuary is to support the Savings Finance Director in the efficient management, utilisation and investment of capital within the Savings Division’s long term life and pensions business. Responsibility will include the production of regulatory capital results (initially existing ICA and ultimately Solvency II), internal economic capital metrics and strategic planning forecasts.

Key Responsibilities

Initial Accountabilities (S2 development)

Initially, working with the S2 Programme Director and programme team, direct the development of the Division’s S2 economic capital management framework and reporting capability for the Division’s long term life and pensions (L&P) business.

Prior to the transition to a Solvency II reporting regime, manage the production of the Division’s existing ICA-based economic capital modelling and reporting, including production of an internal monthly ICA for the Division’s with-profits business.

Direct the developing economic capital reporting capability within the Economic Capital Management (ECM) Unit ensuring that the Division’s S2 reporting capability, including standard and internal models and interim QIS 5 submissions, is developed in accordance with Group plans.

•Define and execute the transition plan setting out how and when the ECM Unit will transition back and integrate into the Savings Division’s existing business-as-usual solvency and financial reporting operations, including the decommissioning of existing functions no longer required within a Solvency II framework.

Medium Term

•Direct the reporting of economic capital for the Division’s long term life and pensions business, including production of regulatory capital management results (ICA and emerging S2 requirements, including QIS), monthly internal economic capital metrics and strategic planning forecasts, communicating results and recommending business actions to Savings Finance Director and the Division’s executive management.

Lead the development and continual enhancement of the Division’s economic capital modelling in accordance with industry best practice.

Develop and manage an efficient and effective analytical management information framework for economic capital results, preparing analysis of key movements, sensitivities, projections and testing relative to risk appetite policies and capital utilisation targets.

Working alongside other key stakeholders within the business, including pricing directors, the WP Actuary and Society’s Actuarial Function Holder, devise and implement actions to optimise economic capital allocation and utilisation consistent with the Division’s risk appetite for its long term life and pensions business.

Work in partnership with pricing teams to ensure that product strategies and pricing propositions are capital efficient.

Direct the production of all internal and external actuarial financial reporting for the Division’s long term life and pensions business, including monthly reporting of IFRS and embedded value results.

Direct the delivery of regular investigations of underlying experience and assumptions, both economic and non-economic, ensuring economic capital and financial reporting modelling remains current and utilises the latest emerging experience and data.

To take the lead in all matters with regard to the management of employees, ensuring that management discretion is used in a consistent manner and that the area follows the Group’s policies and procedures including the Partnership Agreement to maximise business performance.

Skills, Knowledge and Experience required

Qualified Actuary

Knowledge of current and leading edge actuarial techniques

Knowledge of emerging Solvency II developments and best practice solutions for delivery of an effective capital management framework under the new regime.

Extensive experience of current UK insurance regulation and solvency regimes, including existing economic capital reporting requirements.

A working knowledge of IFRS, EEV, MCEV and other financial performance measures used to manage the Savings Division’s long term life and pensions business.

Additional Information

The company is a FTSE 100 company and one of the best known and highly respected financial services companies in the UK. Our aim is to deliver value for money products and services, backed by consistently strong investment performance, sound financial advice and excellent service.
So it will come as no surprise that we’ve also created an exceptional career environment.
We can offer talented individuals a wide range of opportunities across various business areas. We are committed to work-life balance and will consider applications for all vacancies on a flexible working basis. Our many other benefits include up to 30 days holiday, annual performance related bonus and pay review, study support, share schemes and life assurance.

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[full-time] Economic Capital Management Actuary at Critical Recruitment