Model Validation Senior Actuary

Context for the role:

The M&G plc Risk and Compliance function: 

• Assists the Board to formulate, implement andmonitoradherence to the Risk Appetite and Limit framework, risk management plans, risk policies, riskreportingand risk identification processes.Provides guidance, tools and technology and reviews and assesses the risk taking activities of, the first line of defence, where appropriate challenging the actions being taken to manage and control risks; and, provides the Board with an aggregate view of M&G plc’s risk profile and supports them in identifying and assessing key and emerging risks which threaten the achievement of M&G plc’s objectives.TheM&G Lifeteamis responsible foroversight ofrisks within M&G Life.

• The Model Validation team support the business in managing model risk across the groupthrough theindependent validation of both the Solvency II Internal Modelandother critical Models and User Developed Applications within the business, including pricing models andoperational risk modelling. The team also has responsibility of the company SolvencyUKcompliance framework, ensuring the business adheres to the relevant regulatory requirements including any new requirementsissued by the PRA.

• TheManagerrole willprovidethe opportunity tovalidatethe Internal Model,interpretand support the business in understanding and adhering to the various regulations and produceandpresent papers for senior committees.

Key Responsibilities:

• Provide independent validation of a range of models used across M&G plc (e.g. capital, pricing, valuations) to provide assurance on theaccuracy, reliability, and integrity of models used within an organization. This involves conducting independent reviews of models, assumptions, and methodologies toidentifypotential risks or weaknesses. Following completion of the validation, you willbe responsible forsummarising the results of the validation and present these in a succinct manner to relevant committees and senior stakeholders as well as agree any actions with the model owners.

• Work collaboratively with colleaguesand key stakeholderstobuild out coverage of ourmodel development risks andsupport any developments to therisk framework.

• To work collaboratively with colleagues and take personal accountability tomaintainand enhance controls youare responsible forto support improvement of the overall control environment, customers outcomes and a reduction in M&G plc’s operational risk. 

• To support thereporting of thequarterly model change logto the PRA andresults of the Solvency UK Compliance exercise tosenior committees and Boards.

Knowledge statements:

• Experiencein the validationof models and tools

• Goodknowledge ofFinancialservicesregulations and internal model design

• Working knowledge of industry best practice and good network / links with individuals and external bodies

• Goodknowledge of UK financial services regulatory environment

• To havestrong knowledgeand recent exposure tomodeldevelopmentrisksand risk framework development

• Awareness of external developments and ability toidentify, recommend and implementimprovements to processes and policies in line with thesedetailed statistical knowledge

Experience statements: 

(Essential)

• Experience in actuarialand statisticalmodelling

• Experience in model risk and governance

• Experience of providing constructive challenge and oversight of technical matters

• Experience inmodeldevelopmentrisksand risk framework development

(Desirable)

• Experience in risk guidance and compliance environments

• Experience of liaising,influencingand negotiating effectively with internal parties 

• Experience of Financial Services regulatory environment and Prudential regulations

• Experience ofmanaging projects

Personal attribute/skills:

(Essential)

• Able to work collaboratively across the immediate team and broader Risk and Compliance function while also being able to work independently

• Good analytical and organisational skills.

• Good investigative skills and ability to constructively challenge

• Able to look beyond face value, ask the right questions and make links and connections across the organisation.

• A strong ability to learn quickly and explain issuesto others

(Desirable)

• Relationship building skills

• Strong oral and written communication skills.

• High levelof diplomacy, discretion andproblem solvingability.

• Experiencein Python,PowerBIor R

Qualifications:

• Professional qualification, e.g.CFA orQualified Actuary, desirable