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Job Details
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| Ref |
CF00517 |
| Location |
London, Canary Wharf - Head Office Map & Directions |
| Directorate |
Cross FSA
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| Job Family |
Actuarial
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| Division |
Solvency II
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We are now developing our Solvency II internal model assessment approach and we seek more staff to help take this forward.
We have unique opportunities within the Life Actuarial Team for 2 qualified life actuaries with ICAS or Solvency II experience and good working knowledge of capital models and the risk framework around them.
The Life Actuarial Team is located in the Insurance Department of Retail Firms Division of the newly formed Supervision business unit.
The successful candidate will report to either a Chief Actuary or Deputy Chief Actuary.
- The first 12-24 months of your work will involve working within a dedicated pool of specialist Solvency II internal model development staff.
- This will be followed by a transition into the business as usual work of the Team, albeit with continuing involvement in Solvency II implementation.
The first 12-24 months will involve full time work on Solvency II internal model development activity. You will be one of a group of specialist staff dedicated to progress the design for the implementation of internal model assessment on behalf of the FSA. This will involve:
- Initially, collaborating in the design and management of projects related to internal model assessment. This will involve thematic reviews, pilot exercises and testing aspects of the proposed assessment basis in advance of putting the assessment process into practice.
- Gathering information and giving advice.
- Research and thought leadership.
- Liaison with colleagues from around the FSA, and in particular the Project Manager for internal model implementation.
- Liaison with firms, and in particular communicating with firms during their preparation for internal model assessment.
- For the second phase of your work you will work on the business as usual functions of the Life Actuarial Team.
- In essence, the role of the life actuary is to provide clear and helpful actuarial advice and support to all life insurance Supervision teams across FSA and to support other areas in FSA often as part of multi-disciplined teams. The key responsibilities include:
- Carry out proportionate, risk-based assessments of own portfolio of insurance firms and the groups to which they belong to identify risks to (and solutions for) FSA statutory objectives such as consumer protection and market confidence;
- Perform effective, risk-based and proportionate analysis of industry data to identify, to FSA senior management and supervisory teams, emerging themes, provide insights, highlight issues facing the industry and recommend actions;
- From time to time, carry our research to bring insights and develop the thinking and capability of Life Actuarial/FSA on high priority issues;
- Support risk assessment visits to firms to understand business models and governance; meet/interview senior actuarial staff as well as the wider senior management;
- Play a full part in the development and implementation of the new regulatory regime in 2012;
- Maintain progressive technical competence and market knowledge by keeping on top of the material parts of the Handbook and professional guidance relating to :
- Prudential supervision
- Conduct of business
- Treating Customers Fairly
- Develop and maintain deep knowledge in certain specialist areas (e.g. longevity or credit risk). This would include sharing leading-edge insights from the industry and building a wide base of key contacts in the industry.
- Contribute to developing and maintaining the operational capability of the team
- Contribute to wider opportunities within FSA and to raising its profile externally e.g. taking an active role in meetings with trade bodies, speaking at conferences etc.
Essential
A qualified actuary with good working knowledge of ICAS or of developments in Solvency II regime. Experience in capital modelling and the risk framework within which it operates. An excellent communicator who can translate technical concepts into practical solutions. Well developed stakeholder management.
An enthusiastic team player. Maturity, integrity and stature to challenge, negotiate and influence at the highest level both internally and externally.
Desirable
Varied experience of insurance firms and their capital modelling systems and processes. A self starter with drive, enthusiasm and commercial acumen to further develop and enhance the reputation of the FSA. Good organisation and time management Ability to deal constructively with uncertainty and ambiguity.
- This position allows an unparalleled view of Solvency II development.
- Being at the forefront of the insurance industry's understanding of capital modelling and the evolution of the quantification of risk within the new regulatory framework.
- You will engage in intellectually stimulating and demanding work, within a high profile and highly regarded team.
- You will have the opportunity to help shape the future of prudential regulation both domestically and internationally.
- You will have challenging technical issues to solve and to see your advice applied practically in a way which makes a real difference to how the firms that we supervise behave.
- You will work with a variety of FSA staff and have interaction with a variety of insurance companies. You will gain experience of a range of risk management practices used by financial firms and groups supervised by the FSA.
The salary range for this role is £80,000 - £116,000 and is dependant upon skills and experience.
As part of the application process for these vacancies, you will be asked to answer the following question: Why do you believe that you are suitable for this role? Please ensure that you specifically relate your answer to the criteria listed in the job advert, covering your relevant skills, technical knowledge and capabilities (no more than 300 words).
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