We are now developing our Solvency II internal model assessment approach and we seek more staff to help take this forward. We have a unique opportunity within the Prudential Risk Division for those with a reinsurance background, who may have capital modelling experience through ICAS or Solvency II projects.
The Solvency II and Enterprise Wide Risk Management Team's work involves Solvency II internal model approval development and prudential risks within insurance firms. The Team reports through the Prudential Insurance Risk Department, which is part of the Prudential Risk Division (PRD).
PRD has more than 120 staff. Most staff are technical risk specialists who give advice on risks within firms, mainly related to prudential standards. PRD supports Supervisors of both Retail and Wholesale firms. PRD also works closely with the Policy Division which gives advice on how to apply and interpret our rules concerning the financial resources that firms should have. Further, it is involved in negotiating changes in international prudential standards and how supervisory authorities apply those standards.
PRD is involved with the implementation of the revised Basel Accord and corresponding European Capital Requirements Directive (CRD). This includes the understanding and evaluation of complex and risk-sensitive modelling approaches used by banks and investment firms when setting their capital requirements.
PRD is also involved with the Solvency II Directive which will permit insurers to use approved financial models as the basis for their regulatory capital requirements.
The role will involve work on Solvency II internal model development activity. You will be one of a group of specialist staff dedicated to progress the design and implementation of internal model assessment on behalf of the FSA. This will involve:
- Focus on reviewing firms' assessment of reinsurance risk as part of its internal model, providing effective and thorough challenge to ensure the risk has been appropriately modelled. This will include assessment of firms' reinsurance programmes (both inwards and outwards) in light of their risk profile and risk appetite, consideration of their approach to aggregate management, appropriateness of modelling techniques used and any parameterisation of key assumptions.
- Whilst your contribution will focus on all aspects pertaining to reinsurance risk and its modelling it will not be constrained to this risk area. There may be likely involvement with other elements of credit risk and underwriting risk to which your reinsurance experience will be relevant.
- Liaison with colleagues from around the FSA, and in particular the Project Manager for internal model implementation, Policy experts, ICAS actuaries and Supervision.
- Liaison with firms, and in particular communicating with firms during their preparation for internal model assessment.
- Carrying out ad-hoc research and providing thought leadership and advice on a range of Solvency II issues, particularly those pertaining to reinsurance risk.
- Developing your expertise of reinsurance modelling to help shape views on "best practice."
- Taking ownership of an individual portfolio of firms, dependent on your experience, for which you will maintain lead responsibility through the model approval process up to and including implementation.
- You are likely to go on external visits, which could include firms, trade organisations and professional bodies.
- There may be occasions when you are asked to deliver training to Supervisors or industry on aspects of the Team's work.
- 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.
- You will also assist in the wider functions of the Team, including involvement banking and investment sectors. This may involve working with others or it may involve individual research, review and analysis. You will help to maintain the Team's input to PRD's integrated approach to risk assessment. This means helping the linkage of PRD colleagues to risks within insurance firms, including the collaboration with others within the FSA. You may be involved in analysing the business and capital management (including stress testing) of insurance firms.
Essential
- An expertise in reinsurance practices and principles.
- Experience and thorough understanding of the full range of reinsurance products as well as common modelling techniques.
- An excellent communicator, who can translate technical concepts into practical solutions.
- An ability to network and collate information.
- Be a positive team player within a multidisciplinary team.
- Maturity, integrity and structure to challenge, negotiate and influence at the highest level both internally and externally.
Desirable
- Experience in regulatory capital / reserving / pricing systems and processes.
- Lloyd's / London market / personal lines / commercial lines re/insurance experience or life re/insurance experience.
- A good working knowledge of ICAS and of developments in Solvency II regime.
- A self starter with drive, enthusiasm and commercial acumen to further develop and enhance the reputation of the FSA.
- Ability to deal constructively with uncertainty and ambiguity.
The salary is dependant on 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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