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 background in assessing the credit rating of insurance and reinsurance companies, and 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 credit risk as part of its internal model, providing effective and thorough challenge to ensure the risk has been appropriately modelled. This will include reviewing the appropriateness of modelling techniques used and any parameterisation of key assumptions.
- Whilst your contribution will focus on all aspects pertaining to credit risk and its modelling it will not be constrained to this risk area. There may be likely involvement with other elements of insurance risk to which your credit 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 credit risk.
- Developing your expertise of credit risk to help shape views on "best practice" when assessing and reviewing this risk as part of a firm's approach to capital modelling.
- 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 insurance market and the rating agency assessment of credit risk.
- Sound understanding of insurance practices and principles.
- Understanding of insurance financial statements and credit ratings
- 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
- Rating agency / Lloyd's / London market / personal lines / commercial lines re/insurance experience or life re/insurance experience.
- Experience of capital modelling.
- 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.
- This position allows unparalleled view of Solvency II development.
- Places you at the forefront if 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.
In order to apply for this position you will need 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 ESSENTIAL criteria listed in the job advert, covering your relevant skills, technical knowledge and capabilities. (no more than 300 words)
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