Regulation during a period of global financial crisis and significant change has created an exciting opportunity for experienced, high-calibre individuals to help drive the contribution of the Life Actuarial Team in supporting the Supervision and Policy areas within FSA.
The extremely volatile market conditions of the past couple of years have created significant challenges for the insurance industry and raised the profile of FSA. The regulatory landscape is also set to change considerably due to the design and implementation of Solvency II, the new regulatory regime, from October 2012.
With this backdrop, there is an exciting opportunity for a high-calibre individual with extensive post qualification experience, to help drive Life Actuarial forward in supporting and advising our Supervision and Policy areas through this period of significant regulatory change.
The job role reports to either a Chief Actuary or Deputy Chief Actuary.
Reporting to a Deputy or Chief Actuary, this is an exciting and challenging opportunity for an actuary with extensive post qualification experience in the UK life insurance market.
Key responsibilities of this role 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
- 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.
- Support risk assessment visits to firms to understand business models and governance; meeting senior actuarial staff as well as the wider senior management
- Support FSA readiness for development and implementation of Solvency II
- Maintain progressive technical competence and market knowledge by keeping on top of the material parts of the Handbook and professional guidance and internal manuals relating to
· Prudential supervision
· Conduct of business
· Treating Customers Fairly
- Contribute to the development and maintenance of deep knowledge in certain specialist areas (e.g. longevity or credit risk) and research. 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 life actuarial
- Contribute to wider opportunities within FSA
Essential
Technical:
- Strong technical understanding of a wide range of actuarial activities relevant to regulatory supervision, including areas such as ICAs, stochastic modelling and realistic balance sheets.
- Good working knowledge of the relevant FSA rules and professional guidance.
- Experience of dealing with complex regulatory issues, from either a firm, consulting or regulator perspective.
People skills:
- Tenacity to challenge senior management (including Board members) of regulated firms and to manage challenging and complex situations to resolution.
- Proven communication and interpersonal skills, including the ability to put across complex technical issues and solutions to non-actuaries.
- Ability to work effectively in multi-disciplined teams to deliver complex and high profile projects, acting as a champion for the life actuarial team.
Behavioural:
- Proven ability to balance priorities and manage a large number of competing demands to agreed deadlines and to the required level of quality.
- Ability to take a proportionate view in providing accurate, timely advice to the Supervisory Team, Policy and firms backed up by sound reasoning.
- Deal constructively with uncertainty and ambiguity.
- Gives/receives constructive feedback and coaches others with a view to improving their/own performance.
- Self-motivated, uses own initiative and is outcome-focused.
Desirable
- Current or previous experience as an Actuarial Function Holder (AFH) and/or With Profits Actuary (WPA), or has worked closely with the AFH / WPA on regulatory issues.
- Responsibility for all actuarial aspects of regulatory supervision for your own portfolio of firms
- In-depth experience of current and developing FSA rules and requirements
- Regular exposure to senior management across the industry
- An opportunity to play a key role in shaping FSA's approach to improving risk management within firms/groups and hence making a real difference in areas such as consumer protection
An industry-wide overview of the approaches to and insights on a variety of areas such as capital management, risk transfer/management and business development The benefit of being part of a strong team of experienced advisors with a variety of backgrounds.
As part of the on line application process, you should submit your CV and answers to the following application questions:
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
We offer a competitive remuneration package, which is dependent on skills and experience, and consists of a base salary, pension, core and flexible benefits.
Further details about our benefits scheme can be found here:
http://www.fsa.gov.uk/pages/library/other_publications/staff/staff_handbook/money/index.shtml
http://www.fsa.gov.uk/pubs/staff/flexible_benefits.pdf
|
