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Bank of England
,
London, Greater London
Senior Actuary
Overview
Job Description
The Insurance Supervision Directorate promotes the safety and soundness of over 500 insurers operating in the UK. This includes general insurers, life insurers, friendly societies and the London market. We help identify and mitigate potential risks before they can have an adverse effect on policyholders and financial stability. We face a complex and challenging task, one that presents numerous opportunities to protect policyholders and UK financial stability and one that delivers real and lasting benefits to society. Department Overview The Life Insurance and Pension Risk Department (LIPRD) comprises over 40 risk specialists whose purpose is to provide high quality technical advice and support to Supervision to help ensure that firms are adequately controlled and capitalised. Our specialists have broad and deep understanding of the prudential risks posed to PRA by life insurers, reinsurers and pension schemes. This expertise is a combination of strong corporate knowledge of the life firms we regulate and their risks such as longevity, credit, market, underwriting and data governance. We retain and deliver the corporate knowledge by designating each of our line staff to a small portfolio of firms over a period of time. As we are located in Supervision, our staff are very accessible to and work closely with their firm supervisory teams. In addition to their firm-specific responsibilities, most staff also contribute to maintaining and developing knowledge of risks faced by insurers. Operationally, this is achieved via our risk specialisms. These specialisms are an element of our vision of a technical centre of excellence for life insurers and feed into an efficient specialisms capability across the Supervision Directorate. Job description We are seeking a motivated qualified life actuary with a good knowledge and understanding of financial and insurance risk issues affecting life insurance firms. The successful candidate will be expected to work in a team of actuaries with diverse experience, as well as with other colleagues, in order to support with the supervision. The typical responsibilities of the role include: Performing and developing others to perform proportionate risk-based assessments and oversight (e.g. Solvency II reviews and Part VII transfers) and applying well-reasoned judgement to identify risk to PRA statutory objectives and to identify potential mitigation for these risks. Developing the knowledge, skills and experience of others in specialist areas. Performing in-depth research in key risk areas (e.g. credit risk, longevity, dependencies) aimed at developing house views of what constitutes good practice. Conducting thematic projects by carrying out quantitative analysis, and producing conclusions and recommendations, highlighting key issues and emerging risks. Supporting the Department in the delivery of effective, risk-based prudential supervision of firms. Creating, and taking part in, initiatives across the Division, Directorate and wider Bank. Role Requirements Minimum (Essential) Criteria The person suitable for this role will typically have at least 5 years post qualified experience or be able to meet the essential criteria by performing an equivalent role. In depth understanding of the key financial and life insurance risk areas for insurers and the actuarial controls needed to ensure these are prudent. In depth technical understanding of Solvency II, in particular capital modelling. Good appreciation of the life insurance market in the UK, key industry issues and trends Approach review work proportionately when expressing views on technical issues, so as to reach outcomes that are consistent with the achievement of PRA objectives. Good working knowledge of the relevant PRA rules and wider professional guidance. You will also need to demonstrate: Ablity to self-manage and work within a team. Good communication and interpersonal skills, including the ability to put across effectively complex technical issues and solutions to non-actuaries. Ability to lead work, give and receive constructive feedback, and coach others with a view to improving their and own performance. This job offers the opportunity to: be engaged with a variety of life insurance firms; be involved in specialist technical work and gain expertise; work with actuaries and others in an intellectually meaningful environment; work on PRA/Bank activity that impacts the industry; see and hear what is happening in other financial sectors, including banking; use your skills in an interesting and collaborative environment. We anonymise applications so hiring managers will not be able to see your personal information, your original CV or any covering letters when reviewing your submission. Please complete work history and the application form questions as requested because incomplete submissions will not be reviewed. The closing date for applications is 3rd April 2020. Please apply online, ensuring that you answer the applicatio