Internal Model Validation Manager

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Date: 24-Jan-2023

Location: Edinburgh, GB London, GB Macclesfield, GB

Company: Royal London Group

Job Title: Internal Model Validation Manager

Contract Type: Permanent

Location: Edinburgh, Nether Alderley, or London

Closing date: 8th February 2023

 

At Royal London we believe your difference is our strength and our organisation benefits from the different perspectives that diversity brings. Studies have shown that people from under-represented groups are less likely to apply unless they meet every requirement. So, if you’re excited about this role but your past experience isn't a perfect fit with the job description, we encourage you to apply anyway as you may be the right candidate for this or other opportunities.

 

About the role

We are looking for an individual to join our Internal Model Validation team, with the team’s role being to provide an independent view on the ongoing appropriateness of the Group’s Internal Model.  

 

The individual would be responsible for planning, carrying out and reporting on robust independent validation of a variety of elements of the Internal Model.  The team’s scope includes reviewing methodology, risk calibrations, model results and the framework and governance around the Internal Model.

 

 

Key responsibilities

  • To maintain and develop the internal model validation (IMV) framework.
  • Carry out IMV in line with the IMV plans and in line with the IMV Policy and the IMV Manual, using appropriate tools and tests.
  • Prepare reports on individual IMV components and prepare reports and papers for committees and the Board on IMV activity more generally, in particular setting out findings and conclusions.
  • Prepare reports and provide MI relating to the progress of IMV activity relative to plan.
  • To plan, carry out and report on other risk assurance work.

 

 

Criteria

  • Qualified actuary with relevant professional experience and excellent understanding of actuarial concepts and techniques required to fulfil the role.
  • Strong knowledge of Solvency II in general and awareness of emerging trends in risk and capital management, capital calculation methodology and governance and framework matters.
  • Ability to work as part of a small team, taking proactive ownership of and responsibility for own workload, output and achievement of objectives while contributing to the success of the team and the function in meeting their objectives.
  • Excellent communications skills – verbal, written and listening.
  • Strong understanding of the UK Life and Pensions industry.
  • Experience of IMV activity and awareness of IMV best practice.

 

 

What we offer

We've always been proud to reward our employees by offering a number of great benefits including:

  • A generous group pension scheme (up to 14% matching employer contribution)
  • 28 days annual leave plus bank holidays with the option to buy/sell up to 5 days
  • Annual company and performance-based bonus
  • Life assurance (up to 8 x annual salary)
  • Enhanced parental leave policies
  • Private medical insurance
  • Employee Assistance Programme - Access 24/7 to confidential health, legal & financial advice

Full details can be found on our benefits page

 

About Royal London

Royal London is the largest mutual life insurance, pensions, and investment company in the UK.  Since its foundation 160 years ago, Royal London has supported millions of people to protect and provide for themselves and their families.

 

At Royal London, our People Promise is that we will all work somewhere inclusive, responsible, enjoyable and fulfilling. This promise has been at the heart of our approach to hybrid working, ensuing a balance of time working in our offices, supporting the culture of collaboration and inclusion and some working time from home, so we can all continue to benefit from the flexibility this brings. Our hybrid working approach is built around our mutual mindset, thinking about what is good for us as individuals (the ‘me’) and in the context of what is right for our customers, our colleagues, and The Royal London group (the ‘we’). Together we belong- collaborate – learn and perform.

 

Our expectation is that colleagues working in hybrid roles will come into the office for 50% of their time, and the rest from home. We want to be as consistent as we can with our approach, but we also appreciate some colleagues need adjustments based on personal circumstances. (e.g., to support a disability, or caring responsibility) and / or may wish to formally seek a flexible working pattern in line with our flexible working policy.

 

We appreciate the world of work continues to evolve and we will continue to listen to our colleagues’ views on this whilst ensuring our on-going approach is right for our business and customers.

 

We are an equal opportunities employer. We work hard to attract the best talent for our award-winning team. We believe that embracing difference makes us stronger. Our diverse people bring us different skills – whatever their educational background, disability, gender, age, sexual orientation, race, religion, or belief.

 


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