Risk & Validation Manager
Emerald Group Ltd
42d ago
  • Location : London
  • Location :

  • Category : Non-life Actuarial
  • Category :

  • Type : Permanent
  • Type :

  • Pay Range : £70k - £90k
  • Pay Range :

    Qualifications required :

    Job Purpose

  • To support the on-going development, management and implementation of an Enterprise Risk Management framework in a Solvency II environment or other regulatory regimes as applicable
  • To Manage the Annual internal model Validation process for all syndicates under management with external and / or internal support where applicable
  • Experience required :

  • To conduct validation throughout the year for model changes where it is felt that dependent validation needs to be supplemented to provide further comfort to the board
  • To educate staff on the value and purpose of Validation and communicate end results to the business
  • To provide additional technical and quantitative support to the RMF such as stress testing or sensitivity testing for applicable entities
  • Work with the Qualitative Risk Manager with other elements of the ERM framework and respective elements (may be e.g. risk assessments for certain functions / areas, loss event reporting, emerging risks process) and the delivery of the ORSA
  • There may eventually be scope to Work within the actuarial team to support the underwriting teams : advising on risk selection, supporting new initiatives and providing business reporting
  • Key Responsibilities

    Internal Model validation report :

  • Annual review of the three-year cycle based approach to validation and ensuring adherence to the approach
  • Lead the validation process by engaging with various internal stakeholders including Independent validators, the capital modelling team, and the wider business as necessary
  • Advise the CRO on areas that should be the focus of validation for the forthcoming year, and provide help in determining the scope for external validation where this may be required
  • Liaise with capital modelling team to understand the level of dependent validation that takes place when a model change occurs, and determine if further independent validation is required by the RMF
  • Conduct periodic P&L attribution exercises in support of the validation programme
  • Ensure the efficient and timely production of the annual IM validation reports
  • Manage the ongoing review and progression of Internal Model Validation actions
  • Produce a clear presentation / summary for the Board on the outputs of the validation process and key findings
  • Support the wider RMF in the completion of stress and scenario tests including reverse stress testing as part of the ORSA process
  • Assist the CRO in determining the training needs required for the Board from a capital / internal model perspective, and create training plan for year ahead
  • Responsibility for the minimum standards owned by the RMF gap analyses, identification and management of gaps
  • Other Projects / Responsibilities may include for example :

  • Responding to regulatory and / or Lloyds’ questions and surveys
  • Take part of Lloyds’ and LMA working parties and meetings as required
  • Own Risk & Solvency Assessment (ORSA) reporting processes :

  • To work with a range of risk, actuarial and finance professionals across the Managing Agency (MA) to bring together key data, metrics and dashboards to ensure the efficient and timely production of ORSA reports for the MA (syndicates under management)
  • Other :

  • Ensuring annual review of internal model and risk framework documentation. Annual review of the Validation Policy and procedure and ensure that this aligns with the regulatory requirements in place and ensuring adherence to the policy
  • Responsibility for the Validation policy and procedures
  • Ensuring regular review / on-going adherence against relevant Lloyd’s minimum standards
  • ERM presentation to new joiners
  • Attendance to Lloyd emerging risk and Validation workshops
  • To analyse and evaluate the risks on key strategic projects
  • Behaviours

  • To behave in a manner compliant with any applicable UK or International statutory or regulatory obligation as required by the role.
  • This includes but not limited to obligations arising from : The prudent management of the businessPlacing due regard on the interests of customersObserving rules on Sanctions and financial crimeRegulatory requirements and local licensing restrictions

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