The Company: Canada Life a leading Life Assurance Business are currently recruiting for a qualified Risk Actuary to join our team located in Potters Bar. Job title: Risk Actuary Location: Potters Bar Job type: Permanent
Who we are
Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.
Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.
Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.
What we’re building
We now need a Risk Actuary to support the transformation and the future growth of the business within the Risk and Compliance function, so it can will provide independent risk oversight and governance of all risk-related activities across the Canada Life UK business divisions. The team will also offer practical and value-adding risk insights to the Businesses. The team will work closely with the Businesses to understand their strategic objectives, and provide knowledge and expertise to ensure business objectives are met, and services are delivered to a high standard.
Support the Risk department in delivering the desired output of a financial risk nature within the UK Division’s Risk Function.
Contribute to the overall ORSA and take responsibility for workstreams within the wider ORSA Process. Support the Risk department in ensuring that the financial risk aspects of the Enterprise Risk Management Framework facilitate effective and appropriate financial risk management across the UK Division.
What you’ll do
- Take a leading role in aspects of the Own Risk and Solvency Assessment (ORSA) process and ORSA report (or equivalent) for entities within the UK Division. Regular activities include:
- Design and implementation of Stress and Scenario testing (including reverse stress testing), ensuring appropriate alignment with CLG and Great-West Lifeco exercises.
- Reviewing and analysing the results of the forward-looking solvency assessment, stress and scenario testing and the OSNA exercise to identify conclusions and recommendations.
- Leading the drafting of sections within the ORSA Report.
- Ensuring maintenance of the ORSA Record and Stress & Scenario Testing Standard.
- Ensuring that the ORSA Policy is adhered to.
- Following up on management actions resulting from the ORSA process.
- Draft relevant sections of the Recovery Plan
- Support the risk business partners in providing (financial risk) oversight of the first line:
- Reviewing UK division pricing or underwriting initiatives (e.g. assumptions review, new products, bulk annuity transactions).
- Reviewing corporate initiatives (e.g. reinsurance, capital optimisation, M&A activity)
- Review the business planning process
- Provide Risk input into Company reports (e.g. SFCR)
- Ad hoc risk reviews as required
- A lead role in maintaining the risk appetite framework for CLL, as part of the wider enterprise risk management framework. Regular activities include:
- Reviewing the Risk Appetite Framework, including enhancements to coverage and reporting.
- Setting of Risk Limits, ensuring they are continually aligned with the risk strategy of the business, and appropriately aligned with limits set by CLG and Great-West Lifeco.
- Reporting of risk exposures and associated Key Risk Indicators relative to risk appetite limits, including appropriate insight and commentary.
- Drafting the financial risk-related sections of the CRO Report
- Co-ordinate with CLG and Great-West Lifeco in order to:
- Ensure alignment of Risk Appetite Frameworks and Risk Strategy
- Monitor and review UK-division driven exposures within CLG and Great-West Lifeco Risk Appetite Frameworks
- Adhere to oversight requirements on first line activity
- Relationship-building and knowledge sharing
- Support the Risk department in managing and developing the team in order to optimise team performance.
Who you are
- Experience in the life insurance industry
- Good working knowledge of integrated risk and capital management as part of a wider enterprise risk management framework
- Deep knowledge and understanding of Solvency II requirements
- Experience of second line of defence risk oversight activities
- Strong written and verbal communication skills, in particular of complex concepts, which can be tailored for all levels of management.
- Strong influencing skills, with experience of engaging with senior management in order to get desired outcome
- Good interpersonal/networking skills, with the ability to maintain a variety of relationships with multiple stakeholders
- Proven track record of delivering under tight time pressure
- Self-motivated, well-organised, pragmatic and able to perform tasks independently.
What you’ll like about working here
As a Canada Life UK colleague, you’ll receive a competitive salary and comprehensive reward package including car allowance, income protection, private medical insurance and life assurance, along with a generous pension and bonus scheme. You’ll also receive the support you need with your personal and professional development.
Our focus is to have an engaged, committed and motivated work force, operating in a high performing and collaborative culture. We want to create an organisation that offers opportunities for all our people to develop their skills and talent, and build rewarding careers with us.
Diversity and inclusion
Canada Life is committed to a diverse and inclusive workplace. Our role as an employer of choice is to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences.