Prudential Risk Actuary - Edinburgh, United Kingdom - Aegon

Aegon

Verified Company

Edinburgh, United Kingdom

1 week ago

Posted by:

Tom O´Connor

beBee Recruiter

Description

Job Description Summary

People are living longer than ever before, and we're excited by the opportunities this brings.

As a purpose-led business, we're focused on supporting our customers as they navigate through new stages of their lives and all the moments that matter.

We're here for everyone who wants to make the most of their time on the planet and leave it a little better than they found it - however grand or humble their ambitions.

Working at Aegon, you'll play an important part in helping achieve this.

We have three behaviors that are central to how we operate as a team and a business:
we step up, we tune in and we're a force for good.

Job Description:

We have an exciting opportunity for an experienced actuary to join our Prudential Risk team.

Reporting to the Prudential Risk Director, the Prudential Risk Actuary will play a vital role in the oversight of the Prudential Risk management within Aegon.

The Role

The Prudential Risk team owns the development and implementation of the AUK business strategy for the management of prudential risk (Investment & Counterparty, Mismatch and Underwriting Risks) reporting to the CRO and the regulator on the risks taken and the adequacy of their management.

The area covers the qualitative and quantitative risk management framework and methodologies used to estimate prudential risk, including policies, assessment, monitoring and mitigation.

In addition, the function maintains a strong system of risk governance, working in co-operation with other risk areas within Aegon UK, with the Capital Management function, the wider Finance function including Investments and across the Aegon Group.

The Prudential Risk Actuary supports the Prudential Risk Director by monitoring and reporting prudential risks, escalating issues and supporting policy and methodology development to ensure that Aegon UK manages its Prudential Risks in a manner consistent with the identified and agreed risk appetite.

The role holder will also support the review/2nd line challenge of the appropriate assumptions and methodologies used within the calculation of the liabilities of the AUK companies under all bases.

The role holder may also manage a team of up to three actuaries and actuarial trainees.

Key responsibilities- Supports the Validation Framework planning, leading on and performing deep dive reviews into models and reporting findings to the Model Validation Committee- Risk oversight reviews of Solvency II reporting, capital management, investment activity, with-profits and pricing- Supports ongoing project work examples including risk tolerances, Medium Term Plan, ORSA, ICARA, investment fund/strategy related projects, use test and capital initiatives- Analyses, reviews and provides challenge to Capital Management and Finance functions on insurance risk experience analyses, assumption sets, management actions and reported metrics used for the management and measurement of insurance risk - preparing the appropriate papers for presentation by the Prudential Risk Director to the Board- Supports the Prudential Risk Director to develop and maintain the required policies and methodologies relating to prudential risk- Produces regular management information reporting and commentary on prudential risks

Skills:

Strong knowledge of prudential risk
Strong analytical, quantitative and qualitative skills
Good communications and presentation skills
Sound judgement and ability to operate independently and objectively where processes may not always be defined
Ability to assimilate, manage and interpret a wide range of information
Strong relationship management skills

Knowledge- Considerable knowledge of market risk and Asset Liability Management- Sound understanding of investment markets and derivatives- Practical knowledge in assessing critical underwriting risk issues arising from local activities, including new products- Practical knowledge of insurance related processes (eg pricing, expense analysis, underwriting procedures and limits) Good understanding of insurance services industry- Good knowledge of asset/fund management would be beneficial

Experience: