Head of Model Validation

Our purpose is to give everyone real confidence to put their money to work. With a heritage dating back more than 175 years, we have a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions. 

Our two distinct operating segments, Asset Management and Life, work together to provide access to balanced, long-term investment and savings solutions.

Through telling it like it is, owning it now, and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.

We will consider flexible working arrangements for any of our roles and also offer work place accommodations to ensure you have what you need to effectively deliver in your role.

Context for the role:

The M&G plc Risk and Compliance function: 

• Assists the Board to formulate, implement and monitor adherence to the Risk Appetite and Limit framework, risk management plans, risk policies, risk reporting and risk identification processes. Provides guidance, tools and technology and reviews and assesses the risk taking activities of, the first line of defence, where appropriate challenging the actions being taken to manage and control risks; and, provides the Board with an aggregate view of M&G plc’s risk profile and supports them in identifying and assessing key and emerging risks which threaten the achievement of M&G plc’s objectives. The M&G Life team is responsible for oversight of risks within M&G Life.
• The Model Validation team support the business in managing model risk across the group through the independent validation of both the Solvency II Internal Model and other critical Models and User Developed Applications (MUDA) within the business, including pricing models and operational risk modelling.  The team also has responsibility of the company Solvency  compliance framework, ensuring the business adheres to the relevant regulatory requirements including any new requirements issued by the PRA.
• The Manager role will provide the opportunity to validate both the Internal Model and wider models used within M&G plc, interpret and support the business in understanding and adhering to the various regulations and produce and present papers for senior committees.

Key Responsibilities for this role

• To set the internal model validation scope and plan, including the provision of Major Model Change validation reports to Internal Model Governance Oversight Committee (IMGOC), Board Committees and the PRA
• To assess, and report to Board Committees, the appropriateness of Internal Model assumptions, methodology and capital results.
• To set and operate the wider MUDA validation plan and provide ongoing MI reporting, oversight and support to the business in managing model risk. This includes the validation of other internal models deemed to be sufficiently critical and not currently overseen by other teams.
• To consolidate results from model validation and present progress and findings to the IMGOC and/or Executive Risk Committee (ERC).
• To advise the business on the PRA regulations and to operate the PRA Rulebook and Solvency II Compliance framework.
• To calibrate with the wider Risk & Compliance function to maintain and enhance controls you are responsible for and to support improvement of the overall control environment, customers outcomes and a reduction in M&G plc’s operational risk
• To work with the business to ensure the right outcomes for customers.

Key Knowledge:

• Expert knowledge of Solvency II regulations and internal model design
• Expert knowledge of model validation frameworks
• Detailed knowledge of industry best practice and good network / links with individuals and external bodies
• Detailed knowledge of UK financial services regulatory environment
• Detailed knowledge of UK life insurance products and pensions products, market, competitors and distribution channels
• Awareness of external developments and ability to identify, recommend and implement improvements to processes and policies in line with these

Key Experience:

Essential

• Experience in actuarial modelling
• Significant experience in model risk and governance
• Experience of a broad range of financial risk management frameworks and approaches
• Experience of regulations relevant to Financial and Insurance Risk, in particular Solvency II
• Experience of liaising, influencing and negotiating effectively with internal parties and external parties at a senior level
• Significant experience of analysing and interpreting complex rules and regulations and applying such

Desirable

• Experience in risk guidance and compliance environments
• Experience of Financial Services regulatory environment and Prudential regulations
• Knowledge of Python, PowerBI, RAFM and other relevant actuarial applications.

Personal attribute/skills:

• Strong team leader able to set clear priorities and delegate as appropriate to a team
• A strong promoter of risk awareness within the organisation
• A strong ability to learn quickly and explain complex issue to others
• Good influencing and management skills with senior executives
• Effective manager with clearly developed coaching and feedback skills
• An ability to constructively engage with and challenging peers.
• Ability to build and manage relationships with other senior management team members adapting to the internal dynamics and politics as required.
• High level of diplomacy, discretion and problem solving ability.

• Ability to manage tensions and conflicts to achieve outcomes that work for all parties.
• Good personal presence and resilience.
• Self-starter, excellent under pressure, results focused – able to identify opportunities and take initiative and respond rapidly and flexibly to urgent priorities that arise on an ad-hoc basis.

Qualifications:

• Actuarial qualification

Experience Level: Integration Leader

Recruiter: Helen Simons

What we offer:

At M&G, we’re committed to helping you thrive and supporting your wellbeing, both at work and beyond. Our benefits are designed to help you balance your professional and personal life, while planning confidently for your future. Our UK benefits include:

• As a savings and Investments firm we are proud to offer a valuable pension scheme of 18%, with 13% made up of Employer Contributions and 5% Employee Contributions. We also offer Share Save and our Share Incentive Plan, together with access to financial wellbeing and support services - to help give you real confidence to put your money to work.

• Enjoy 38 days annual leave including bank holidays, with the opportunity to purchase up to 5 extra days and additional flexibility through our Time Off When You Need It policy – to balance your work and personal commitments.  

• Our market leading Inspiring Families policy includes comprehensive support and paid parental leave covering maternity, adoption, surrogacy, and paternity leave - as supporting families is a core aspect of our inclusive culture.

• Health & Protection cover including Private Healthcare, Critical Illness cover and Life Assurance for you, with family options - for peace of mind.

To explore more about life at M&G and our full benefits offering, visit Life at M&G

We have a diverse workforce and an inclusive culture at M&G, underpinned by our policies and our employee-led networks who provide networking opportunities, advice and support for the diverse communities our colleagues represent. Regardless of gender, ethnicity, age, sexual orientation, nationality, disability or long term condition, we are looking to attract, promote and retain exceptional people. We also welcome those who take part in military service and those returning from career breaks.

M&G is also proud to be a Disability Confident Leader, and we welcome applications from candidates with long-term health conditions, disabilities, or neuro-divergent conditions. 

If you need assistance or an alternative means of applying for a role due to a disability or additional need, please let us know by contacting us at: careers@mandg.com