Model Validation Senior Actuary / Senior Analyst at M&G plc
United Kingdom
<p>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. </p><p></p><p>Our two distinct operating segments, Asset Management and Life, work together to provide access to balanced, long-term investment and savings solutions.</p><p></p><p>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.</p><p></p><p>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.</p><p></p><div><div><p></p><p></p><p><b><span>Context for the role:</span></b><span> </span></p></div><div><p><span><span>The M&G plc Risk and Compliance function: </span></span><span> </span></p></div><div><p><span> </span></p></div><div><ul><li><p><span><span>Assists the Board to formulate, implement and<span> </span></span><span>monitor</span><span><span> </span>adherence to the Risk Appetite and Limit framework, risk management plans, risk policies, risk<span> </span></span><span>reporting</span><span><span> </span>and risk identification processes.<span> </span></span><span>P</span><span>rovides 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.<span> </span></span><span>The<span> </span></span><span>M&G Life</span><span><span> </span></span><span>team<span> </span></span><span>is responsible for</span><span><span> </span>oversight of<span> </span></span><span>risks within M&G Life</span><span>.</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>The Model Validation team support the business in managing model risk across the group<span> </span></span><span>through the</span><span><span> </span>independent validation of both the Solvency II Internal Model</span><span><span> </span>and<span> </span></span><span>other critical Models and User Developed Applications within the business</span><span>, including pricing models and<span> </span></span><span>operational risk modelling</span><span>. <span> </span></span><span>The team also has responsibility of the company Solvency<span> </span></span><span>UK<span> </span></span><span>compliance framework, ensuring the business adheres to the relevant regulatory requirements including any new requirements</span><span><span> </span>issued by the PRA</span><span>.</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>The<span> </span></span><span>Manager</span><span><span> </span>role will<span> </span></span><span>provide</span><span><span> </span>the opportunity to<span> </span></span><span>validate</span><span><span> </span></span><span>the Internal Model</span><span>,<span> </span></span><span>interpret</span><span><span> </span>and support the business in understanding and adhering to the various regulations and produce<span> </span></span><span>and</span><span><span> </span>present papers for senior committees.</span></span><span> </span></p></li></ul></div><div><p></p><p><b><span>Key Responsibilities:</span></b><span> </span></p></div><div><ul><li><p><span><span>Provide independent validation of a range of models used across M&G plc (e.g. capital, pricing, valuations) to provide assurance on the<span> </span></span><span>accuracy, reliability, and integrity of models used within an organization</span><span>. <span> </span></span><span>This involves conducting independent reviews of model</span><span>s</span><span>, assumptions, and methodologies to<span> </span></span><span>identify</span><span><span> </span>potential risks or weaknesses</span><span>. </span><span><span> </span></span><span>Following completion of the validation, you will<span> </span></span><span>be responsible for</span><span><span> </span>summarising the results of the validation and present these in a succinct manner to relevant committees and senior stakeholders as well as agree any actions with the model owners</span><span>.</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>W</span><span>ork collaboratively with colleagues</span><span><span> </span>and key stakeholders<span> </span></span><span>to<span> </span></span><span>build out coverage of our<span> </span></span></span><span><span>model development risks and<span> </span></span><span>support any developments to the<span> </span></span><span>risk framework</span><span>.</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>To work collaboratively with colleagues and take personal accountability to<span> </span></span><span>maintain</span><span><span> </span>and enhance controls you<span> </span></span><span>are responsible for</span><span><span> </span>to support improvement of the overall control environment, customers outcomes and a reduction in M&G plc’s operational risk. </span></span><span> </span></p></li></ul></div></div><div><div><ul><li><p><span><span>To support the</span><span><span> </span>reporting of the<span> </span></span><span>quarterly model change log</span><span><span> </span>to the PRA and<span> </span></span><span>results of the Solvency UK Compliance exercise to</span><span><span> </span></span><span>senior committees and Boards</span><span>.</span><span> </span></span><span> </span></p></li></ul></div><div><p><span> </span></p></div><div><p><b><span>Knowledge statement</span><span>s</span></b><b><span>:</span></b><i><span> </span></i><span> </span></p></div><div><ul><li><p><span><span>Exp</span><span>erience</span><span><span> </span>in the validation</span><span><span> </span></span><span>of models and tools</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>Good</span><span><span> </span>knowledge of<span> </span></span><span>Financial</span><span><span> </span>services<span> </span></span><span>regulations and internal model design</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>Working knowledge of industry best practice and good network / links with individuals and external bodies</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>Good</span><span><span> </span>knowledge of UK financial s</span><span>ervices regulatory environment</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>To have<span> </span></span><span>strong knowledge</span><span><span> </span></span><span>and recent exposure to</span><span><span> </span></span><span>model<span> </span></span><span>development<span> </span></span><span>risk</span><span>s</span><span><span> </span>and risk framework development</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>Awareness of external developments and ability to<span> </span></span><span>identify</span><span>, recommend and implement</span><span><span> </span></span><span>i</span><span>mprovements to processes and policies in line with these</span><span><span> </span>d</span><span>etailed statistical knowledge</span></span><span> </span></p></li></ul></div><div><p><span> </span></p></div><div><p><b><span>Experience statement</span><span>s</span><span>: </span></b><span> </span></p></div><div><p><span><span>(Essential)</span></span><span> </span></p></div><div><ul><li><p><span><span>Experience in actuarial<span> </span></span><span>and statistical<span> </span></span><span>modelling</span><span> </span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>Experience in model risk and governance</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>Experience of providing constructive challenge and oversight of technical matters</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>Experience in<span> </span></span><span>model<span> </span></span><span>development<span> </span></span><span>risk</span><span>s</span><span><span> </span>and risk framework development</span></span><span> </span></p></li></ul></div><div><p><span> </span></p></div><div><p><span><span>(Desirable)</span></span><span> </span></p></div><div><ul><li><p><span><span>Experience in risk guidance and compliance environments</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>Experience of liaising,<span> </span></span><span>influencing</span><span><span> </span>and negotiating effectively with internal parties </span></span><span> </span></p></li></ul></div></div><div><div><ul><li><p><span><span>Experience of Financial Services regulatory environment and Prudential regulations</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>Experience of<span> </span></span><span>managing p</span><span>roject</span><span>s</span><span> </span></span><span> </span></p></li></ul></div><div><p><span> </span></p></div><div><p><b><span>Personal attribute/skills:</span></b><i><span> </span></i><span> </span></p></div><div><p><span><span>(Essential)</span></span><span> </span></p></div><div><ul><li><p><span><span>Able to work collaboratively across the immediate team and broader Risk and Compliance function while also being able to work independently</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>Good analytical and organisational skills</span><span>.</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>Good investigative skills and ability to constructively challenge</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>Able to look beyond face value, ask the right questions and make links and connections across the organisation.</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>A strong ability to learn quickly and explain issue</span><span>s</span><span><span> </span>to others</span><span> </span></span><span> </span></p></li></ul></div><div><p><span> </span></p></div><div><p><span><span>(Desirable)</span></span><span> </span></p></div><div><ul><li><p><span><span>Relationship building skills</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>Strong oral and written communication skills.</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>High level</span><span><span> </span>of diplomacy, discretion and<span> </span></span><span>problem solving</span><span><span> </span>ability.</span></span><span> </span></p></li></ul></div><div><ul><li><p><span><span>Experience<span> </span></span><span>in Python,<span> </span></span><span>PowerBI</span><span><span> </span>or R</span></span><span> </span></p></li></ul></div><div><p><span> </span></p></div><div><p><b><span>Qualifications:</span><span> </span></b><span> </span></p></div><div><ul><li><p><span><span>Professional qualification, e.g.<span> </span></span><span>CFA or<span> </span></span><span>Qualified Actuary</span><span>, desirable</span></span><span> </span></p></li></ul></div><div><p><span> </span></p></div></div><p>Experience Level - Manager/Expert</p><p>Recruiter - Helen Simons</p><p></p><p>What we offer:</p><p></p><p><span style="font-size:10pt">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:</span></p><p></p><ul><li><p><span style="font-size:10pt">As a savings and Investments firm we are proud to offer a valuable </span><b><span style="font-size:10pt">pension scheme of 18%</span></b><span style="font-size:10pt">, </span><b><span style="font-size:10pt">with 13% made up of Employer Contributions and 5% Employee Contributions</span></b><span style="font-size:10pt">.</span><b><span style="font-size:10pt"> </span></b><span style="font-size:10pt">We also offer </span><b><span style="font-size:10pt">Share Save</span></b><span style="font-size:10pt"> and our </span><b><span style="font-size:10pt">Share Incentive Plan</span></b><span style="font-size:10pt">, together with access to financial wellbeing and support services - to help give you real confidence to put your money to work.</span></p></li><li><p><span style="font-size:10pt">Enjoy 38 days annual leave including bank holidays, with the opportunity to purchase up to 5 extra days and additional flexibility through our </span><b><span style="font-size:10pt">Time Off When You Need It </span></b><span style="font-size:10pt">policy – to balance your work and personal commitments. </span></p></li><li><p><span style="font-size:10pt">Our market leading </span><b><span style="font-size:10pt">Inspiring Families </span></b><span style="font-size:10pt">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.</span></p></li><li><p><span style="font-size:10pt">Health & Protection cover including </span><b><span style="font-size:10pt">Private Healthcare</span></b><span style="font-size:10pt">, </span><b><span style="font-size:10pt">Critical Illness cover</span></b><span style="font-size:10pt"> and </span><b><span style="font-size:10pt">Life Assurance</span></b><span style="font-size:10pt"> for you, with family options - for peace of mind.</span></p></li></ul><p></p><p><span style="font-size:10pt">To explore more about life at M&G and our full benefits offering, visit </span><a href="https://www.mandg.com/careers/life-at-mandg" target="_blank" rel="noopener noreferrer"><span style="color:#467886"><b><u><span style="font-size:10pt">Life at M&G</span></u></b></span></a></p><p></p><p><span style="color:#2f2f2f"><span style="font-size:10pt">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.</span></span></p><p></p><p><span style="font-size:10pt">M&G is also proud to be a </span><a href="https://www.gov.uk/government/publications/disability-confident-guidance-for-levels-1-2-and-3/level-3-disability-confident-leader" target="_blank" rel="noopener noreferrer"><span style="color:#467886"><b><u><span style="font-size:10pt">Disability Confident Leader</span></u></b></span></a><span style="font-size:10pt">, and we welcome applications from candidates with long-term health conditions, disabilities, or neuro-divergent conditions. </span></p><p></p><p><span style="color:#2f2f2f"><span style="font-size:10pt">If you need assistance or an alternative means of applying for a role due to a disability or additional <span style="overflow-wrap: break-word; display: inline; text-decoration: inherit; hyphens: auto;">need, please let</span> us know by contacting us at: </span></span><a href="mailto:[email protected]" target="_blank" rel="noopener noreferrer"><span style="color:#0875e1"><u><span style="font-size:10pt">[email protected]</span></u></span></a></p>
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