A key role that contributes to the CRO’s Opinion of the ongoing appropriateness of the Internal Model.
Overview
Key duties (including, but not limited to):
- Challenge business (first line) teams on proposed model & methodology changes
- Perform Independent Validation reviews of Internal Model components including market, credit, & life insurance risk models
- Confirm factual accuracy of findings with stakeholders and summarise points into Executive-level reports. Obtain explicit management responses and agreement of remedial actions. Monitor progress on addressing findings raised, escalating where necessary, and challenge the evidence of remediation before closing findings
- Support the maintenance of a rolling schedule of review activity to provide appropriate coverage of Solvency II requirements
- Maintain effective records of review evidence and Risk Opinions
- Ensure work performed is in line with the CLG Internal Model Governance Policy and Solvency II requirements
Qualifications required:
- Qualified Actuary or Equivalent
Experience required:
- Experience in the life insurance industry
- Strong technical knowledge and an understanding of Solvency II capital requirement calibrations, and a good understanding of Solvency II as a whole
- Knowledge of Internal Model capital calibrations