Head of Transaction Risk

Role purpose

To provide insight and assurance to the Actuarial Function Holder (AFH) and the Chief Risk Officer (CRO) about the underwriting and reinsurance risks faced and emerging with relation to PIC. Such insight and assurance to be provided in the context of PIC's stated Risk Strategy and Appetite, its obligation to policyholders and how it conducts its business, its regulatory and other relevant obligations and requirements.

This role sits within the Actuarial Assurance Function, within the wider Risk Team. The Risk team contributes to the overall success of the business by providing the framework and information that supports the delivery of the strategy within the acceptable limits established by the Board.

Key responsibilities

• To lead line 2 assurance regarding all new bulk purchase annuity and reinsurance transactions, as presented for approval to the Board, IOC, PC or those approved under delegated authority.
• To lead fieldwork, challenge and influence the first line, and draft the Risk and Actuarial Function opinions on:

1. All new transactions, ensuring co-ordination across the Risk Function to gain appropriate subject matter expert review and challenge across all material (and unusual) areas.
2. Any proposed changes to related methods, assumptions, models or systems.
3. The annual Actuarial Function opinion covering Underwriting and Reinsurance Arrangements (March - May).

• To represent the Risk Function and the Actuarial Function, and deputise for the CRO/AFH, at Pricing Committee; and, from time to time, at Board and Board-level committees.
• To provide advice to and oversight of the relevant first line business areas, in particular, Origination (incl. LRM), Investments (ALM, Markets Solutions) and Finance (Business Partnering); and to ensure appropriate engagement across the wider Risk Function.
• To support the Risk Function with respect to risk and actuarial modelling, relevant risk and modelling policies and procedures, external reporting and other advisory work.
• To work closely with the Head of Actuarial Assurance and the Head of Model Risk and Validation to help ensure that all deliverables required of the Actuarial Function are met. This might include ad-hoc support around areas such as annual and monthly reporting, hedging, liquidity, and collateral management.
• To support planning and co-ordination of annual cycle of line 2 review work, within areas of responsibility.
• To provide line 2 support to Origination (including LRM), Investments (ALM and Markets Solutions) and the Finance Business Partnering team.

Person specification

Knowledge, experience, skills and abilities (technical competencies)

• Must be a qualified actuary, with significant post qualified experience.
• Must possess experience of UK bulk annuity transactions, from either a 1st line or 2nd line perspective.
• Experience working within an independent challenge function, e.g. a 2nd line Risk Function, consulting role or audit.
• Significant knowledge of UK bulk annuities, including pricing and transaction structuring.
• Significant knowledge of legal, regulatory and industry requirements; as relevant to these transactions.
• Strong knowledge of the Solvency II balance sheet (and associated elements, e.g. matching adjustment, transitional measure on technical provisions) and/or IFRS 17.
• Familiar with the AFH role and the SMF20 ('Chief Actuary') responsibilities.
• Familiar with relevant business processes, standards, policies and procedures; and the relevant legal, regulatory and industry requirements.
• Willing and able to develop a strong technical understanding of the complex methodology, assumptions and results calculated with respect to BPA and reinsurance transactions; including the information presented in committee level pricing papers and ad hoc submissions.
• Must possess experience of liaising and interacting with senior individuals and presenting to committees.
• Must have, or be able to build, internal and external relationships to maintain an understanding of developing practices across the market.
• Must be able to lead the team, and provide robust and credible opinions, with limited oversight.

Benefits

• 28 days' annual leave plus bank holidays.
• Pension.
• Insurance for Travel, Private Medical, Critical Illness, Life Assurance and Income Protection.
• Save As You Earn (SAYE).

And more.