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Risk Actuary - London

Greater London

Greater London London
Accountancy, Banking Insurance Finance
Working Pattern:
Full time
Date Posted:
Monday, 28th May 2012
Flexibility Offered:
Job Ref:
Prudential - Risk+Actuary+-+London


UK Business Area: Risk

Key departments / areas of responsibility:

·         PAC Board

·         UK Excom

·         UK Risk Committee

·         ALCOs

·         Technical Committee

·         Actuarial

·         PMG

·         Group Risk

Fulfil Prudential Group requirements as appropriate

Provide necessary support and challenge more widely (e.g. HK Branch, Joint ventures)

Job Dimensions

·         Financial Risk (Insurance, Credit, Market, Liquidity)

·         Actuarial and Other Modelling

·         Financial Reporting

·         Economic Capital

·         Stochastic Modelling

o   Audit/Assurance (incl. validation of asset and liability models)

o   Report writing and presentation to senior management

Overall Job Purpose

·         Support the  analysis of financial risk and provide challenge and assurance that appropriate translation is taking place in first line capital assessments and modelling

·         Oversight of 1st line process designed to ensure the accuracy of modelling within the business

·         Issue management and escalation

·         Provide support and challenge for new product approvals

·         Input to regulatory requirements, submissions and interventions as required including submission to PAC Board Committees

·         Support Assurance activity within Risk and GWIA as appropriate

·         Support UK Risk ownership and validation of the firm’s internal model


·         Provide risk oversight and challenge for the implementation of Financial Risk Management strategy including the application of any 1st Line Risk Management/Mitigation strategies

·         Ensure embeddedness of and compliance with:

o   Risk Management policies (UKIO and Group)

o   Model Governance Policies

o   SYSC policies

o   Approved risk appetite and tolerance, including proposed mitigation approaches

o   1st line business management guidelines

o   Other standards and policies as appropriate

·         Work closely with and challenge the business in the review and compliance with agreed policy

·         Develop, monitor and embed MI – to include KPIs, KRIs and actionable triggers

·         Partner the business in the development of stresses, and scenarios for use in the Internal Model and the overall system of governance

·         Provide key risk based support and review for Solvency II on an ongoing basis to include ORSA, IMAP, ICM

·         Undertake review, challenge and validation of components of the Internal Model as required

·         Report on the progress of findings of model validation activity to senior management including Board Committees as appropriate

·         Support and review business/risk taking proposals

·         To demonstrate a positive risk, compliance and control culture through the identification, assessment, monitoring and management of risks and issues within the business area, alongside ensuring timely and appropriate resolution of control weaknesses, actions and failures that arise


·         Professional contacts

·         Regulatory bodies

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