DESCRIPTION
To develop actuarial strategies, monitor financial solvency and provide a framework for financial and strategic programs to assist in the development of growth opportunities for Malaysia.
- Certify that the valuation of actuarial and other policy liabilities is in accordance with:
- generally accepted actuarial principles and practices; and
- valuation methods and assumptions which are consistent with the applicable requirements;
- Prepare the Financial Condition Report (FCR)
- Provide recommendations to the Board on the appropriateness of surplus distribution to policyholders or participants as well as any relevant distribution to shareholders
- Apply the appropriate tests to reasonably satisfy himself of the completeness and accuracy of the current database of business used to perform the specific duties as stated above
- Perform the valuation duties of the appointed actuary under general insurance business
- Prepare reports to the Board and senior management that includes a narrative of findings, recommendations and conclusions, as well as the basis for those conclusions. This must be presented in a manner which clearly explains and gives sufficient prominence to significant issues and developments which have material implications on the financial condition of the licensed person, or the interests of its policyholders or participants.
- Report in writing to the Board and senior management of any developments that may materially affect the financial condition of the licensed person or compromise the interests of policyholders or participants, address the effect of the development and the recommended corrective measures to address such a development.
- Draw the attention of the Board to the following:
- key trends in the business composition, the portfolio's experience for each class of business and movements in the reserves for actuarial and other policy liabilities;
- any material changes in selected assumptions;
- reasons for any deviation from the assumptions implied by the experience analysis;
- key assumptions for which small changes can cause significant variations in the valuation results;
- for general insurance, significant observations from the comparison of actual and expected experience for both premium or contribution, and claim liabilities
REQUIREMENTS
- Degree in Actuarial Science/ Accounting/ ACCA/ CPA
- A Fellow member of a recognised Actuarial Institute or Society or holds any other qualifications as may be approved by the Bank;
- Possesses at least three (3) years of relevant post qualification practical experience as a Fellow of one of the respective professional bodies as indicated above.
- Very strong technical actuarial skills. Experience in working with large data sets and knowledge in SAS or other computer programming, e.g. SQL and VBA.
- Preferably with both consulting and corporate experience.
- Good communication skills, with an ability to express views/ideas clearly.
- The candidate will require an ability to influence key stakeholders within cross-functional projects, which will include understanding who to communicate to and when.
