Senior Validation Analyst
This is where you will work
Our Client is part of a global top-10 insurance group, with three main legal entities operating in the Lloyd's, UK, Continental European and Bermudian markets. They have an enviable reputation for their customer knowledge, claims service and the specialist insurance and reinsurance expertise they apply. They provide the type of security leading organizations need to break new ground, innovate, and offer life-changing services and amenities to some of the world's most challenging regions. Their record extends back over 300 years and today they have more than 1800 people in more than 20 locations worldwide.
They are experts in underwriting, with both technical capability and deep knowledge of the areas they insure. Their claims service aims for equality, with efficient, fair, and timely claims management.
They are going through an exciting period of modernization and transformation for which they need entrepreneurial thinkers to help execute our strategic vision for growth. They are on a dynamic path and they need you to help shape it.
Our client is committed to taking a flexible approach to working, with a Work Life Better scheme to allow our employees more control over when and where they work, while continuing to meet their client demands. This flexible approach continues into their benefit scheme, with a competitive package and attractive lifestyle fund.
This are your responsibilities
Reporting to the Chief Actuary, you will perform Capital Model Validation activities within the Risk & Compliance function, and support the fulfillment of the other second line actuarial function holder requirements. The role is based in Amsterdam or Brussels.
Validation of the Internal Capital Model
- assess the appropriateness of the Solvency II Internal Capital Model against the companies risk profile. This includes assessment of the processes and governance as well as the data, assumptions and results.
- challenge the quantitative and qualitative aspects of the Internal Model (and other areas of the validation framework), including model design, methodology, parameterisation, governance and documentation.
- consider and research immediate issues, as well as medium- and long-term changes to the risk and capital landscape and raise areas of concern
- build relationships with key stakeholders such as Capital Modelling, Actuarial and Underwriting Modelling to ensure that validation requirements are adequately understood, reviewed and challenged as part of the enterprise risk management framework
- draft quarterly or ad-hoc risk management reports as needed to meet reporting requirements, including Validation Reports, and contribute to Model Governance Committee meetings.
- assist in the preparation for an Internal Model Application Process for the Belgian regulator
Standard Formula SCR calculation
- Review of the implementation of the Standard Formula SCR calculation and its compliance with the relevant regulatory requirements.
- Review the model inputs and its compliance with the requirements.
Support the wider team
Dependent on the focus of the company and the team, the available resources within the team, and the experience and interests of the candidate, the following activities might be in scope as well:
- Review gross reserves (IFRS and Solvency II basis)
- Reinsurance and Credit Risk, including review of the adequacy of the reinsurance programme.
- Underwriting Expert Risk and Performance Review.
This is what they expect
- University degree and 5 years of working experience. An actuarial background is desired.
- Experience with Solvency II Internal Models is a huge plus
- Design and build
- Validation and its regulatory requirements
- Internal Model Application Process, preferable with the Belgian regulator
- Understanding of advanced actuarial and statistical terms and techniques
- Excellent communication skills, the ability to build relationships, leverage collective efforts and collaboration, and to create an inclusive environment
- The ability to engage with regulators and influence their decision making
- The ability to influence board and legal entity management on matters relating to capital modelling, and has the ability to engage confidently with senior stakeholders
- The ability to balance conflicting priorities and complex requirements, and manage timetables and resource allocation
- Experience within insurance or banking
- Fluent professional working English required. Dutch strongly desired
