Lead Model Risk Actuary

London, England, United Kingdom

11/26/2024

General

Job Title: Lead Model Risk Actuary

Key Relationships: Risk and Compliance team, Capital Modelling, Exposure Management, Data Science Team, Actuarial Pricing, Reserving / Reporting, Investments, External Validators, Internal Model Group, Internal Model Technical Group.

Job Summary: Oversight of Beazley’s 2nd line challenge relating to model risk across Beazley, including the capital model and use of AI. This includes Internal Model (IM) Validation across Beazley’s various entities where the IM is used, coordinating with our external validators and managing any internal resource as part of our co-sourcing validation model. It also includes the development and roll-out of the model risk framework to all material models across the wider business, in line with emerging best practice and the deployment of artificial intelligence across Beazley’s operations.

The role also oversees the validation of technical provisions, with support from more junior members of the team.

Although our external validators will continue to support in future years, Beazley is looking to become less reliant on external support. As such, this is an opportunity for someone to build out Beazley’s internal model risk capabilities, with planned growth in the future.

Key Responsibilities

• Coordination, planning and delivery of internal model validation activities, in collaboration with first line teams and external validators, including:
• Setting the scope of the annual validation, test specification and setting pass/fail criteria
• Ownership of design and development of validation processes
• Monitor and review of all validation testing performed from an independent perspective
• Perform ad-hoc deep dive validation reviews of the internal model build and parameterisation
• Engagement with senior stakeholders and regulators on validation issues, including clear and impactful reporting and presenting at Board Risk Committees.
• Development and implementation of the wider model risk framework, including:
• Enhancing the model risk policy and framework to meet emerging best practice
• Developing approach to 2nd-line oversight of material models across the whole business, including the Actuarial, Investments, Exposure Management, and Ceded Re functions.
• Developing approach to 2nd-line oversight of artificial intelligence use cases, which is an area of significant development at Beazley.
• Oversee and develop technical provisions validation.
• Improve and embed ongoing validation processes, including keeping up to date with applicable regulatory requirements.
• Supporting the Risk team’s challenge of quantitative aspects of Beazley’s first line processes.
• Supporting junior team members in their learning and development as well as delegation and workflow planning in the delivery of the above responsibilities.
  

Personal Specification

Education and Qualifications

• Qualified Actuary
  
  

Skills And Abilities

• Significant experience in internal model validation required, with experience also working within a first line capital modelling team. Experience in the London Market preferred.
• Experience of performing wider mode risk oversight preferred, but is not essential.
• Some experience in technical provisions would be an advantage, but is not essential.
• Knowledge of Solvency II requirements, risk management and capital modelling principles.
• Experience and technical skills in the planning and execution of actuarial work, specifically with respect to Lloyd’s Solvency II capital reporting and validation.
• Methodical approach to problem solving, with a high attention to detail.
• Ability to act flexibly and pragmatically in the face of new challenges and demands and exercise sound judgement based on overall business needs.
• Excellent interpersonal, communication skills, and ability to tailor communication to both technical and non-technical audiences.
• Ability to prepare comprehensive well written reports for internal and external stakeholders.
• Proven project management and organisational skills with track record of delivering projects to strict deadlines.
• Results oriented, with the energy and determination to succeed in a fast-paced environment
• Advanced proficiency in using Microsoft Office. Experience with capital modelling software/programming languages would be an advantage.