In this role, you will be responsible for model development, implementation & documentation for a BFS client in the US

Responsibilities 

You will be working with the independent model validation function of a large banking client and will involve end-to-end validation of risk and regulatory models across business functions, and development of challenger models as necessary. It will also involve interaction with various stakeholder groups including model development, model owners/lines of business, auditors and client model validators. You will be expected to work hands -on to validate models, build and lead validation teams, and bring in thought leadership and domain/quantitative best practices to present effective challenge to the models. Your activities will include, but will not be limited to the following:

• End-to-end independent validation of actuarial and regulatory models (Wealth and Insurance models (Life and health and Annuity model)); examples of validation include annual review of models, model change review, trigger review, model revalidation and new model validation
• Typical steps of model validation will include:
  • Assess the models conceptually and quantitatively to ensure the model is suitable for the stated use
  • Assess the model documents and data to ensure model input parameter is in line with the current market practice and regulatory guidelines
  • Assess the model risk and challenge the model
  • Assessment of the model monitoring and implementation Assessment of the model calibration techniques
  • Prepare model validation report summarizing findings and provide recommendations

• Work effectively on multiple projects / across product classes
• Project-manage multiple team members (model validators) and guide them with knowledge and expertise of insurance models; assess quality of deliverable produced by team members
• Effectively communicate with client and internal senior management towards smooth operations management
• Assessment of current state processes, identification of gaps or scopes of improvements, and work with client and team towards continuous process improvements

Qualifications we seek in you! Minimum qualifications:

• Post-graduation in Actuarial Sciences, Mathematics, Statistics, or related major and partly qualified actuary(some relevant actuarial papers cleared)
• Relevant experience in Banking and Financial services, with US ASA equivalent experience in actuarial modelling/independent validation of either Life or Non-Life insurance models
• Understanding of and experience in model validation guidelines, such as, SR 1i-7 in US and E23in Canada
• Knowledge of tools: any actuarial modelling tool (such as PolySystems, AXIS or MGAlfa), Excel, Word, any programming language
• Strong client management and communication/presentation skills — written & verbal
• Self-driven, proactive, “can-do” Ability to work under ambiguity and with minimal supervision

Preferred qualifications

• Strong networking, negotiation and influencing skills
• Knowledge of Actuarial Modelling in US/Canada, Risk and Regulatory guidelines and MRM practices
• More than 8 actuarial papers cleared[pdf-embedder url=”https://aeiqforum.com/wp-content/uploads/2024/03/Insurance-Model-Validation.pdf” title=”Insurance – Model Validation”]

Additional qualifications

• Strong project management experience and demonstrated expertise of communicating and coordinating across multiple business units
• Experience of managing projects and teams in risk modelling or financial services industry