Model Risk Manager

This is an exciting opportunity for someone with a strong background in actuarial science or data science to join the Actuarial and Financial Risk Team at Admiral Group as a Model Risk Manager. The role involves supporting the Head of Validation in independently validating Admiral's partial internal model across multiple entities. Additionally, the successful candidate will develop and implement model risk policies and frameworks for various areas including pricing (machine learning), reserving, and investments, in line with best practices and regulations. The team is responsible for identifying, measuring, monitoring, managing, and reporting financial and model risks across the Admiral Group. This includes reviewing and challenging models used by finance, actuarial, pricing, and reserving teams across Admiral's UK and international entities in France, Spain, Italy, and the USA.,

• Support the business in identifying, measuring, monitoring, managing, and reporting financial and model risks across the group.
• Assist in the validation activities of the partial internal model, including validation report writing, collating results, and presenting to the Model Governance Committee and other forums.
• Develop and implement model risk policy and framework in line with regulatory practices.
• Deliver against the plan of activities, maintaining and developing the Solvency II/UK validation, model risk, and regulatory compliance frameworks, policies, and standards.
• Work collaboratively with colleagues and take personal accountability to maintain and enhance controls to support the improvement of the overall control environment, customer outcomes, and a reduction in Admiral's risk.
• Train team members on model risk management.
• Engage with various departments, including finance, actuarial, pricing, and reserving teams, to review and challenge models.
• Contribute to the proactive management of model risks across the business, including the modelling of emerging risks.
• Share knowledge and best practices with the wider team to enhance overall team performance.
  
  Qualified or nearly qualified actuary or data scientist with experience in capital modelling.
• Detailed knowledge of Solvency II/UK and regulatory rulebook.
• Excellent communication skills, both written and interpersonal, to liaise with people at different levels within Admiral.
• Ability to work independently and proactively, as well as supporting a team.
• Attention to detail, with an analytical and problem-solving mindset.
• Good working knowledge of Microsoft Office applications (e.g., Word, Excel, PowerPoint).
• Actuarial experience across multiple areas (reserving, pricing, or risk) would be beneficial but isn't essential.
• Any experience using AI tools or proficiency in programming languages such as Python or R would be useful but isn't necessary.
  
  Admiral Group is focused on proactively managing model risks, including emerging risks as they become significant to the Group. The Financial and Actuarial Risk Team, established in 2020, currently consists of 12 members, including five actuaries and a financial risk manager. The team values flexibility and collaboration, supporting each other and the wider Group Risk Team, while maintaining a strong Admiral culture.
  
  We do not have a set salary for this position, as it will be dependent on the successful candidate's experience. We are happy to see CVs from all candidates who meet the requirements and will be happy to discuss the remuneration package.
At Admiral, we are proud to be a diverse business where we put our people and customers first. We have great benefits to ensure employees have a great work-life balance; it's one of the reasons we're consistently voted one of the Sunday Times Best Big Companies to work for in the UK. We want you to have an element of freedom to define a working lifestyle that supports this, so accommodate flexible hours wherever possible. All colleagues will receive 33 days holiday (including banks holidays) when they join us, and this will increase with length of service, up to a maximum of 38 days (including banks holidays). You also have the option to buy or sell up to five days of annual leave in addition to your allocation. You can also view some of our other key benefits here.