Senior Actuary, Life Insurance
Bank of England
Senior Actuary, Life Insurance
£99000
Bank of England, City of Westminster
- Full time
- Permanent
- Onsite working
Posted 1 week ago, 11 Sep | Get your application in now before you're too late!
Closing date: Closing date not specified
job Ref: 6724a2d380344722a28e5c47bcf6c45b
Full Job Description
- Be involved in specialist technical work and gain expertise.
- Work with actuaries and others in an intellectually meaningful environment.
- Work on PRA/Bank activity that impacts the industry.
- See and hear what is happening in other financial sectors, including banking.
- Use your skills in an interesting and collaborative environment.
- Leading and performing proportionate risk-based assessments and oversight (e.g., Solvency II reviews and Part VII transfers) and applying well-reasoned judgement to identify risk to PRA statutory objectives and to identify potential mitigation for these risks.
- Developing the knowledge, skills, and experience in specialist areas.
- Performing research in key risk areas (e.g., credit risk, longevity, dependencies) aimed at developing house views of what constitutes good practice.
- Conducting thematic projects by carrying out quantitative analysis, and producing conclusions and recommendations, highlighting key issues and emerging risks.
- Driving and supporting the Department in the delivery of effective, risk-based prudential supervision of firms.
- Engaging with firms on supervisory work outcomes and the firm's technical developments.
- Overseeing junior members in work delivery and through people management responsibilities.
- Creating, and taking part in, initiatives across the Division, Directorate and wider Bank.
Professional actuarial qualification, such as Fellowship of Institute & Faculty of Actuaries. (Not prohibitive if exceptional experience and depth of knowledge can be demonstrated) - Demonstrate a diverse and in-depth range of life insurance and technical actuarial experience.
- Have a good understanding of the key financial and life insurance risk areas for insurers and the actuarial controls needed to ensure these are prudent.
- Demonstrate strong actuarial / technical competence of Solvency II including capital modelling requirements and application of these.
- Demonstrate ability to form actuarial judgement, supporting the scope of work reviews and recommending conclusions and next steps., Demonstrate strong knowledge of the life insurance market in the UK, key industry issues and trends, and leverage knowledge to compare approaches across peer firms.
- The ability to lead and perform supervisory work independently and as part of a cross-functional team.
- Demonstrate a strong ability to present and explain complex technical issues and solutions to a wide range of stakeholders in a simple and accessible manner, including non-actuaries, using a combination of written, spoken and numerically based communication approaches.
- Demonstrate a strong understanding of the PRA regulatory framework and supervisory approach as well as knowledge of the PRA rules and wider professional guidance.
- Be able to coach others with a view to improving their and own performance, give and receive constructive feedback and develop strong relationships across the PRA.
- Experience engaging with external stakeholders (e.g. firms or clients) on outcomes of technical work.
- Ability to proactively identify areas of improvement in supervisory work and drive forward changes.
- A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
- A discretionary performance award based on a current award pool.
- A 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.
- 26 days' annual leave with option to buy up to 12 additional days through flexible benefits.
- Private medical insurance and income protection.
About the Insurance Directorate
The Insurance Supervision Directorate promotes the safety and soundness of over 500 insurers operating in the UK. This includes general insurers, life insurers, friendly societies, and the London market. We help identify and mitigate potential risks before they can have an adverse effect on policyholders and financial stability.
We face a complex task, one that presents numerous opportunities to protect policyholders and UK financial stability and one that delivers real and lasting benefits to society.
About the Life Insurance and Pension Risk Department (LIPRD)
The Life Insurance and Pension Risk Department (LIPRD) principal function is to provide a broad and deep understanding of the prudential risks posed to PRA by life insurers, reinsurers and pension schemes. Our principal aim is to help ensure that firms are adequately controlled and capitalised.
You will have the opportunity to expand and develop your specialist level technical risk knowledge through firm work, research and development.
About the Role
You will be a motivated life actuary with a good knowledge of financial and insurance risk issues affecting life insurance firms.
You will work in a team of actuaries with diverse experience, as well as with other colleagues, in order to support the supervision of firms.
The typical responsibilities of the roles include:
Desirable Criteria
Our Approach to Inclusion
Are you ready for a great new actuarial career opportunity shaping and delivering insurance regulation and supervision at the heart of the UK economy within the Bank of England? We are a diverse and inclusive employer who recognises the importance to you of a work-life balance. We have openings on a full or part time basis for experienced senior actuaries through to those studying toward qualification.
There is no better employer for you to gain wide industry experience at the forefront of regulatory development, working with skilled professionals in a collaborative, learning environment. We can offer opportunities to, The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve.
At the Bank of England, we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it's by drawing on different perspectives and experiences that we'll continue to make the best decisions for the public.
We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed.
For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month. Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.
We encourage flexible working, part time working and job share arrangements. Part time salary and benefits will be on a pro-rated basis as appropriate.
This role offers a salary of circa £86,580 - £99,00. In addition, we also offer a comprehensive benefits package as detailed below:
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