Internal Model Operations Specialist

Location :
London Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation. Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.

Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers. Job Purpose As an Internal Model Operations Team Specialist at Canada Life you will be responsible for actuarial and statistical analysis related to interest rate, inflation and credit risks calibrating our internal model, developing and reporting on our risk management framework.

You will be working with our ALM, hedging and investment, pricing and capital teams to develop Canada Life's risk strategy and with our reporting teams in the operation of our internal model. You will ensure that we are managing risk in line with Canada Life's risk appetite, complying with our statutory responsibilities and meeting the needs of our policyholders and regulators.

This is a great opportunity for an individual with life insurance and capital modelling experience to add value to our internal model team, across a number of risk areas and in a growing team, at an exciting time for the business. Key Accountabilities
• Develop, maintain and run Internal Model components (including credit risk, equity release mortgage risk, interest rate risk inflation risk, aggregation)
• Ensure the internal model methodology complies with regulatory requirements and reflects the risk profile of the business.
• Ensure the methodology is up-to-date and reflects the emerging best industry practice by participating in industry survey and gaining insight into emerging best practice for market risk modelling.
• Work with the financial reporting team to effectively run the internal model capital reporting process by maintaining a well-controlled and efficient quarterly reporting process for risk capital, establishing a robust analysis of change process to explain the movement in capital results.
• Communicate complex modelling decisions to team members and stakeholders through the business in an appropriate manner to support governance sign-off of annual recalibration and model updates.
• Being the main conduit between internal capital model and the business to ensure the risks is well managed and adequately allowed for in business decision making.
• Support the development of risk management framework on SII, IFRS
17 and LICAT bases.
• Support regular MI and bespoke analysis for ALM, hedging, pricing and investment activities by providing capital and risk related insight (such as market and credit risk MI).
• Own, maintain and develop specialist valuation models for limited price indexation and credit products including equity release mortgages.
• Work with the internal model implementation team to define, build test and implement software solutions to modelling problems. Desired Knowledge / Experience / Skills Technical Expertise
• Strong capital modelling experience in market and/or credit risk space within life insurance industry.
• Experience with some or all of the following would be an advantage: o Proxy modelling o Modelling of credit risk / MA under stress o Principle-Component-Analysis o Black-Scholes option pricing o Limited price indexation and valuation o Economic scenario generators, copulas and risk aggregation techniques o Process for Internal Model Calibration and Validation o Python and VBA coding and advanced MS Excel skills.

Communication
• Strong communication skills, demonstrating a clear and articulate standard of written and verbal communication in a complex environment, tailored for all levels of management.
• Ability to adapt messages to the…