Head of Internal Model Design - Canada Limited

Location
:
London

The role holder is accountable for implementing the IM change agenda, including the development of minor and major model change proposals, to support strong commercial outcomes and strategic business decisions for Canada Life UK. The position integrates the model into strategic business decisions such as investments, ALM, pricing, reinsurance, and risk management and leads internal and external stakeholder management to ensure understanding, integration and regulatory engagement.

• Hands‑on IM development experience (including Credit MMC experience)
• Strong PRA engagement skills
• Python programming and prototyping
• Matching Adjustment Under Stress, credit risk modelling, stochastic aggregation frameworks

• Drive development and optimisation of the internal model
• Support commercial outcomes and strategic business decisions for CLUK
• Integrate the model in investments, ALM, pricing, reinsurance and risk management decisions
• Drive innovation to optimise efficiency and effectiveness of the internal model
• Operate and own the internal model methodology and change, including harmonising the PIM, enhanced PIM or full internal model development, and development of matching adjustment under stress and stochastic aggregation / proxy modelling
• Lead internal and external stakeholder management and regulatory engagement, including provision of effective communication to internal and external stakeholders, senior executives, relevant boards, and the Prudential Regulatory Authority
• Secure regulatory approval for all major internal model changes including new asset classes
• Ensure ongoing appropriateness of the Canada Life U.K. internal model
• Manage, develop and motivate the team, providing direction, guidance and coaching for skill development
• Maintain a strong external network with other financial institutions, consultancies and professionals

• In‑depth knowledge of internal models with a proven track record of driving change, innovation, and optimisation
• Proven track record of developing IM components from scratch, including approval
• Proven prototyping capability
• Excellent technical skills, especially specialist knowledge of Solvency II, credit risk & MAUS, and aggregation techniques for internal models
• Strong PRA engagement experience
• Experience applying technical expertise to analyse risk and capital information and apply this commercially
• Strong project management skills, able to manage multiple priorities
• Strong commercial outlook
• Strong communication skills with a clear, articulate standard for written and verbal communication across all levels, attention to detail
• Strong influencing skills, experience engaging with senior management and regulators to obtain desired outcomes
• Strong interpersonal/networking skills, able to maintain a variety of relationships with multiple stakeholders
• Proven delivery under tight time pressure
• Self‑motivated, well‑organised, pragmatic, able to perform tasks independently

• Qualified actuary with current IFoA membership

• Competitive salary and comprehensive reward package including a generous pension and bonus scheme
• Income protection, private medical insurance, and life assurance
• Regular personal and professional development opportunities
• Flexible working arrangements, including part‑time options