Risk Review Actuary

Job d:

Location:

London, England, United Kingdom Category:
Actuarial & Risk Management Company:
Munich Re Together, we engage with everything we have and are, to help humankind act braver and better.

About UK Life Branch:

With the office in Munich, it forms the Life 1 division of Munich Re. The UK life market is one of the, if not the, most competitive life markets in the world. We understand that Life insurers work in a dynamic market where medical progress, demographic trends and changing lifestyles are constantly giving rise to new risk landscapes. This demanding situation is made even more challenging by changing laws and regulations and ever tougher competition.

So, we need a smart strategy and structure in order to succeed.

At UK & Ireland Life we have three pillars to our business strategy, protection, longevity and reinsurance structuring. All three are key to the success of our business so it is important to look at the big picture. In terms of clients, we trust them as experts of their business and provide them with the financial strength of the world’s largest reinsurer, global expertise, and sharp pricing so that they are both competitive and profitable.

About the role:

The Risk Review Actuary works in the UK Risk Management team alongside the UK CRO and Munich central functions to strengthen the UK Branch and broader LH1 Region’s Actuarial and Enterprise Risk Management capabilities, striking the correct balance between risk and commercial  addition to this they will support the ongoing production of Regulatory Reports required to the PRA and FCA as the UK Branch is a Third Country Branch, post-Brexit.

The UK Branch consists of two internal branches. The UK Life Branch (UKLB) which encompasses all Protection, Longevity, Health and Structured Re reinsurance markets in the UK & Ireland. The UK General Branch (UKGB) which encompasses Non-Life run-off business.

Key Responsibilities:

Actuarial Risk Management Review of large and complex transactions, especially with respect to financial, operational, legal and reputational risk, in line with the agreed risk appetite.

Provide impartial advice and challenge to UK CEO and other senior stakeholders.

Review changes to pricing bases, product designs and pricing tools.

Work independently or collaboratively with wider LH1 Risk Management on projects, reviews and reporting.

Develop and report on the strategic risk outlook for the LH1 Region to support business steering.

Risk and Capital Regulatory Reporting Contribute to the UK Branch annual ORSA process working closely with local teams and Munich central functions.

Liaising with all relevant regulatory bodies in the UK, creating a highly credible reputation and strong, collaborative relationship.

Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules.

Enterprise Risk Management Risk reporting to UK CRO, UK ExCo, LH1 Management and Munich central functions.

Monitor and report on the run-off Non-Life book of business.

Delivery of the operational risk management framework.

Review and assessment of other risk types e.g. market, credit, reputation, concentration, liquidity, strategic etc.

Internal business governance activity within the UK Branch.

General Risk Management Support the UK Branch to write and maintain profitable commercial business and innovation initiatives, in line with the business strategy and risk appetite, acting as a Business/Risk Partner.

Promote Risk Management principles, develop the UK Branch risk strategy, and communicate and raise awareness of Risk Management within the UK Branch and across the wider region.

Develop the UK Branch risk strategy and appetite including product limits, striking the balance between Risk and Commercial demands.

Periodically represent…