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Risk Modelling Manager (Secondment / Fixed-Term Contract - 8 months)

M&G plc.
London, United Kingdom
Closing date
May 16, 2024

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Job Function
Industry Sector
Finance - General
Employment Type
Full Time
At M&G our purpose is to help people manage and grow their savings and investments, responsibly. As a business, we are continuing to take steps towards a sustainable future, delivering better long-term solutions for our customers and clients and identifying new opportunities to make a positive impact for our environment and communities . To help us achieve our vision we're looking for exceptional people who live our values of care and integrity and who can inspire others; embrace change; deliver results and keep it simple.

We will consider flexible working arrangements for any of our roles and also offer work place accommodations to ensure you have what you need to effectively deliver in your role.

This role requires a Qualified Actuary, or someone with quantitative practical work experience at this level. The role will involve supporting a Solvency II internal model development project (focussing primarily on the credit risk model), with some managerial responsibilities.

This is a temporary position which has a blended approach between working from home and our Scotland, London or Mumbai offices.

The wider Risk Modelling team is responsible for economic and market-related methods and assumptions used to place a value on benefits that M&G provides to customers and the assets used to back these liabilities, both on a best estimate basis and for the additional capital held to protect solvency under adverse events. In particular:
  • The annual calibration of market and credit risks, as well as the dependency structure between risks, which includes collecting data, refreshing analyses, understanding changes, rationalising judgements and presenting conclusions and proposals to senior stakeholders.
  • The refresh of team-owned Solvency II Matching Adjustment policies and the performance of compliance and monitoring exercises required by these policies.
  • Maintaining the methodology for valuing M&G's lifetime mortgage business in base and stressed conditions.
  • Undertaking ongoing development to the methodology and tools which underpin the calibrations. This involves research and implementation of enhancements, with associated testing and communication. The implementation of new risk models requires interaction with Finance colleagues and the IT developers who own the underlying engine, as well as the users who run the tools.
  • The production of regular market data packs, with responsibility for delivering accurate and timely reports to end users across M&G.
  • The refresh of Solvency II Pillar 1 Group-wide Operating Standards for the production of Solvency II Own Funds and regulatory capital, including ensuring these keep up to date with change in the regulatory environment.
  • The supporting of other asset-related reviews and projects.

Key Work Level Accountabilities:

Manager or Expert
  • For managers, accountable for managing and motivating others to ensure quality of delivery to customers and stakeholders.
  • Also as a technical specialist, accountable for delivering expert advice or service, using specialist knowledge and subject matter expertise.
  • Applies judgement to deliver outcomes, evaluating a range of potential solutions, considering the impact for customers, cost and risk.
  • Manages conflicts that may impact delivery.
  • Challenges upwards given knowledge of delivery and awareness of complex systems and the broader picture.
  • Identifies and anticipates need for changes to continuously improve quality, control and efficiency of output.
  • Manages resources and risks using expert judgment, know-how and experience.

Key responsibilities for this role
  • To work collaboratively with colleagues and take personal accountability to maintain and enhance controls you are responsible for to support improvement of the overall control environment, customers outcomes and a reduction in M&G's operational risk.
  • To lead the production and delivery of the tasks for which the role holder is responsible.
  • Have responsibility for ensuring that team processes run smoothly, co-ordinating input from others.
  • To ensure appropriate governance.

Knowledge, skills & experience

  • Qualified Actuary, or quantitative specialist with similar work experience.
  • Strong technical ability in order to provide oversight of work.
  • Knowledge of life insurance products and actuarial modelling techniques.
  • A track record of successful delivery in pressured environments with the ability to cope with competing demands.
  • Experience of developing working relationships with key stakeholders.
  • Experience of presenting findings and results, and building an understanding of audience-specific communication requirements.

  • Understanding of financial markets and modelling methods applied to them.
  • Proven experience in risk model development and calibration.
  • Experience in managing a team, providing oversight and guidance.
  • Excellent understanding of statistics and statistical methods.
  • Experience in programming languages such as Python or MATLAB.
  • The ability to implement novel technical solutions that are pragmatic, so they fit within business needs and produce analysis to support solutions.

Work Level: Manager / Expert
Close Date: Tues 14th May

We have a diverse workforce and an inclusive culture at M&G plc, underpinned by our policies and our employee-led networks who provide networking opportunities, advice and support for the diverse communities our colleagues represent. Regardless of gender, ethnicity, age, sexual orientation, nationality or disability we are looking to attract, promote and retain exceptional people. We also welcome those who take part in military service and those returning from career breaks.

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