Actuary – Process Improvements and Model Risk Management
AMP Life is Australia and New Zealand’s largest life insurer, with assets of over $31bn and over 2.4 million customers. AMP Life is transitioning its business model to be an in-force specialist life insurer, with a focus on providing existing customers in Australia and New Zealand with risk insurances (income protection, disability and life), traditional life insurances and mature life insurance investments.
We are a customer centric and deeply human organisation and we work to help our customers realise their best life. We focus on the customer experience, retention, investment outcomes, and running an efficient business model to drive customer advocacy and profitable performance outcomes. In 2019, it is planned that AMP Life will be sold by AMP to Resolution Life, a global in-force life insurance specialist.
About the role
Reporting to and supporting the Head of Actuarial Systems and Models the focus of this role is to rebuild and redesign critical actuarial spreadsheets used within the actuarial teams resulting in the reduction of operational risk and uplifting productivity as well as:
- Perform testing, validation and UAT activities for process improvements initiatives within Actuarial team.
- Ensuring that AMP’s model risk management requirements are met for the development testing and documentation
- Lead the development and maintenance of innovative model risk management frameworks and techniques
Main focus areas will be:
- Develop models to reduce operations risks
- Produce documentation of modelling and validation activities
- Collaborate with users and process owners to determine actions to resolve issues and risks, support the implementation of those actions and communicate results and conclusions
- Expanding the scope of model risk management framework (ICCED) to all teams within Group Actuarial and provide specialist advice on the ICCED Framework to the business
- Reviewing and updating the ICCED framework to ensure that it remains relevant, effective and aligned with Group Model Risk Management policies
- Maintain documentation library of internal and external vendor models and validation activities
- Ensure adequate deployment controls, version control and documentation of stochastic financial models
What we look for in you:
- Ideally at least 5 years post qualification experience
- Experience in Excel/VBA.
- Experience with Finance and Actuarial models
- Knowledge and experience of Australian insurance and financial services market, including market structure, product, distribution, regulation, and governance processes
- Technical capability / knowledge of Australian actuarial valuation practice
- Good understanding of Actuarial Validation process needs and overall actual valuation systems
Understanding of and experience in some or all of the following will be looked upon favourably:
- Profit and capital reporting for life insurers.
- Structured products, guarantees and derivatives.
- Asset-liability mismatch risks, the approaches to their measurement and management.
- Risk Management of complex investment products.
- Stochastic and deterministic valuation methodologies.
- Analysis of profit, capital and profit at risk movements.
- Tertiary qualification in a quantitative discipline: i.e., actuarial studies, finance or mathematics. Postgraduate studies are considered an advantage.
Inclusion & Diversity
AMP Life recognises individual differences and welcomes people from a variety of life and work experiences. The diversity of our people is core to our ability to innovate, grow and to fulfil our collective aspiration of helping people to own their tomorrow. A natural curiosity, a respect for differences and a growth mindset are valued at AMP Life.