Location: London or York based, with flexible working options
This role reports to the Lead Risk Actuary within the Risk Team and assists in the co-ordination and production of model validation across the Group as well as supporting the team in analytical and actuarial areas of the risk management framework such as stress and scenario testing, risk appetite, regulatory reporting and specific risk reviews. Exposure to different regulatory regimes operating across multiple jurisdictions, alongside understanding the complexity of operating within a group framework will provide the successful candidate with an excellent foundation for their career.
This role offers an exciting opportunity to a promising candidate to get involved in Enterprise Risk Management processes within the team. The exposure to all key business areas, with a focus on Hiscox's Lloyd's Syndicates and Group, provide insight into the business that is not typically seen by more traditional actuarial student roles. The role will have exposure to the Group Risk Director as well as the Group Chief Risk Officer.
The Risk team is responsible for facilitating the implementation, delivery and oversight of Hiscox's Risk Management Framework which includes risk appetites, emerging risks and incident capture and analysis operating to a three lines of defence risk management model. As a second line function, the Risk team balances its role of supporting the business with its responsibility to provide credible, effective challenge. The team produces high profile reporting that is seen by Executives, Boards and Risk Committees both at a Group level and for subsidiary legal entities. In some instances this reporting is also provided to regulators.
Under the guidance of the Lead Risk Actuary, carry out model testing and validation of material components and risks, produce analysis and provide challenge to a level to enable the team to give the legal entity Boards confidence that the Hiscox Internal Model is accurately capturing the risks that they're exposed to.
Review primary validation tests and develop and perform secondary validation tests for all components of the internal models.
Produce near final drafts of validation technical notes, findings' logs and reports for consumption by model owners, governance committees, the Executive, Boards / Risk Committees and regulators.
Ensure validation processes, outputs and documentation reflect tangible improvement and enhancement from previous cycle.
Work with the teams responsible for model build to ensure a robust feedback loop.
Support and improve stress and scenario testing and risk appetite monitoring across the Group by helping to collect, analyse and interpret data.
Support the production of regulatory processes and submissions, including ORSA, and ad-hoc risk MI and risk monitoring and reporting, including preparing presentations, performing specific risk reviews, etc.
Person Specification: Qualification / Technical experience
Part / nearly qualified Actuary with significant experience of Model Validation work.
Actuarial / statistical experience at an insurance company (GI or LLoyd's), Regulatory Authority or Consultancy.
Knowledge or experienced in Capital Modelling either through experience or actuarial exams
Understanding of Solvency II and equivalent regulatory actuarial and risk requirements and related reporting.
Knowledge of key risk types as applicable to retail / commercial (re)insurance.
Good knowledge of Excel and other Microsoft Office software
Ability to solve problems and put forward new ideas.
Application of Knowledge & Skills
Enthusiastic, energetic and pro-active individual with a strong desire to learn about risk and actuarial topics.
A great communicator who can work with people at all levels and communicate in a non-technical language.
Demonstrates a clear desire to learn and asks questions of others to gain new knowledge
Ability to form and articulate an opinion based on analysis performed taking into account internal and external factors.
Able to put forward constructive challenge to senior colleagues in a confident, credible, collaborative and non-contentious manner.
Demonstrate strong risk and actuarial capabilities and professional knowledge.
Pride in delivery and fully accountable for areas of responsibility
Ability to work independently and take ownership of tasks in an organised manner.
Collaborative team player who is able to multi-task effectively, to prioritise work, meet deadlines, achieve goals, and work in a dynamic and complex environment.
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