Pacific Life Re
Model Risk Actuary, Divisional
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Job Title
Model Risk Actuary, Divisional
Job Description
Role Overview
Join our Model Risk Management (MRM) team and play a key role in delivering independent validation and risk review of the actuarial models across PL Re. As part of the wider Risk function, the model risk team provides assurance to senior management and the Board on the effectiveness, accuracy and robustness of critical actuarial models. Working closely with model owners across the organisation, you will help strengthen model design, governance, processes, and controls.
This is an outstanding opportunity for a strong technical actuary to broaden their commercial perspective and gain insight into the operations of a leading global reinsurer. You will work with a diverse range of teams and innovative models spanning Reporting, Pricing, R&D, Capital Management, Business Planning and Underwriting. Models will range from traditional actuarial models to novel AI solutions. The role offers exposure to a variety of modelling platforms, methodologies, and business applications, while providing the opportunity to develop and apply actuarial judgement and critical thinking to identify risks and drive continuous improvement of modelling practices across Pacific Life.
We welcome applications from strong technical actuaries who are ready to independently lead complex reviews and influence senior stakeholders.
Role Responsibilities
- Independently scope, plan and deliver model risk reviews while developing and defending review conclusions, including:
- Scheduled independent reviews of actuarial models under PL’s Model Risk Management (MRM) Framework.
- Targeted reviews in response to specific business requests, operational events or major model change.
- Monitoring and reviewing model owners’ progress in addressing agreed remediation actions from previous reviews.
- Develop and deliver model risk management information for business leaders.
- Identify recurring model risk themes and deliver strategic model risk, governance and process improvement initiatives.
- Present findings and recommendations clearly to model owners, senior leaders and wider business stakeholders.
- Drive collaboration on strategic improvements between Line 1 delivery teams and Model Risk.
- Take ownership of complex reviews and initiatives, coordinate input from reviewers and stakeholders, contribute to review priorities, and support the development of junior colleagues.
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Skills & Experience
Essential
- Qualified Actuary
- Relevant experience in actuarial modelling, model validation or risk oversight
- Good knowledge of actuarial model solutions and modelling software
- Good understanding of life insurance & reinsurance industry
- Understanding of effective governance, control design, documentation, testing and review standards for actuarial models.
- Proven ability to proactively problem solve and challenge existing practices
- Ability to exercise independent judgement, constructively challenge methodologies and practices, and explain evidence-based views clearly.
- Experience planning and delivering technical review work across competing priorities
- Strong report writing experience
Desirable
- Broad post-qualified actuarial experience
- Experience identifying and recommending solutions to critical issues
- Experience of delivering strategic model change and/or process improvement
- Experience of working within a model valuation and reporting team
- Experience of working within a capital management team
- Experience of working within a research and development (R&D) team
Competencies and Behaviours:
- Demonstrates good analytical and technical skills
- Ability to manage competing priorities and deliver to agreed timescales
- Interpersonal, collaboration, verbal, and written communication skills
- Confidence engaging with and influencing senior stakeholders
- Continuous improvement mindset
Working For Pacific Life Re
Every person in our global team is valued for the unique qualities they bring to our business and we seek to build their expertise and support their individual ambitions at every step. Of course, we take our work seriously and we know our team can operate under great pressure. We work hard and thrive on achievement, but we also know how to have fun and relax too. We regularly host a range of team building days to strengthen our team's connection with each other and reflect on their successes.
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Providing employees with a healthy work-life balance is very important to our culture. We have a wide range of employee benefits and we host regular social activities and well being initiatives. We are also committed to supporting our employee's involvement in their communities, by actively fundraising, hosting charity events and overseeing volunteering opportunities.
Benefits (Only for Permanent and Fixed Term Employees)
Leave
- 25 days of annual leave with option to buy/sell more days
- Adoption and fertility leave
- Generous enhanced parental leave
Healthcare
- Comprehensive private insurance coverage for employee and dependents
- Group Life Insurance coverage of 9x basic annual salary and Group Income Protection up to 75% of basic annual salary
- Optical benefits
Savings & Retirement
- 15% combined employee/employer contributions
Wellness
- Subsidized gym membership
- Access to Employee Assistance Program
- Cycle to Work and Electric Car Salary Sacrifice Scheme
- Time off for volunteering
- Charitable matching of employee donations
You Can Be Who You Are
We are committed to a culture of diversity and inclusion that embraces the authenticity of all employees, partners and communities. We support all employees to thrive and achieve their fullest potential.
As part of our commitment to diversity and inclusion, we will provide reasonable adjustments during the recruitment process to ensure equal access to applicants with disabilities. Please contact us about your needs so that we can discuss these with you to make sure that suitable adjustments are made, where possible.
Pacific Life Re Values
Please click here to view our company values.
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