Risk and Commercial Actuary, BPA

Canada Life UK looks after the retirement, investment and protection needs of individuals, families and companies. We help to build better futures for our customers, our intermediaries and our employees by operating as a modern, agile and welcoming organisation.

Job Summary:
The role holder will support in delivering the overall goals of the Strategy and Commercial Director, including producing input for strategic proposals and market analysis. The role holder is also responsible for annual business plan projections and action management. The role holder has accountability for MI & risk reporting in the Bulk Purchase Annuity (BPA) team.

Duties & Responsibilities:
1) Support the development of the BPA strategy:
a) Support development of the strategy, specifically:
i. have comprehensive detail of competitors and market clearly documented.
ii. cover near, medium and long term development plans.
b) Responsible for production and coherence of the high-level business case for specific strategic developments, working with relevant affected business units.
c) Responsible for communicating the strategy with relevant internal stakeholders.
d) Support monitoring market developments to keep the strategy document current.
2) Accountable for first line risk reporting in BPA, with support from the MI analyst:
a) Work with the wider bulk annuity team to complete the Risk and Control Self-Assessment (RCSA) process.
b) Ensure that the risk register is current.
c) Support the BPA team with timely risk event reporting.
d) Embed regular risk reporting into the team.
e) Produce regular risk reporting to the Compliance and Operational Risk Committee (CORC).
f) Work with the BPA Senior Leadership Team to review and ensure completeness of risk reporting.
g) Responsible for the BPA inputs to the ORSA process and reporting.

3) Accountable for the MI and reporting processes for the BPA team, with support from the MI analyst:
a) Ensure that the MI reporting continues to meet stakeholder needs and continues to evolve with the business (e.g. Bulk senior management, Investments and Finance).
b) Work with the wider bulk team to ensure data collection is standardised, efficient and consistent.
c) Review MI produced by the MI analyst for accuracy.

4) Responsible for the BPA business planning results. Liaise with relevant internal stakeholders to ensure the plan is appropriate (e.g. Investments, ALM).
5) Responsible for co-ordinating and managing internal audit actions across the BPA team.
6) Foster a culture of continuous improvement to ensure MI, Risk and other processes offer meaningful insight and remain efficient.

Experience for position:
• Knowledge and understanding of the BPA market is desirable.
• Ability to influence peers to provide timely input.
• Ability to communicate insights and make recommendations to a range of stakeholders (including non-technical).
• Strong analytical skills - ability to use, interpret and develop meaningful data and make sound recommendations.
• Strong technical ability to understand, challenge and review BPA Risk and Commercial MI.
• Focus on delivering results and finding a way forward to keep momentum.
• Creative and flexible in their approach to work.
• Collaboration and facilitation skills.
• Familiarity with regulatory requirements and compliance standards within the UK life insurance industry.
• Qualified Actuary (or equivalent qualification).

Benefits of working at Canada Life

We believe in recognising and rewarding our people, so we offer a competitive salary and benefits package that’s regularly reviewed. As a Canada Life UK colleague, you’ll receive a competitive salary and comprehensive reward package including a generous pension and bonus scheme, along with, income protection, private medical insurance and life assurance. We have a fantastic number of other benefits and support services as well as regular personal and professional development.

How we work at Canada Life

Our culture is unique and incredibly important to us. We care about doing the right thing for our people, customers and community and helping others to build better futures. Our blueprint behaviours shape and influence how we work, and are central to the relationships we have with others. Every day we are encouraged to be more curious, own the outcome, face into things together and find a way forward.

We want colleagues to have rewarding careers with us so we invest in the development of our people, technology and workplaces. That’s why we offer a range of training, flexible working and opportunities to grow and develop.

Diversity and inclusion

Building an inclusive workplace with a diverse workforce where everyone can feel they belong and achieve their potential regardless of gender, ethnicity or any other characteristic is a key commitment for us. We are proud of the progress we’re making in DEI, and we continue for it to be a significant focus.