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The main responsibilities of the Senior Manager, IFRS 17 and special projects L&H are : Understanding of IFRS 17 accounting standard Develop a thorough understanding of IFRS 17 and corresponding actuarial notes related to IFRS 17 directly impacting the Life & Health business, for both TD Life Insurance Company and TD Re (Barbados) level. There is an expectation of deep understanding that will allow for quantification of profit/loss impacts, capital impacts and operational impacts to TD Life & Health. Recommendations on decisions to be taken Based on the understanding of IFRS 17 and TD specific profile, propose recommendations on the various decisions that need to be taken to implement IFRS 17 (contract groupings, risk adjustment, discount rate, transition method, valuation method PAA vs GM, reinsurance). Those recommendations are expected to be tailored to TD specific profile and designed to maximize profitability/efficiency. Help to determine the appropriate tools/software solutions for implementation. Implementation of IFRS 17 Working with various stakeholders (accounting, actuarial teams, business, technology, model risk) to guide the implementation of the proposed adopted solutions in time for the IFRS 17 effective date. Staying on top of TD business evolution and how new products, product changes, reinsurance contracts impact the adopted model moving forward. Special Projects Support the BAU team in the development and evolution of the valuation, LICAT and DCAT model for model improvement and implementation of new products. Support the business with one-time requests and projects.
Reporting to the AVP, Corporate Actuarial L&H, the Senior Manager is really acting as the autonomous IFRS 17 expert for the Life & Health segment.
Understanding of IFRS 17:
o Lead the discussions with the many stakeholders by challenging and explaining the impacts to TD; and,
o Quantify the impacts in terms of profit and loss, capital as well as operations
o Formulate and communicate optimal choices for TD to make on the various decision points that need to be taken for IFRS 17;
o As appropriate, disclose how recommendation compares with industry practice; and,
o Follow through with the proper process to get the recommendations approved for implementation
o Work with the accounting team to develop the many hypothesis papers;
o Work with the actuarial teams (pricing and corporate actuarial) to set up the right models aligned with IFRS 17 decisions;
o Work with technology groups on challenging and selecting the right software solution for TD;
o Assuring the required data, tools and information is available at transition;
o Work with the business and the many stakeholders to develop and implement the adequate processes and controls;
o Keep track of the timelines and milestones for implementation; and,
o Understand the evolution of the TD business (new products, product changes, reinsurance changes) and how to implement them in the broader IFRS 17 framework
o Communicate recommendations, issues and decision points that need to be taken; and
o Communicate progress on implementation to the IFRS business lead
o From time to time, the business is launching new products or modifying existing products. The incumbent will support the BAU team to understand the required changes to existing models and propose optimal solutions to update the models accordingly; and
o Whenever the business is executing on a project, financial impacts on in force may need to be evaluated.
o Ability to communicate effectively in English, both verbally and in writing. French is an asset.
o Highly adaptable for having discussions with different stakeholders in terms of expertise, training and hierarchical position.
o Ability to work effectively during periods of stress.
o Ability to make good decisions quickly when the situation so requires.
o Autonomous and perseverant; shows initiative and creativity in his/her work.
o Stands out for his/her judgment and analytical mind.
o Has strong problem-solving skills.
o Skilled at anticipating the results of an analysis or a report.
o Recognized for his/her thoroughness and the quality of his/her work.
o Practical experience with Moodys AXIS software
Management and team work:
o Ability to constructively challenge and motivate while fostering team spirit and loyalty to the company.
o Projects a professional image and acts accordingly.
o Has effective and developed organizational ability.
o Ability to work collaboratively in teams.
o Bachelor degree in Actuarial science, or other quantitative area of study.
o Acquired Fellowship with the Society of Actuaries and Canadian Institute of Actuaries.
o Minimum 7 years of Life & Health Insurance actuarial experience.
At TD, we are committed to fostering an inclusive, accessible environment, where all employees and customers feel valued, respected and supported. We are dedicated to building a workforce that reflects the diversity of our customers and communities in which we live and serve. If you require an accommodation for the recruitment/interview process (including alternate formats of materials, or accessible meeting rooms or other accommodation), please let us know and we will work with you to meet your needs.