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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.
Part of our parent company Great-West Lifeco, Canada Life UK has operated in the United Kingdom since 1903. We have hundreds of respected and supported employees committed to doing the right thing for our customers and colleagues.
Canada Life UK is transforming to create a more customer-focused business by providing our customers with expertise on financial and tax planning, offering home finance and annuities propositions, and providing collective fund solutions to third party customers.
What we're building
We now need a Senior Actuarial Assistant to support the transformation and the future growth of the business within the Risk function. The Risk Function (as a 2nd Line of Defence) will provide independent risk oversight and a governance framework for all risk-related activities across Canada Life UK. In doing so, it will partner with the Business to understand their strategic objectives and offer practical and value-adding risk insights in order to optimize both short and long term decisions taken by the Business.
Support the Head of Financial Risk in delivering the output of the Financial Risk team within the UK Division's Risk Function.
Contribute to the overall ORSA in contributing to more material workstreams (and leading on smaller workstreams) within the wider ORSA Process. Support the Head of Financial Risk and Risk Business Partners in ensuring that the financial risk aspects of the Enterprise Risk Management Framework facilitate effective and appropriate financial risk management across the UK Division.
The roleholder will belong to the actuarial student scheme and so will gain access to Canada Life's study support. Additionally the role forms part of Canada Life's actuarial student rotation scheme, in which individuals move teams roughly every 24 months. Other teams covered by the scheme are pricing, investments, valuation and finance.
What you'll do
Take a contributory role in larger aspects of the Own Risk and Solvency Assessment (ORSA) process and ORSA report (or equivalent) for entities within the UK Division. Lead on smaller elements of the ORSA process. Regular activities include:
With the support of the Head of Financial Risk, design and implementation of Stress and Scenario testing (including reverse stress testing), ensuring appropriate alignment with CLG and Great-West Lifeco exercises.
Reviewing and analysing the results of the forward-looking solvency assessment, stress and scenario testing and the OSNA exercise to identify conclusions and recommendations.
Draft sections within the ORSA Report.
Support the maintenance of the ORSA Record and Stress & Scenario Testing Standard.
Ensuring that the ORSA Policy is adhered to on aspects the role holder is involved in.
Draft relevant sections of the Recovery Plan
Support the senior members of the Financial Risk team and risk business partners in providing (financial risk) oversight of the first line:
Support the review of UK division pricing or underwriting initiatives (e.g. assumptions review, new products, bulk annuity transactions).
Review corporate initiatives (e.g. reinsurance, capital optimisation, M&A activity)
Provide Risk input into Company reports (e.g. SFCR)
Ad hoc risk reviews as required
Support the maintaining the risk appetite framework for CLL, as part of the wider enterprise risk management framework. Regular activities include:
Complete the supporting analysis for the review the Risk Appetite Framework, including enhancements to coverage and reporting.
Setting of Risk Limits, ensuring they are continually aligned with the risk strategy of the business, and appropriately aligned with limits set by CLG and Great-West Lifeco.
Reporting of risk exposures and associated Key Risk Indicators relative to risk appetite limits, including appropriate insight and commentary.
Drafting the financial risk-related sections of the CRO Report.
Co-ordinate with CLG and Great-West Lifeco in order to:
Ensure alignment of Risk Appetite Frameworks and Risk Strategy
Monitor and review UK-division driven exposures within CLG and Great-West Lifeco Risk Appetite Frameworks
Adhere to oversight requirements on first line activity
Relationship-building and knowledge sharing
Support the Head of Financial Risk by engaging in knowledge sharing and development across the team in order to optimise team performance.
Who you are
Experience in the life insurance industry
Good working knowledge of integrated risk and capital management as part of a wider enterprise risk management framework
Good knowledge and understanding of Solvency II requirements
Experience of second line of defence risk oversight activities
Strong written and verbal communication skills, in particular of complex concepts, which can be tailored for various audiences.
Good influencing skills, with experience of engaging with senior management in order to get desired outcome
Good interpersonal/networking skills, with the ability to maintain a variety of relationships with multiple stakeholders
Proven track record of delivering under tight time pressure
Self-motivated, well-organised, pragmatic and able to perform tasks independently.
Qualifications (For the job and not the person)
Part-qualified actuary (essential). Over halfway through exams.
What you'll like about working here
As a Canada Life UK colleague, you'll receive a competitive salary and comprehensive reward package including income protection, private medical insurance and life assurance, along with a generous pension and bonus scheme. You'll also receive the support you need with your personal and professional development.
Our focus is to have an engaged, committed and motivated work force, operating in a high performing and collaborative culture. We want to create an organisation that offers opportunities for all our people to develop their skills and talent, and build rewarding careers with us.
Diversity and inclusion Canada Life is committed to a diverse and inclusive workplace. Our role as an employer of choice is to provide the right environment for talented people to do their best work, by respecting, understanding and valuing individual differences.