Rothesay is the UK’s largest pensions insurance specialist, purpose-built to protect pension schemes and their members’ pensions. With over £60 billion of assets under management, we secure the pensions of more than 930,000 people and pay out, on average, approximately £200 million in pension payments each month.
Rothesay is dedicated to providing excellence in customer service alongside prudent underwriting, a conservative investment strategy and the careful management of risk. We are trusted by the pension schemes of some of the UK’s best known companies to provide pension solutions, including Asda, British Airways, Cadbury, the Civil Aviation Authority, the Co-operative Bank, National Grid, Morrisons, the Post Office and telent.
At Rothesay, we are striving to transform our industry. We believe deeply in creating real security for the future and our leadership in finding new and better ways to do that is the key to our success. To do that, we need the very brightest original thinkers to bring creativity as well as rigour. Rothesay is a rewarding place to work, where quality people can thrive and prosper. We pride ourselves on the connections our people build, many of whom have been with us for over ten years.
Job title: Risk Actuary
Reports to: Deputy Chief Actuary
Role type: Permanent
The Chief Actuary heads up a specialist second line actuarial team within the broader Risk department. This is a small, highly skilled team which has interaction across the business including Pricing, Finance and Risk.
The work of the team is varied and supports the discharge of the responsibilities of the Chief Actuary, the Chief Risk Officer and the Chief Financial Officer.
Due to continued growth in the business, we are seeking to add a new permanent member to the team, who will work closely with the Chief Actuary to deliver the objectives of the team. This covers a range of second-line actuarial support, review, challenge and oversight.
This is a key second-line role which requires strong interpersonal skills and would suit a self-starter looking to broaden their knowledge and skills base.
The role is varied, looking across the entire risk landscape of the company, and the candidate will be expected to be proactive in developing the role and flexible in their approach to taking on new tasks.
Candidates from a broad range of actuarial backgrounds are welcome. The candidate should have recent actuarial experience (either a line 1 or line 2 role) and should be willing to learn and to provide support to a broad range of tasks. The successful candidate should be diligent and methodical and with a strong commitment to a robust control environment.
Job Responsibilities
- Provide risk validation support in relation to Rothesay’s internal capital model
- Perform a wide range of second line-actuarial reviews including:
- Assessment of the adequacy of technical provisions
- Review of pricing assumptions
- Reviewing the adequacy of reinsurance arrangements
- Reviewing models and methodologies
- Oversight of first-line actuarial processes including in relation to matching adjustment, risk modelling and ALM
- Supporting and ensuring strong model governance
- Performing quarterly trigger assessments
- Collating, reviewing and validating model changes
- Data quality assessments
- Directly contributing to the risk framework including risk appetite, ORSA, Recovery and Resolution plans
- Assessing, measuring and communicating insurance risk
- Performing ad hoc actuarial peer reviews
- Reviewing and enhancing policies and frameworks
As a second-line role, communication skills are essential, including strong interpersonal skills and the ability to effectively provide feedback and challenge. This will include drafting reports and communicating with senior management and with relevant committees. The candidate is likely to gain exposure to a wide range of tasks and will be expected to be ‘hands on’.
Skills and Experience Required
Required:
- [Qualified actuary or part-qualified actuary actively working towards qualification] [Note, for candidates with strong experience we will also consider those who have an actuarial background but are no longer actively working towards qualification]
- Ability to communicate effectively and confidently with external and internal stakeholders at all levels of seniority
- Understanding of (although not necessarily personal experience of) Line 2 actuarial role.
- Strong analytical and numerical skills
- Familiarity with Solvency II
- Strong IT skills including use of Excel
Desirable:
- No specific actuarial modelling software knowledge is required, however knowledge of spreadsheet modelling is highly desirable and other hands-on modelling experience would be preferred
- Experience of working as part of wide teams and for or with second and third line
- Experience of communicating results to a senior audience
- Bulk annuity, longevity or pensions experience
- Financial reporting experience
Core competencies:
- Self-sufficient, able to work independently
- Technical Skills - Demonstrates strong technical skills required for the role, pays attention to detail, takes initiative to broaden his/her knowledge and demonstrates appropriate analytical skills
- Drive and Motivation – Be a self-starter; successfully handles multiple tasks, takes initiative to improve his/her own performance, works intensely towards extremely challenging goals and persists in the face of obstacles or setbacks
- Teamwork – Demonstrate evidence of being a strong team player, collaborates with others within and across teams, encourages other team members to participate and contribute and acknowledges others' contributions
- Communication Skills - Communicates what is relevant and important in a clear and concise manner and shares information/new ideas with others
- Judgement and Problem solving - Thinks ahead, anticipates questions, plans for contingencies, finds alternative solutions and identifies clear objectives. Sees the big picture and effectively analyses complex issues
- Creativity/Innovation - Looks for new ways to improve current processes and develop creative solutions that are grounded in reality and have practical value
- Influencing Outcomes - Presents sound, persuasive rationale for ideas or opinions. Takes a position on issues and influences others' opinions and presents persuasive recommendations
Disclaimer This position description is intended to describe the duties most frequently performed by an individual in this position. It is not intended to be a complete list of assigned duties, but to describe a position level. The role shall be performed within a professional office environment. Rothesay Life has health and safety polices that are available for all workers upon request. There are no specific health risks associated with the role.
Inclusion Rothesay actively promotes diversity and inclusivity. We know that our success depends on our people and that by nurturing a culture that values difference, we create a stronger, more dynamic business. We welcome applications from all qualified candidates, regardless of race, colour, religion, gender, gender identity or expression, sexual orientation, national origin, genetics, disability or age.
