The role of Actuarial Audit Manager provides an excellent opportunity to join the Models Audit team, part of Group Audit. You'll work within a leading audit function and gain exposure to a wide range of risk modelling, capital assessment, and other actuarial techniques across both insurance and banking portfolios.
About this opportunity:
You'll use your expertise and professional qualification (FFA/FIA) to support the delivery of the audit plan by implementing risk-based audits. Through this, you'll utilise a deep understanding of business priorities, controls, and risks to provide reliable, independent assurance and agree on management actions to enhance the control framework.
What you'll be doing:
- Lead and deliver high-quality, independent assurance on complex audits and agree on management actions to enhance the control framework as per the agreed plan
- Establish and build relationships with stakeholders to educate the business on the control framework and influence business processes and necessary actions to improve controls
- Collaborate across the risk/business audit matrix to develop an understanding of business priorities and risk appetite relevant to assigned audits, identify key controls, and evaluate their design effectiveness with minimal supervision
- Define, propose, and perform testing of key controls for assigned audits to evaluate their operational effectiveness with minimal supervision
- Identify control deficiencies for assigned audits, draft issues and actions for inclusion in Draft Reports.
- Deliver audits within agreed timescales, maintaining collaboration with colleagues and keeping Portfolio Leads (PL) updated on progress, promptly escalating issues and concerns
- Apply the Group Audit methodology and standards to identify and deliver high-quality findings and maintain robust supporting files
- Ensure management actions address the root cause of findings, report all findings, follow up on them, and ensure management proposals for closure are credible and supported by evidence before recommending closure to the PL/Head of
- Coordinate the production and collation of team management information (MI) and status reports, taking ownership of team-related activities, ensuring the desired level of quality, and escalating as necessary
- Embrace continuous improvement by supporting change initiatives
- Motivate, develop, and collaborate within your own team and across the wider function to drive higher performance and sustained results.
You should have knowledge of some or all of the following:
- The generic elements of a model life cycle and associated risks
- Effective model risk management and governance
- Actuarial and Insurance modelling, including reserving pricing, stress testing, capital and insurance risk modelling
- Statistical analysis and qualitative techniques for developing and validating models
- Credit risk modelling, regression based models, retail credit risk scorecards, Capital Requirements thereof (PD, LGD & EAD), credit provision modelling techniques
- Capital modelling and optimisation
- Capital management frameworks and regulatory capital treatments
- Stress testing and scenario analysis, including qualitative and quantitative techniques for firm wide stress testing, and knowledge of econometric modelling and forecasting
- Asset liability management
What we need from you:
You should ideally be a qualified actuary or possess similar technical expertise. An essential aspect of the role is to review, challenge, and identify areas for improvement. Therefore, you should feel comfortable understanding the underlying methodologies and assumptions of models and their development and use.
In addition to these technical requirements, a proven track record of delivery is crucial. Excellent analytical, presentation, report writing, and communication skills are essential.
You should have an interest in and a broader understanding of the business context of models and stress testing across insurance and banking.
Additionally, you should be able to demonstrate a high level of commercial awareness and possess the ability to quickly grasp the practical business requirements of models, adapting to new or varied techniques beyond your current experience.