Senior Actuary (Internal Model)

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.

This position will be responsible for: Performance and communication of the Independent Validation of Canada Life’s Internal Model. A key role that contributes to the CRO’s Opinion of the ongoing appropriateness of the Internal Model.

• Deliver Independent Validation of the Internal Model for CLL and also in support of oversight at CLG. Regular activities include:
  • Perform Independent Validation reviews of Internal Model components, ensuring reviews are preceded by an agreed Terms of Reference.
  • Confirm factual accuracy of findings with stakeholders and summarise points into Executive-level reports. Obtain explicit management responses and agreement of remedial actions. Monitor progress on addressing findings raised, escalating where necessary, and challenge the evidence of remediation before closing findings.
  • Support the maintenance of a rolling schedule of review activity to provide appropriate coverage of Solvency II requirements.
  • Maintain effective records of review evidence and Risk Opinions.
  • Ensure work performed is in line with the CLG Internal Model Governance Policy and Solvency II requirements.
• Perform additional second line review activity, as appropriate:
  • (Non-PIM) Model Risk Reviews and Management (Growing Area)
  • Perform other second line risk reviews, in support of the wider delivery of the Risk Team’s annual plan e.g. Pricing/Business Strategy.
  • Input to the wider ORSA process, as appropriate.
  • Provide Risk Opinions on key Internal Model activity including Model Changes.
  • Perform second line review of CLL’s Standard Formula Appropriateness Assessments.
• As required, attend Internal Model governance bodies.
  • Support the annual review of Terms of Reference for Internal Model governance bodies.
• Manage stakeholder relationships in respect of the Internal Model.
  • Maintain collaborative relationship with the CLG Risk Team, to ensure appropriate support is provided to help inform the CLG CRO’s Opinion of the ongoing appropriateness of the Internal Model at a CLG-level.
  • Support engagement with the PRA in respect of the Internal Model, and external parties, as appropriate.
• Maintain the Internal Model Standards documents that underpin CLG Internal Model Governance Policy, and ensure ongoing compliance with Solvency II requirements.

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.

“At Canada Life we believe in the power of great people from different backgrounds, experiences and perspectives coming together to build better futures. Emerging talent is crucial to our growth and creating an environment that continues to inspire us all.” Nick Harding, Chief People Officer, Canada Life UK

We appreciate that everyone has different work and life responsibilities. We’re happy to discuss flexible working arrangements, including part time, for any of our roles should this be a requirement for.