Model jobs in Spain

Location: Hertfordshire or London office

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.

Job Purpose

Part of Canada Life's 2nd Line of Defence, the Model Oversight Team support the Chief Risk Officer in providing Model Risk expertise, challenge, oversight and guidance to the business within the UK Group.

The Internal Model is seen as a strategic capability to support our business and is an area where we will invest heavily over the next 2-3 years with several significant extensions expected. To support this growth, we are recruiting an additional 2nd line team member to provide oversight.

This position will be responsible for providing assurance that Canada Life's models are robust, well-governed and fit for purpose. You will have exposure to models across a range of business areas including Pricing, Valuation, Capital & ALM.

• Oversight and Independent Validation of the Partial Internal Model (PIM). A key role that contributes to the CRO's Opinion of the ongoing appropriateness of the PIM.
• (Non-PIM) Model Risk Reviews and Model Risk Management; with both internal governance & external regulations expected to increase.
• contribute to the wider delivery of the CLL Risk Team's plan
• maintain Canada Life's Model governance framework.
• Reports to the Head of Model Oversight.

1. Partial Internal Model (PIM) Oversight
   • Inform the CRO's Opinion of the ongoing appropriateness of the Internal Model.
   • Support the maintenance of a rolling schedule of PIM review activity to provide appropriate coverage of Solvency II requirements.
   • Second line oversight of PIM Major and Minor model changes
   • Provide Risk Opinions on key Internal Model activity & maintain effective records of review evidence.
   • Perform second line review of Calibrations, Standard Formula Appropriateness Assessments and PIM Use Test.
   • Ensure work performed is in line with the CLUK Internal Model Governance Policy and Solvency II requirements.
2. Independent Validations of CLUK models
   • Perform Independent Validation reviews of CLUK Models, ensuring reviews are preceded by an agreed Terms of Reference.
   • Identify areas of concern and drive improvement.
   • 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.
3. Perform additional second line activity, as appropriate
   • Be a partner to model developers & business teams on model risk best practice and future model use.
   • 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
   • Support engagement with PRA
   • Attend Canada Life Group model governance bodies
   • Support the annual review of Terms of Reference for Model governance bodies (PIM and non-PIM). Maintain the Internal Model Standards documents that underpin Internal Model Governance Policy,

• Experience in the life insurance industry.
• Strong technical knowledge and an understanding of Solvency II capital requirement calibrations, and a good understanding of Solvency II as a whole.
• Knowledge of Internal Model calibrations and if not already an expert in the various elements of risk modelling within the Canada Life model, possess the technical ability to rapidly become technically proficient in those areas.
• Expertise in modelling, model validations or audits.
• A good working knowledge and understanding the "three lines of defence", and the risk oversight role of the second line.
• Strong report writing skills and ability to convert technical issues into clear, concise reports.
• Good communication skills, demonstrating a clear and articulate standard of written and verbal communication in a complex environment, tailored for all levels of management.
• Attention to detail and discipline in consistently applying rigour and ensure maintenance of audit trails.
• Good influencing skills, with experience of engaging with senior management in order to get desired outcomes.
• Good interpersonal/networking skills, with the ability to maintain a variety of relationships with multiple stakeholders.
• Proven track record at delivering reporting requirements under tight time pressure.
• Knowledge of MATLAB, R ,Python, and AI/ML is a bonus
• Self-motivated, well-organised, pragmatic and able to perform tasks independently.

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.

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.

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 you.