You will lead and drive the co-ordinated development and on-going operation of the Group’s Internal Model.  Over the annual cycle you will be responsible for working across the business to develop and deliver the annual programme of results and model change including the delivery of the Model Change Application to the PRA.

The role holder will lead and drive the co-ordinated development and on-going operation of the Group’s Internal Model.  Over the annual cycle the role holder will be responsible for working across the business to develop and deliver the annual programme of results and model change including the delivery of the Model Change Application to the PRA.

Responsibilities will include co-ordination of the monthly Group Internal Model Committee, the reporting of model compliance and change to the Group Risk and Group Audit Committees.  The role holder must have strong communication skills and be capable of meeting the needs of an audience comprising Non-Executive Directors.

Model Development: Working with the Group Change, Divisional Finance and Actuarial teams, co-ordinate the development and strategic direction of the annual Model Development Plan.  Includes:prioritisation and planning

• engage with stakeholders to gain agreement to the plan and ensure resource availability across divisions
• development of the PRA Engagement Plan
• responsibility for the presentation and sign off of the plan by GIMC and GRC
• input in to Group oversight and delivery of model change process
• monitoring progress against plan

Model Change:  On behalf of the Group Actuary review the technical content of Internal Model change and the BAU review of methodology and calibration.

• oversight and review of the technical content
• working with the Group Change team ensure oversight of the delivery of the change programme, raise issues and suggest remediation as required
• ensure that Major model changes are reported and approved by the GIMC, Group Risk Committee and entity Boards according to timescales that facilitate the annual Model Change Application.
• ensure the results of annual calibration and methodology review are reported to the GIMC, GRC and entity Boards
• Attend the Internal Model Change Board.  Deputise for the Group Actuary as required.

Model Change Application: On behalf of the Group Actuary own the production and delivery of the Annual Major Model Change Application.  Includes:

• oversight and review of the technical content within the Application.
• co-ordination of deliveries to, and responses to follow up questions from, the PRA ensuring that the work is delivered to time and to quality.
• Ensure documentation is of a sufficiently high quality and meets Group and PRA/Directive requirements
• Ensure the application is approved by the GIMC, GRC and entity Boards as required

Internal Model Controllers: Act as a point of focus for the Group’s community of Internal Model Controllers.

• Provide support and advice.
• Organise quarterly Internal Model Controllers conferences
• Ensure that policies and standard developed at Group level are tractable for BU IMCs and ensure effective embedding

Policies and procedures: Input in to the development of Internal Model policies and procedures. Ensure effective communication of changes to Internal Model policies and procedures to BU IMCs

Reporting:  Review annual and quarterly Solvency II and EC results are required.  Contribute to the actuarial content of the Group SFRC and RSRs as required.

Process and Change management:  Take a strategic role in defining the bigger picture for direction of travel for Internal Model processes and change. Ensure the development and implementation of actuarial strategy for an area of specialism in order to manage exposure to developing unpredictable or volatile risk and liability.

Use creative thinking to generate ideas to improve results and processes.  Make professional judgements relevant to complex and developing actuarial matters using expert or specialist actuarial knowledge. 

Internal relationship management: Establish and build relationships with Business Units in order to represent the department appropriately and to recognise the impact and react accordingly to any relevant change, which could impact on own team and departmental processes.  Assist Business Units with the embedding of Solvency II and EC into Business As Usual, particularly with regard to operational risk.

Exhibit good stakeholder management for all stakeholders (upwards, peer group and more junior colleagues) and be able to use influencing skills to reach target outcomes.

Improve relationships with customers/suppliers by actively seeking out and encouraging feedback to identify successes, weaknesses and opportunities.

Planning:  Review plans for reporting activities through all planning phases by effectively prioritising and scheduling work to ensure the needs of all customers are met.   Influence stakeholders to ensure proposed deliveries are ‘right sized’ and realistic.  Reprioritise plans and escalate issues to senior management if/when issues emerge during production processes/project work.

Plan, manage, assist or support, the development or integration of systems, methodology or processes necessary to deliver actuarial change.

Maintain and Comply with Standards: Comply with the relevant Group and Professional Standards – for example L&G Spreadsheet Standards, L&G Group Policies & Procedures and Technical Actuarial Standards.  Develop a framework to ensure all work produced by the team complies with the standards to ensure compliant.

• Qualified Actuary with proven experience.
• Detailed Understanding of SII and Economic Capital Principles and how they apply in practice
• Knowledge of actuarial liability reporting and analysis across various metrics and able to identify likely relative movements across these metrics
• Detailed understanding of financial and insurance risk management, including a deep practical and technical knowledge of the drivers of risk capital
• The ability to communicate complex ideas to a variety of audiences (in particular for an audience comprising Non-Executive Directors) and for a range of situations in writing and verbally, including drafting communications for senior managers and the Board, external disclosures, the PRA, auditors and non-actuaries.
• A pragmatic approach and the ability to make sensible decisions with limited information

Whatever your role, we reward ability, performance and attitude with a package that looks after all the things that are important to you. Our employees have a wide range of benefits including a generous pension scheme, life assurance, 30 days' holiday, private medical insurance, performance related bonuses, discounts at both a huge range of high street stores and our own great products, as well as a 12% car allowance scheme, your hard work will be rewarded when you join us.

For further information about the role, please contact Graham Stoddart, UK Resourcing Lead, at graham.stoddart@landg.com

Our view is that this role is suitable for agile working. This means we would consider a more flexible working arrangement, where your hours and work location are managed according to business, customer and personal needs. For this role, you would be based in London, but you could work in other Legal & General offices or at home, as necessary, provided this meets business needs. Details of agile working will be discussed during the interview process.