We are recruiting for a Group Model Risk Analyst to assist the Model Risk Director (MRD) and Group Model Risk Manager in ensuring good oversight of the framework by the MRCC.

The Model Risk & Control Framework (MRCF) is designed to reduce the risks relating to model uncertainty within L&G Group plc.  The Framework consists of group oversight by the Model Risk & Control Committee (MRCC) through a model inventory, and reporting of model risk management activities by each division, and group policies and standards.

The Group Model Risk Analyst will assist the Model Risk Director (MRD) and Group Model Risk Manager in ensuring good oversight of the framework by the MRCC.

Primary responsibilities will be the maintenance and development of the Model Inventory, currently maintained offline, but expected to migrate shortly onto OneSumX.

Principal Accountabilities:

• Maintain and develop the Model Inventory on Excel / OneSumX / other system, including keeping its entries updated with data supplied by model owners; and production of material to be presented to MRCC, including MI from the inventory and directly from each division
• Support the MRD to develop the MRCF, enhancing the framework in the light of emerging experience as it is embedded, and developing new elements where necessary, including the Culture work stream and Training work stream
• Assist the MRD monitor progress against the Group’s implementation plan for the embedding of the MRCF, advising the MRD where implementation risks are running ahead of expectations. Ensure each division prepares, obtains approval for, and executes a rolling validation plan, in line with the relevant group standards
• Act as an advocate on the Group’s MRCF (incl. policy and standards), providing guidance and support to stakeholders (as required)
• Assess MI delivered by each division. Prepare timely and accurate MI and reports to support MRCF reporting (including exposures vs. appetite; Model Inventory completeness; accepted risks; control issues; risk events; controls assurance, etc.)
• Ensure complete coverage of ‘risk maps’ (on OneSumX, or equivalent) for the Group’s significant models
• Work with L&G risk functions to ensure effective oversight of the application of the MRCF across the Group
• Maintain MRCF training material as accurate and up-to-date, and ensure that this is deployed effectively
• Support the effective and efficient operation of the MRCC, including the preparation of meeting packs, and the production of minutes from the meetings

Qualifications:

• Risk Qualification (desirable)

Knowledge:

• The design and features of products sold by the insurance industry. Knowledge of L&G products would be desirable.
• The purpose and use of models within the insurance industry. Knowledge of L&G model practices would be desirable.
• A good appreciation of the MRCF (or IM) framework
• A good understanding of the breadth of the Group’s activities, and model risk universe

Experience/skills:

• Experience of using OneSumX
• Risk management experience
• Experience of producing reports/MI to deadline, e.g. for a committee
• Communication skills and stakeholder management

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, 22 days’ (with potential to rise to 26 days) holiday, discretionary performance related bonuses, paid overtime, a variety of share schemes, discounts at both a huge range of high street stores and our own great products, your hard work will be rewarded when you join us.

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 Hove, 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

For further information about the role, please contact Lynn Morriss, UK Resourcing Lead, at lynn.morriss@landg.com