Work within the Risk Management Department of the insurance company as the Actuarial Function Holder and the Internal Model Validation Coordinator
For a big insurance company localized in Brussels, we are looking for an Actuarial Function Holder & Model Validation Coordinator.
The responsibilities of the actuarial function include the tasks imposed by Solvency II, the Belgian Law on supervision of insurance or reinsurance undertakings and the governance circular of the National Bank of Belgium.
The activities of the Actuarial Function Holder involve:
Coordinate of the calculation of technical provisions
Ensure the appropriateness of the methodologies, underlying models and assumptions used in the calculation of technical provisions
Assess the adequacy and quality of the data used in the calculation of technical provisions
Compare the Best Estimate to empirical observations
Report to the Board of Directors and the Executive Committee on the reliability and adequacy of the calculation of technical provisions
Issue an opinion on the overall underwriting policy
Issue an opinion on the adequacy of the reinsurance arrangements
Contribute to the effective implementation of the risk management system, particularly with respect to modeling the risks covered by the calculation of capital requirements
Draw up an annual report in accordance with the Group's required governance; this report will provide an opinion on the insurance company’s underwriting policy, the adequacy of technical provisions (both quantitative and methodological) and the reinsurance structure
In order to ensure that there is no conflict of interest, the holder of the actuarial function has:
A functional reporting line to the CRO;
The right to appeal to the Management Committee;
Unrestricted access to the Board of Directors, via the Audit & Risk Committee, if necessary;
The right to access any relevant information necessary to carry out his/her duties, within the limits of what is legally authorized; and
The possibility to communicate on his/her own initiative with all employees of the company.
The Validation Coordinator supports the CRO in ensuring that all implications of the validation results of the Internal Model of the company are considered appropriately:
Ensuring that the inventory of the tests to be performed/tests performed and the related documentation are complete and in line with the Group minimum requirements and that the independent reviews have been completed on the planned areas (incl. external auditors review) in due time,
Ensuring that recommendations from the independent reviewers and/or supervisory authorities are followed-up and that remediation plans are developed and agreed. Problems identified in this follow-up are escalated to the CRO and an annual reporting on the follow-up of IM observations is provided to the Executive Risk Committee,
Ensuring that any relevant validation activity not performed (along with associated reasons and consequences) is reported to the CRO and the most important one are commented in the validation report,
Coordinating the preparation of the Validation Report in the pre-defined agenda,
Coordinating the review of the local validation policy to ensure alignment with the provisions of the Group validation policy and to reflect actual local validation processes
Proposing enhancement to the validation framework (including test plans) based on its activities and the conclusions of independent review teams
Your profile :
• Holder of a Master in Actuarial Science or an equivalent degree
• More than 4 years’ experience in Non-Life Insurance
• Knowledge of Solvency II and Risk Management is required
• Critical mind set
• Synthesis, analysis and communication skills,
• Dutch or French speaking, with an advanced knowledge of oral and written English
Our client offers :
The company provides a competitive package, a great work environment with motivated colleagues and opportunities to learn and grow.
They are part of an international group with a rich diversity of cultures and nationalities represented in our staff.
|rue de la Régence 43
1000 Bruxelles BE
Bruxelles, BelgiqueView all 81 jobs