Can’t get an actuarial job without experience? Can’t get actuarial experience without a job? Then this is the perfect role for you! Suitable for someone looking for a junior role to gain exciting experience in multiple areas of Aviva’s Group Risk and Actuarial Function teams. This could be someone who has recently (or is about to) graduate from a mathematical degree, or a later starter to the actuarial world and keen to get some experience in a junior role.
Please note that these temporary positions are administered by an external provider (Adecco) who provide the employment contract and conduct pre-employment checks. Adecco require that all candidates have the right to work in the UK.
A bit about the team:
At least two temporary actuarial analyst positions have arisen within Aviva’s Group Risk and Actuarial Function teams (covering both life and general insurance). This London based team specialises in Group Actuarial Capital, Methodology, Credit & Market Risk, Internal Model Governance, Financial Risk and Model Validation. The team is also responsible for Aviva’s global Model Risk Management policy as well as Solvency UK Internal Model Appropriateness.
These roles offer an excellent opportunity to gain experience in economic capital (EC) modelling and kick start a career in financial mathematics/actuarial science/insurance.
What will you deliver?
The roles available will be in either the Actuarial Function and/or the Group Financial and Sustainability Risk team with a possibility in the short term of helping any of the other teams with their duties listed below depending on availability, the candidate’s skill set and sub-team requirements. The following is a list of possible responsibilities depending on which of the six teams the successful candidates are placed:
1. Group Actuarial Capital:
o Supporting the annual Internal Model results validation testing.
o Refreshing of Group Solvency II methodology manuals, framework and guidance.
o Quarterly processes relating to the review of technical provisions and Solvency Capital Requirement (SCR).
o Control testing to improve the control environment on behalf of the Group and Aviva International Insurance Chief Actuaries.
o Production of various reports such as Actuarial Function Opinion Reports, Technical Provisions reports, etc.
o Review of internal model changes.
o Involvement in setting risk appetite methodology and gathering evidence of uses of the Internal Model in decision making.
o The group also covers the internal modelling methodology – ‘how’ the internal model economic capital model should operate, i.e. in line with the insurance regulations, and the associated downstream modelling methodology.
2. Methodology:
- Maintenance and development of Groupwide methodologies for the calculation of various models.
- Production of methodology development documents:
- Proxy modelling – Adopt a proxy model approach to the internal model.
- Internal Model and Standard Formula SCR Manuals.
- Supporting the technical lead with the development of the EC methodology.
- Responsibilities to check methodology (or credit or market risk calibration) papers authored by a qualified actuary or a senior quantitative analyst and write a checking report.
- Assisting the lead author in drafting specific parts of a calibration paper or methodology paper. This may include some numeric analysis and impacts on EC.
- Testing new modelling tools developed by the internal modelling team and validating the features of the tool by performing detailed checks. Limitations of tools should be identified as well.
- Supporting the technical lead in selecting test scenarios that would be used to validate EC or SCR results.
3. Credit & Market Risk:
- Calibrating and maintaining Aviva’s credit risk models, which is used to calculate capital requirements.
- Regularly reviewing all market risk calibrations (and correlations) and re-calibrating where appropriate.
- Supporting the quarterly AIMS (“Aviva Investors Multi-Strategy Fund”) standard formula stresses and annual industry/regulatory surveys.
- Curve fit validation – Supporting the technical lead with the scenario analyses carried out to validate the EC model used to calculate the SCR results. Calculating EC model losses generated under the chosen test scenarios and reconcile against the results from individual business units (BUs) and check in aggregate.
- Data analysis – Assisting calibration of market risk factors by performing data analysis to propose the distribution to be used to model a market risk and derive stresses.
- Writing minutes of Expert Judgment panels, capturing the key justifications made by the experts during the panel to validate the methodology used, which were included in the final EC papers.
4. Internal Model Governance:
- Supporting the end-to-end process of ensuring that the existing approved Solvency UK Internal Model remains fit for purpose as well as ensuring we mitigate specific risks for all models held across Aviva globally.
- Dissemination of information and regular communications across the Global Actuarial Function and Global Aviva model owners.
- Maintaining accuracy of data on our internal systems and other SharePoint pages as required.
- Submission of the internal model change application to the Prudential Regulatory Authority (PRA) as well as support for the quarterly internal model change reports.
- Documenting discussions and meetings.
- Engaging regularly with colleagues across the Global functions and offshore teams.
- Producing and presenting regular numerical and graphical management information and circulating to relevant teams within the Group Risk and Actuarial Function.
- Supporting ad-hoc requests for the PRA.
5. Financial Risk
- Updating peer analysis spreadsheets and graphs.
- Producing peer analysis presentations and email updates.
- Help updating risk triggers and tolerances reporting spreadsheet.
- Extracting internal model results and manipulating for financial risk deep dive investigations.
- General update, refresh and tidy up of spreadsheets and slides.
- Keeping log of risk opinions.
- Updating Confluence page of risk tolerances and triggers thresholds.
6. Model Validation:
o Supporting the Model Validation team to deliver quality validation services across the Group in respect of models owned by the different BUs.
o Supporting the scoping, execution and reporting on validation activities for Aviva’s groupwide material models and also for the Solvency II Internal model.
o Involvement in interactions with relevant model owners throughout the validation process.
What will you bring?
· Strong undergraduate degree in a quantitative subject (mathematics/actuarial science/financial mathematics/engineering/physical sciences).
· Demonstrate capability to run internal IT systems in an auditable way.
· High numerical capability.
· Good written skills.
· Good Excel skills.
· Good coding skills.
· Proactive and hands-on approach, with good organisational and problem-solving skills and ability to deliver high quality results in a timely manner.
What will you get for this role?
· Salary c£27000 pro-rata.
· A holiday allowance in line with Adecco’s policy.
How long is the temporary role?
Successful candidates will be initially offered a six-month contract which will be extended (subject to sufficient workload and budget) c. six months at a time to a maximum of three years.
Aviva is for everyone:
At Aviva, we’re people with a purpose. To be with you today, for a better tomorrow.
We bring this to life by ensuring managing risk is at the heart of the way we all work. We love people who do the right thing for our customers, and our colleagues. We want people who speak up, who take ownership, and who make good decisions.
The way we do this is important too, we’re all about our people – that’s you – so we can be pretty flexible. If you want to work from home some of the time or change your hours so you can pick up your kids or care for someone in your family, we’re very open to that. In fact, we don’t advertise roles as either part or full time, because we know each person has different needs, just as each business area has different needs. So, it’s up to you to discuss working hours during your interview.
We care deeply about being inclusive and that means we encourage applications from people with diverse backgrounds and experiences. We want our employees to bring their whole self to work and that starts with you.
We’d love it if you could submit your application online. If you require an alternative method of applying, please email AFTAAP@aviva.com with your CV no later than Friday 8th November 2024.