Senior Manager, Model Risk & Validation

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Group-wide Risk and Compliance function

The Risk, Compliance and Security function is a second line of defence oversight and control function which is responsible for overseeing the acceptance, ownership and management of financial and non-financial risks by the local business units (LBU). The Group-wide Risk and Compliance function is led by the Group Chief Risk and Compliance Officer in collaboration with the material subsidiary Chief Risk and Compliance Officers (CRCO) and local business unit (LBU) CRCO across the Group. The Group-wide Risk and Compliance function serves the business and the Group's Board, Risk and Audit Committees by providing advice and insight to support effective oversight of the Group's risks, compliance and security obligations.

The role holder will be part of the Model Risk and Model Validation team, traditionally this has been a Group team, responsible for developing and embedding the Model Risk Policy and providing independent assurance and validation of the accuracy and appropriateness of key models used across the Group. The wider team is also responsible for the independent validation of the internal capital model (used for Group Internal Economic Capital Assessment or GIECA) in line with the GWS requirements of the HK IA and to enable the Board to fulfil its responsibility.

The team's responsibilities are expanding, and will soon cover

• all model risk second-line oversight across the insurance and asset management entities.
• coordination of all the model validations across the insurance and asset management entities,

As part of this expansion there is a need to locate the team across multiple territories, making it easier to manage risks close to where it arises.

The role holder is expected to develop and maintain a continuous and significant interaction with a variety of stakeholders, including the Finance/Actuarial teams Group-wide Internal Audit, other functions that build and use models and external stakeholders (e.g. regulators and external auditors).

The role holder is expected to act as a model risk expert (or country manager) specifically for a number of Prudential's business units.

Principal responsibilities (Model Risk Role):

Reporting

• Contributing to the development and maintenance of the Group-wide Model Risk and UDA Policy.
• Supporting the review of validation of models and applications identified, used for a variety of purposes, including valuation and new business pricing.
• Contributing towards the monthly/quarterly model risk management information (MI) and papers for submission to local risk committees and Prudential plc's Board and Risk Committee.
• Assist with ongoing initiatives to enhance our data analytics capabilities with respect to model risk

Country management

• Acting as a primary point of contact and expertise for local Chief Risk Officer's model risk requirements within the country's managed.
• Act as a senior representative for the country management within the KL team
• Ensure model risk requirements are understood by model owners and provide necessary training to embed model risk culture into the country business activities assigned
• Lead the agenda for risk process improvements for the country assigned
• Escalate any instances of non-compliance or absent controls.
• Acting as representative at local technical committees in matters relating to model risk oversight.

Assurance

Assisting review of the quality assurance of model risk processes and controls within the country assigned. Whilst not initially an integral part of the role there will be the opportunity to become involved in wider model assurance and validations actvities. These activities are primarily of the actuarial cash flow models and the asset manager's risk and strategy models. However the promise of artificial intelligence creates new and interesting challenges in this area for this team.

Other

Prudential is a large insurance company operating in a range of markets. The opportunities to be involved in other activities exist and are encouraged.

Skills, knowledge and experience required:

• Qualified actuary with relevant level of experience and a life insurance or risk management background, including familiarity with current and developing insurance regulation that is relevant to the Group.
• Prior experience of model development or validation is preferable.
• Prior experience of working in the South Asian Market is preferable.
• Good understanding of local regulatory and accounting regime in Asia is preferrable
• Good understanding of the components of an insurance balance sheet, the financial and non financial risks to which insurers are exposed and how they are modelled.
• Good understanding of economic valuation techniques as well as capital calculations.
• Good understanding of the key features of life insurance products and the types of risks associated with them. An international perspective on products and market characteristics would be an advantage.
• Prior experience of stakeholder management is preferred.
• An analytical mind-set with strong statistical/problem solving skills.

Core competencies required:

• Strong documentation and verbal communication skills, both to technical and non-technical audiences.
• Strong stakeholder engagement and communication skills.
• Highly motivated and able to work independently at times.
• Ability to provide challenge while being commercially orientated and pragmatic.
• A team player and flexible to adapt to a fluid environment.
• Ability to communicate with confidence to stakeholders, both at the Group and Business Unit levels.
• There may be a requirement to travel regionally and globally as needed.

Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time / fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.