Actuarial Audit Manager – Models

LLoyds Banking Group
End Date
Tuesday 27 June 2023

Salary Range
£87,750 – £97,500

We support agile working – click here for more information on agile working options.

Agile Working Options
Hybrid Working

Job Description Summary
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Job Description

JOB TITLE: Actuarial Audit Manager – Models

SALARY: £76,428 – £90,280

LOCATION(S): London, Edinburgh, Bristol

HOURS: Full Time

WORKING PATTERN: Our work style is hybrid, which involves spending at least two days per week, or 40% of our time, at one of our office sites

The role of Actuarial Audit Manager provides an excellent opportunity to join the Models Audit team, part of Group Audit. You’ll work within a leading audit function and gain exposure to a wide range of risk modelling, capital assessment and other actuarial techniques across our insurance and banking businesses.

About this opportunity

You’ll use your expertise and your professional qualification (FFA/FIA) to support the delivery of the audit plan by implementing risk-based audits. Through this you’ll harness a deep understanding of business priorities, controls and risks to provide reliable, independent assurance and agree management actions to enhance the control framework.

What you’ll be doing:

• Lead and deliver on complex audits of high quality, independent assurance and agree management actions to enhance the control framework to agreed plan.
• Establish and build relationships with stakeholders to educate the business in the control framework and influence business processes and required actions to deliver control improvements.
• Work collaboratively across the risk / business audit matrix to develop an understanding of business priorities and risk appetite relevant to assigned Audits, identify key controls and evaluate their design effectiveness requiring only light supervision.
• Define, propose and complete testing of key controls for assigned Audits to evaluate their operational effectiveness requiring only light supervision.
• Highlight any control deficiencies for assigned Audits and draft issues and actions for inclusion in Draft Reports.
• Deliver Audits within agreed timescales, through collaboration with other colleagues keeping Portfolio Leads (PL) updated on progress and escalating issues and concerns promptly.
• Apply the Group Audit methodology and standards to identify and deliver high quality findings and robust supporting files.
• Ensure management actions address the root cause of findings, all findings are reported, followed up and management proposals to close are credible and fully supported by evidence ahead of recommending closure to the PL/Head of.
• Co-ordinate production and collation of team MI and status reports; take ownership for delivering team related activities ensuring the right level of quality is achieved and escalate as appropriate.
• Embrace continuous improvement through supporting change initiatives.
• Motivate, develop and collaborate within own team and across the wider function to drive higher performance and sustained results.

Why Lloyds Banking Group?

We re on an exciting journey to transform our Group and the way we re shaping finance for good. We re focusing on the future, investing in our technologies, workplaces, and colleagues to make our Group a great place for everyone. Including you.

What we need from you:

You’ll ideally be a qualified actuary or similarly technically strong. An important part of the role is to review, challenge and identify areas of improvements. You will therefore be comfortable understanding the underlying methodologies and assumptions of models and their development and use.

As well as these technical requirements, it is key that you also possess good proven track record of delivery. Excellent analytical, presentational, report writing, and communication skills are essential.

You will have an interest in and a wider appreciation of the business context of models and stress testing across insurance and banking and be able to demonstrate a high level of commercial awareness. You will possess an ability to quickly understand the practical business requirements of models and be able to pick up new or varied techniques beyond their experience to date.

You must have a knowledge of all or some of the following

• Knowledge of the generic elements of a model life cycle, and their associated risks;
• Effective model risk management and governance;
• Actuarial and Insurance modelling, including reserving pricing, stress testing, capital and insurance risk modelling;
• Statistical analysis and qualitative techniques for developing and validating models;
• Credit risk modelling, regression based models, retail credit risk scorecards, Capital Requirements thereof (PD, LGD & EAD), credit provision modelling techniques;
• Capital modelling and optimisation;
• Capital management frameworks and regulatory capital treatments;
• Stress testing and scenario analysis, including qualitative and quantitative techniques for firm wide stress testing, and knowledge of econometric modelling and forecasting;
• Asset liability management;

About working for us

Our focus is to ensure we’re inclusive every day, building an organisation that reflects modern society and celebrates diversity in all its forms. We want our people to feel that they belong and can be their best, regardless of background, identity or culture. We were one of the first major organisations to set goals on diversity in senior roles, create a menopause health package, and a dedicated Working with Cancer initiative. And it s why we especially welcome applications from under-represented groups. We re disability confident. So if you d like reasonable adjustments to be made to our recruitment processes, just let us know.

We also offer a wide-ranging benefits package, which includes:

• A generous pension contribution of up to 15%

• An annual performance-related bonus

• Share schemes including free shares

• Benefits you can adapt to your lifestyle, such as

discounted shopping

• 30 days holiday, with bank holidays on top

• A range of wellbeing initiatives and generous parental leave policies

If you re excited by the thought of becoming part of our team, get in touch. We d love to hear from you.

At Lloyds Banking Group, we’re driven by a clear purpose; to help Britain prosper. Across the Group, our colleagues are focused on making a difference to customers, businesses and communities. With us you’ll have a key role to play in shaping the financial services of the future, whilst the scale and reach of our Group means you’ll have many opportunities to learn, grow and develop.

We keep your data safe. So, we’ll only ever ask you to provide confidential or sensitive information once you have formally been invited along to an interview or accepted a verbal offer to join us which is when we run our background checks. We’ll always explain what we need and why, with any request coming from a trusted Lloyds Banking Group person.

We’re focused on creating a values-led culture and are committed to building a workforce which reflects the diversity of the customers and communities we serve. Together we re building a truly inclusive workplace where all of our colleagues have the opportunity to make a real difference.