Head of Internal Model Design

Job Summary

Accountable for implementing the internal model (IM) change agenda, including development of minor and major model change proposals, to support strong commercial outcomes and strategic business decisions for Canada Life UK. Responsible for integrating the use of the model in strategic areas such as investments, ALM, pricing, reinsurance, and risk management.

Responsibilities

• Lead the development and optimisation of the internal model.
• Provide strong commercial support and strategic guidance for the organization.
• Integrate the internal model into business decisions in areas such as investments, ALM, pricing, reinsurance, and risk management.
• Drive innovation to improve the efficiency and effectiveness of the internal model.
• Operate the internal model and maintain its ongoing appropriateness.
• Own the internal model’s methodology and change program, including the harmonisation of the PIM, enhanced PIM or full internal model development, matching adjustment under stress, stochastic aggregation, and proxy modelling.
• Lead internal and external stakeholder management, ensuring clear understanding of the model’s use and maintaining strong regulatory engagement.
• Communicate effectively in oral and written form with internal stakeholders, senior executives, relevant boards, and the Prudential Regulatory Authority.
• Obtain regulatory approval for all major internal model changes, including new asset class additions.
• Build and motivate a high‑performing team, providing direction, guidance, and coaching for continuous improvement.
• Maintain a robust external network with other financial institutions, consultancies, and professionals.

Desired Skills

• Hands‑on internal model development experience, including Credit MMC experience.
• Strong engagement experience with the PRA.
• Proficiency in Python programming and prototyping.
• Experience with matching adjustment under stress, credit risk modelling, and stochastic aggregation frameworks.

Qualifications

• In‑depth knowledge of internal models and a proven track record of driving change, innovation, and optimisation.
• Experience developing internal model components from scratch and obtaining regulatory approval.
• Proven prototyping capability.
• Excellent technical skills with specialist knowledge of Solvency II, Credit Risk & MAUS, and aggregation techniques for internal models.
• Strong project‑management skills and ability to manage multiple priorities.
• Strong commercial outlook and ability to apply technical expertise to analyse risk and capital information commercially.
• Excellent written and verbal communication skills, with a clear and articulate style suitable for senior management.
• Strong influencing skills, having engaged senior management and regulators to achieve desired outcomes.
• Strong interpersonal and networking skills, with the ability to maintain a variety of relationships.
• Track record of delivering under tight time pressure.
• Self‑motivated, well‑organised, pragmatic, and able to work independently.
• Qualified Actuary with current IFoA membership.

Benefits of working at Canada Life

Competitive salary and comprehensive reward package, including a generous pension and bonus scheme, income protection, private medical insurance, and life assurance. Regular personal and professional development opportunities are also provided.

Flexible Working

Flexible working arrangements, including part‑time, are available and can be discussed for any role.

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