Risk Review Actuary

Together, we engage with everything we have and are, to help humankind act braver and better.

About UK Life Branch:

With the office in Munich, it forms the Life 1 division of Munich Re. The UK life market is one of the, if not the, most competitive life markets in the world. We understand that Life insurers work in a dynamic market where medical progress, demographic trends and changing lifestyles are constantly giving rise to new risk landscapes. This demanding situation is made even more challenging by changing laws and regulations and ever tougher competition. So, we need a smart strategy and structure in order to succeed.

At UK & Ireland Life we have three pillars to our business strategy, protection, longevity and reinsurance structuring. All three are key to the success of our business so it is important to look at the big picture.
In terms of clients, we trust them as experts of their business and provide them with the financial strength of the world’s largest reinsurer, global expertise, and sharp pricing so that they are both competitive and profitable.

About the role: The Risk Review Actuary works in the UK Risk Management team alongside the UK CRO and Munich central functions to strengthen the UK Branch and broader LH1 Region’s Actuarial and Enterprise Risk Management capabilities, striking the correct balance between risk and commercial considerations.

In addition to this they will support the ongoing production of Regulatory Reports required to the PRA and FCA as the UK Branch is a Third Country Branch, post-Brexit.

The UK Branch consists of two internal branches. The UK Life Branch (UKLB) which encompasses all Protection, Longevity, Health and Structured Re reinsurance markets in the UK & Ireland. The UK General Branch (UKGB) which encompasses Non-Life run-off business.

Key Responsibilities:

Actuarial Risk Management

• Review of large and complex transactions, especially with respect to financial, operational, legal and reputational risk, in line with the agreed risk appetite, providing risk sign off in place of the CRO.
• Provide impartial advice and challenge to UK CEO and other senior stakeholders.
• Review changes to pricing bases, product designs and pricing tools.
• Work independently or collaboratively with wider LH1 Risk Management on projects, reviews and reporting.
• Develop and report on the strategic risk outlook for the LH1 Region to support business steering.

Risk and Capital Regulatory Reporting

• Contribute to the UK Branch annual ORSA process working closely with local teams and Munich central functions.
• Liaising with all relevant regulatory bodies in the UK, creating a highly credible reputation and strong, collaborative relationship.
• Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules.

Enterprise Risk Management

• Risk reporting to UK CRO, UK ExCo, LH1 Management and Munich central functions.
• Monitor and report on the run-off Non-Life book of business.
• Delivery of the operational risk management framework.
• Review and assessment of other risk types e.g. market, credit, reputation, concentration, liquidity, strategic etc.
• Internal business governance activity within the UK Branch.

General Risk Management

• Support the UK Branch to write and maintain profitable commercial business and innovation initiatives, in line with the business strategy and risk appetite, acting as a Business/Risk Partner.
• Promote Risk Management principles, develop the UK Branch risk strategy, and communicate and raise awareness of Risk Management within the UK Branch and across the wider region.
• Develop the UK Branch risk strategy and appetite including product limits, striking the balance between Risk and Commercial demands.
• Periodically represent risk management in special initiatives (e.g. product developments and business improvements) offering guidance and challenge.
• Maintain and improve the UK Branch risk management framework, policies, culture and processes.
• Be a point of reference for the business for guidelines and control processes.
• Proactively seek out efficiencies in the Risk Management process to enable business growth.
• Provide guidance and mentoring for more junior members of Risk Management team.

Competencies:

Drives results – you consistently achieve results even under tough circumstances, with the organisation’s performance in the front of your mind.

Decision quality – you make good and timely decisions to keep things moving, using analysis, experience and judgement.

Customer focus – you build and maintain strong customer relationships, paying attention to their needs and adapting as this evolves.

Business insight – you are able to apply your knowledge of the business and the market to advance your business’ and wider organisation’s goals.

Cultivates innovation – you create new and better ways for Munich Re to be successful e.g. generating ideas, improving operational processes, harnessing new technology etc.

Persuades – you use compelling arguments to gain the support, buy-in and commitment of others.

Manages ambiguity – you continue to operate effectively even when things are uncertain and the way forward is unclear.

Courage – you are not afraid to step up to address difficult issues, saying what you believe needs to be said. You are willing to challenge the status quo, recognising opportunities to do so.

Key Skills & Experience:

Essential

At least basic knowledge and experience of the following areas:

• Actuarial and Enterprise Risk Management methodologies and frameworks
• Life pricing experience, in particular areas of Protection, Longevity and Structured Re deal pricing
• Confidence and diplomacy to challenge peers and manage upwards
• Effectively dealing with senior stakeholders
• Ability to build an understanding of internal and external client strategy and needs
• Experience delivering projects

Desirable

• Significant experience in the UK insurance market, preferably in reinsurance, risk management or consulting
• Experience in the UK protection market with a strong understanding of the key products and features
• UK regulatory risk and capital reporting requirements, Solvency II Standard Formula and Internal Model methodologies

Qualifications and Educational Requirements:

Essential:

• University graduate or equivalent; qualified actuary

Desirable:

• A postgraduate qualification in insurance or risk management (e.g. CERA)

You are seen as an expert in your field and will be the ‘go to’ person for your area of specialism within Munich Re. You will be seen as a role model/mentor to others – identifying opportunities to share your knowledge with others.

You will demonstrate and role model inclusive behaviour and encourage your colleagues to play an active role in creating an inclusive culture as well.

You will treat your colleagues and sales and business partners fairly and with respect.

Regulatory & Conduct Requirements:

In addition to the responsibilities set out above, the risk management function is also responsible for:

• Liaising with all relevant regulatory bodies in the UK, creating a highly credible reputation and strong, collaborative relationship
• Ensuring compliance with Munich Re’s Code of Conduct and the FCA Conduct Rules

Benefits

You will be rewarded with a great compensation package, on target bonus, 25 days annual leave with the option to purchase more along with private medical insurance and employers' contributory pension of 10%

About us

You will work in an environment where we think big: Change and culture are continuously role-modelled. We create and articulate a compelling and ambitious shared purpose, vision and direction. We pave the way towards success and see failure as learning

You are going to experience that we care & dare: We are empathetic. We know when to lead and know when to let others lead. We attract, grow and coach future leaders

We communicate in a clear & authentic way: We interact with a positive and humble spirit. We solicit feedback, ask and listen, learn and unlearn

You will grow with your clients: Whatever our role, we support business, in an efficient and effective way, to create value for our clients. We embrace new ways of working using digitalisation to deliver solutions

We lead the We: We have a passion for winning and growing as a team. We inspire people to be capable of joint performance. We create an inclusive environment where different thoughts, generations, cultures and experiences are valued and encouraged

Munich Re is an equal opportunity employer. We celebrate diversity and are committed to creating an inclusive environment for all our employees.