Validation Manager

Job title:

Validation Manager

Company

IQUW

Job description

Overview:Job DescriptionModel Validation ManagerGrade: 3
Reporting to: Head of Risk Analytics
Location: LondonAbout usIQUW is a speciality (re)insurer at Lloyd’s (Syndicate 1856) underwriting a diverse range of Property, Commercial and Speciality (re)insurance products from Cargo and Marine to Political Violence, Terror and War. We combine data, intelligent automation, and human expertise to make smart decisions, fast.ERS is the UK’s largest specialist motor insurer with an A+ rating. We recognise that for some, motor insurance is more than just a must-have; it’s a way of taking care of what stands at the heart of their passion or livelihood. For those people, standard insurance isn’t enough. That’s why we work exclusively with motor insurance brokers to help get under the skin of the most difficult insurance risks, helping build products to meet their customer’s needs.The roleThe role sits within the Risk Analytics function, which is tasked with providing high quality technical insights across the Group by:

• Supporting the Executive Committee to develop analytically driven decision making, particularly for its strategic initiatives;
• Providing value-adding analytical challenge and insight into quantitative areas of the business; and
• Enabling the Group Chief Risk Officer to discharge their responsibilities to the Board.

The team is growing, and this role is newly created to primarily focus on model validation activities across the Group demonstrating IQUW’s commitment to high model standards across the Group. The Risk Analytics function performs the Internal Model Validation, and the role holder will lead this work.The role holder is also expected to support on the provisions of risk opinions on key business decisions and processes, such as strategy, business planning, outwards reinsurance, and potential future M&A. The role holder will therefore have exposure across the business at all levels of seniority.During the business cycle a series of deep dives are set by the Head of Risk Analytics and the Board level Risk & Compliance Committee. The role holder is expected to contribute and lead the completion of these reviews to provide tangible recommendations.This role is wide-ranging and candidates are not expected to have extensive experience with every aspect. IQUW are therefore welcoming applications from varied backgrounds.Key responsibilitiesThe role will be varied and inevitably areas of focus will shift over time dependent on current business needs and the external risk environment. The core responsibilities of the role are described below:Model Risk Management & Capital Model Validation

• Develop model validation framework and model risk standards.
• Develop and execute the three-year deep dive review schedule.
• Design, manage and document test scripts, testing criteria, and subsequent execution of the testing during the main validation cycle.
• Following training, operate the syndicate capital models as part of the independent testing.
• Manage various stakeholder interactions and providing timely and robust model assurance.
• Manage findings and resulting actions following testing activities.
• Manage relationships with external stakeholders

Quantitative Risk Management

• Develop the stress, scenario and sensitivity testing framework and wider business processes.
• Support and monitor the quantitative risk appetite framework.
• Assist the Head of Risk Analytics with management reporting on quantitative risk.

Team & Company values

• Champions the company values and works in accordance with the organisational behaviours.
• Takes responsibility for their own learning and development.
• Actively contributes to the Risk team culture of high performance and inclusivity.
• Building relationships on behalf of Risk with key stakeholders such as members of the Actuarial, Underwriting, Finance, and Investment teams.

Other DutiesThe above duties and responsibilities are not an exhaustive list, and you may be required to undertake any other reasonable duties compatible with your experience and competencies. This description may be varied from time to time to reflect changing business requirements.Qualifications, skills, and experience

• Experience in the non-life insurance market and/or risk management in a quantitative or actuarial role, preferably in capital modelling or model validation.
• Actuarial skillset highly desirable, with consulting experience a benefit.
• Integrity and accountability.
• Ability to analyse and interpret detailed financial information, including capital model output.
• Ability to develop and maintain effective working relationships, particularly as a core aspect of the role will be to challenge senior members of the organisation.
• Exceptional communication skills, both oral and written, in particular being able to articulate complex technical topics to a non-specialist audience.
• Strong organisational and problem solving skills. Adaptable and willing to learn independently.

• Programming skills, and/or knowledge of capital modelling software is desirable.

Expected salary

Location

London

Job date

Sun, 09 Feb 2025 08:52:39 GMT

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