Associate Actuarial Director, Modelling

Operational Effectiveness & Control

• Ensure appropriate governance and controls around model development and maintenance.
• Uphold HSBC internal controls and standards, through compliance with Model Risk Policy, IFIM (Insurance Functional Instruction Manual) and other FIMs where applicable.
• Usage and adaptation of a suitable central mechanism to track business requests and progress against the model development schedule.

Major Challenges

• Ability to work analytically and innovatively
• Ability to meet tight deadlines, in an evolving business and regulatory context
• Ability to communicate actuarial issues with non-technical stakeholders
• Keep up-to-date on the latest developments in modelling, actuarial techniques, financial reporting, auditing requirements, and relevant regulation
• Continuous review on process and workflow to enhance efficiency and control
• To exhibit strong project management skills and take personal accountability for deliverables

Role Context

• Technical competence and independent judgment is important for this position since it is expected that the jobholder can work with minimal supervision.
• The jobholder will be given freedom to make decisions within their comfort zone. While they are encouraged to deal with all issues arising from the normal course of work independently, their line manager and other senior members of the team will provide necessary support and guidance.
• The jobholder will have strong knowledge of the life insurance industry and products, through exam progress and meaningful work experience. The ideal candidate would be able to demonstrate sound knowledge of modelling required to report solvency (e.g. Solvency II or HK-RBC) and financial performance (IFRS4 and IFRS17). Knowledge and experience of with-profits and participating product designs are essential. Knowledge of the regulatory environment and economic conditions in Hong Kong and the region would be beneficial.
• The jobholder will exhibit high professional and ethical standards, strong problem-solving skills, business sense and strong communication skills.

Management & Leadership of Regulatory, Compliance & Operational Risk

• Understand and adhere to both the letter and the spirit of all laws, regulations and regulatory guidance that apply to this role, promptly reporting any breaches in accordance with local procedures.
• Maintain sufficient and effective processes and controls identifying and mitigating risks and ensure timely escalation and resolution of all control issues and reputation risks.
• Ensure adherence to applicable Global, regional and country standards and policies (including GSM, FIMs, and BIMs).
• Ensure 100% completion of mandatory training.
• Treat customers fairly and with integrity.

The role holder will have core knowledge and understanding of relevant regulatory requirements impacting actuarial work.

The role holder will also continually reassess the operational risks associated with the role and inherent in the business, taking account of changing economic or market conditions, legal and regulatory requirements, operating procedures and practices, management restructurings, and the impact of new technology.

This will be achieved by ensuring all actions take account of the likelihood of operational risk occurring.

Observation of Internal Controls

The role holder will also adhere to and be able to demonstrate adherence to internal controls and policy. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators.

The role holder will implement the Group compliance policy by containing compliance risk in liaison with Global Head of Compliance, Global Compliance Officer, Area Compliance Officer or Local Compliance Officer. The term ‘compliance’ embraces all relevant financial services laws, rules and codes with which the business has to comply.

This will be achieved by adhering to all relevant processes/procedures and by liaising with Compliance department about new business initiatives at the earliest opportunity. Also and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture, and optimizing relations with regulators.

Also by addressing any areas of concern in conjunction with line management and/or the appropriate department.

Role Dimensions

• ACE is a Group Actuarial team that provides high-quality actuarial services to Group Insurance and Local Insurance entities. The role supports several global insurance manufacturers including but not limited to Hong Kong, Singapore and Malta; who account for over 90% of the Insurance Business within the group.   
• The team is currently c30 FTE with 4 mangers reporting directly to the Head of ACE. The team is due to expand in 2022 when it takes on specific responsibility for centralized IFRS17 models

Over time, ACE will extend support to other insurance manufacturing entities in the group, as per agreed resource strategy.