Head of Model Validation
- M&G plc, as a major UK listed financial services provider is expected and required to validate the Internal Model under Solvency II, manage the risk on the models it uses, and be able to demonstrate how it complies with the PRA rulebook and SII requirements This role leads the Model Risk and Validation team for M&G plc reporting to the Prudential UK CRO. The Model Risk and Validation team perform independent validation of the SII Model and validate other critical models and User Developed Applications (UDA) of the firm. The team own the firm’s Model and UDA risk policy and manages the firm’s PRA compliance framework, providing expertise on Solvency II requirements and updating the framework for changing PRA requirements. As head of this team, this role involves presenting on findings to the plc and subsidiary Boards, gaining approval for the plan of validation activity and developing the policies and frameworks to a standard appropriate for a FTSE 100 regulated business.
Work Level Accountabilities:
- Critical role in translating strategy into implementation plans, influences and contributes to the strategy
- Ensures successful implementation of defined strategy
- Typically leaders of teams, or technical roles will lead the provision of advice across an area of expertise
- Balances competing requirements to deliver a balanced set of results, resolving significant or priority conflicts
- Addresses problems with broad reaching ramifications, with a need to manage different parts of complex systems and link to the broader picture
- Responsible for driving continuous improvement
- Drives incremental and transformational change in response to experience of market and customer needs, typically leads the delivery of major programmes of work
- Allocates resources optimally to deliver on strategy, prioritising conflicting resource demands, agendas and activities
Key Responsibilities for this role:
- To develop the overall model validation scope and plan, manging the costs of any external reviews commissioned.
- To act as the Subject Matter Expert on the Solvency II regulatory requirements, PRA rulebook and the frameworks used in assessing Model Risks and PRA compliance.
- To lead a team to deliver against the plan of activities, maintaining and developing the SII validation, Model Risk and PRA compliance frameworks, polices and standards to a level appropriate for a FTSE 100 regulated business and reflecting changes to the regulations.
- To consolidate results from model validation and present progress and findings to IMGOC, ERC, PAC and plc Boards.
- To maintain and amend the model validation scope and plan against a range of triggers events or changes within the business, supporting any Major Model Change Application.
- To collaborate with Chief Actuary on wider review of methodology and assumptions in respect of EC and SII internal models
- To work with areas across the business to help them understand and provide oversight over their model risks and help determine where responsibility for new PRA requirements should reside ensuring this is incorporated within the MetricStream our strategic Governance Risk Compliance solution.
- To work collaboratively with colleagues and take personal accountability to maintain and enhance controls you are responsible for to support improvement of the overall control environment, customers outcomes and a reduction in M&G plc's operational risk.
- Take an active lead in helping each person in your team perform to their best and understand how their work contributes to the achievement of business success
Key Knowledge, Skills & Experience:
- Detailed knowledge of risk frameworks, Solvency II, PRA rulebook and Model Risk.
- An ability to identify risks, provide strong and vocal oversight and challenge.
- Detailed knowledge of governance practices and risk culture monitoring and management
- Strong knowledge of life & pensions and savings & investment products, markets and competitors.
- Current and regularly updated knowledge of peer risk management practices and regulatory expectations to ensure continuous development of internal practices and thinking.
- Understanding of all regulatory requirements and standards which apply to the areas under your control and to you as an individual.
- Experience of writing board/committee papers and strategy documents.
- Track record of building close partnerships with senior stakeholders and being able to influence effectively, have challenging conversations and navigate associated organisation politics.
- Experience of reporting and influencing at executive or Board Committees.
- Strategic and innovative thinker, with an ability to think both broadly and deeply.
- An ability to react quickly and decisively to problems once identified.
- Ability to demonstrate the behaviours M&G asks for and able to lead others to live these behaviours.
- Relevant professional qualification
Work Level: Integration Leader
Recruiter Name: Tom Hunt
Closing Date: 28/02/2021