IMAP Lead – Solvency II – Life recruitment

IMAP Lead - Solvency II - Life

One of the largest Insurance companies in the UK market requires an IMAP Lead to prepare and develop a detailed Internal Model Application Process (IMAP) Submission for approval within the Group; ensuring the Submission is in line with the Solvency II regulations, is approved by FSA and then meets the ongoing regulatory requirements. Reporting to the Group Internal Model Director, the IMAP Submission Lead will update the IMAP Submission in line with the regulations and incorporate our commercial needs.

Principal Accountabilities

- Provide high quality technical and analytical support to the Group Internal Model Director assessing and monitoring current and proposed regulations and potential Group-wide regulatory issues.

- Design and develop an IMAP Submission preparing a document which will be presented to the Group Risk Committee/Group Board

- Act as the subject matter lead for the IMAP Submission project, ensuring that the Application being delivered will obtain FSA approval in 2012. This will involve:

·Engagement with the FSA as required to achieve FSA approval of the Group Internal Model
·Completing definitions of the actual processes, responsibilities and reporting as required to prepare a complete, accurate and appropriate IMAP Submission for the Group.

- Co-ordinate the IMAP Submission inputs to ensure delivery of a high quality document to deliver the approved Submission before 30th November 2012.

- Work with technical staff to produce a complete and comprehensive IMAP Submission which accurately describes the Group's operational environment and meets the prerequisite requirements of a successful IMAP Submission.

- Interpret the regulations and provide all necessary updates to the Internal Model Governance Policy, the Internal Model Change Policy, Data Management Policy, Materiality Standards, Aggregation and Attribution Policy, Calibration Standards, Profit and Loss Attribution Standards and Statistical Quality Standards as required for inclusion in the IMAP Submission.

- Incorporate the current systems, controls and governance structure of the group into a complete IMAP Submission.

- Manage project and operational staff across Pillars 1 and 2 as required to achieve the above accountabilities.

- Incorporate the Group's Solvency II solution design and technological architecture into the Group's IMAP Submission as and when required.

Skills, Knowledge and Experience required

Understand the implications of changes to each of the model's assumptions and drivers (e.g. risk factors (covering insurance (actuarial) risks, market risks, credit risks, operational risks and liquidity risks), projections, what if scenarios, etc).

Ability to prepare clear and concise text across Pillars 1,2 and 3 outlining the existence of processes, controls and information to support the Group's Internal Model Application.

Project oriented with a delivery focused approach to meet strict regulatory milestones.

Credibility to influence business leaders and to educate a wider user group on the Group Internal Model, Internal Model Governance Policy, the Internal Model Change Policy, Data Management Policy, Materiality Standards, Aggregation and Attribution Policy, Calibration Standards, Profit and Loss Attribution Standards and Statistical Quality Standards and other Internal Model related risk management policies in application.

Please submit your CV to be considered for this role.