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Be your best at Canada Life.
We are looking for an AVP, Corporate Actuarial
Given the size and scope of our organization, we have the flexibility for this position to be located in the following head office locations: London (preferred),Toronto, Winnipeg.
The Corporate Actuarial Team plays a central role in the actuarial function for Lifeco. The team leads the analysis of the robustness of the Company’s financial condition through the Financial Condition Testing (FCT) process, and the peer review of actuarial processes across Lifeco operations. The team also supports the Appointed Actuary in the review of the valuation of insurance contract liabilities, and the operation participating accounts, as required under the Insurance Companies Act in Canada.
Corporate Actuarial provides actuaries with exciting opportunities that include exposure to the full breadth of Lifeco’s global operations. It presents team members with the opportunity to work with a wide range of diverse stakeholders, hone their technical actuarial skills and develop collaborative partnerships across business segments and functions.
Reporting to the VP, Corporate Actuary this role will provide opportunity to expand & enhance the incumbents scope of impact & influence in the global organization. Supporting the accountabilities of the Appointed Actuary, the Corporate Actuarial Team’s work continuously evolves in response to advances in actuarial techniques, new actuarial standards and guidance, new accounting standards (IFRS 17), developments in Lifeco’s insurance business and advances in technology.
Key Functional Accountabilities of the AVP, Corporate Actuarial:
The key functional accountabilities of the role are outlined below.
1) Lead the assessment of the Company’s financial condition through the FCT stress-testing process
- Develop integrated scenarios which stress test key insurance and financial risks of Canada Life, considering emerging trends and best practice in the industry, in collaboration with the risk function
- Lead the Corporate Actuarial team in engaging with the regional actuarial teams on the extensive analysis of results at the Canada Life level, identifying key trends and insights from the financial conditions testing, and preparations of the reports for the Board
- Ensure continuous process improvement, which incorporates feedback from regional counterparts, senior stakeholders, and external peer reviewer, and evolve the FCT process to incorporate changes in Canada Life’s business and in the regulatory environment
2) Lead the Internal Peer Review (IPR) Function
- Lead the internal peer review function, which reviews key areas of actuarial work
- Work with the senior actuarial stakeholders to set the agenda for internal peer reviews each year
- Provide technical training to actuarial staff performing peer reviews to ensure maximum value added
- Develop and maintain IPR guidance to ensure consistent high-quality peer reviews to drive best practices and actively engage with regions to ensure open IPR findings are addressed
- Collaborate with oversight counterparts in Model Validation and Internal Audit
3) Support the Appointed Actuary in review of the valuation of policy liabilities through assumption setting reviews across Lifeco
- Review assumptions for alignment with corporate guidelines, and for consistency of approach across regions; share learnings across regions, where relevant
- Collaborate with regional counterparts, identifying key areas of actuarial judgement
4) Support for the Appointed Actuary in the review on the Participating Funds and Adjustable Policies, including annual opinions on fairness
- Support the completion of required reviews as assigned for Canadian participating policyholders including dividend policy, annual dividend recommendations, and oversight on the operation of the Canadian participating funds
- Support the review of the Canadian adjustable policies, which supports the process of preparing the fairness opinion
5) People Leadership:
- Provides leadership to all direct reporting leaders and team members
- Supports their direct reports in managing the plans, and prioritizing activities
- Supports individual professional and career development of team members through technical and professional support of the team, and creation of their own individual development plans
- Collaborate with VP, Corporate Actuary and AVP, Corporate Actuarial to ensure the team is supported through new regulatory, system and process changes, with both the necessary knowledge and skills
Qualifications and Competencies:
- FSA/FCIA, We are seeking an actuary for this role who is a fellow of the Canadian Institute of Actuaries (or equivalent actuarial association) and has 7+ years post-qualification experience
- The AVP, Corporate Actuarial will be leading the internal peer review team, which is a key role in actuarial oversight, and so will need to have strong technical actuarial skills with specific experience in valuation or pricing
- Furthermore, we are seeking candidates who can lead and build collaborative partnerships across the global and regional actuarial teams, as well as with other functions
Be your best at Canada Life- Apply today
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