Internal Model Review – Life / Financial Senior Analyst
2 days ago
Madrid
Whatever their stage of life, we provide over 108 million customers with the products and services they need to progress. From insurance to personal protection, and savings to wealth management, no matter the need we’re always there for them. And we’re always there for our employees. In 50 countries, we work hard to inspire pride and a sense of belonging in our people. To provide opportunities that challenge them, inspire them, and reward them. And to create a culture that’s open, supportive, and empowering. Because we know that’s the real secret to success – and the best way for us to keep building a better world for both our customers and the talented people who put them first. Your work environment Within GIE AXA, Internal Model Review (IMR) team is part of Group Risk Management. The team was created to provide an independent opinion to the regulator and to the board of directors on the compliance and consistency of our Internal Model with Solvency II directives. IMR has the following objectives: • Provide the AXA Group’s top management with an appropriate level of comfort on the quality and the adequacy of the risk’s models used by the Group and by the local entities to assess the required capital., • Ensure the robustness and the consistency of the methodologies, processes and tools used across the Group for the risks assessment., • Contribute to the improvement of the models and risks metrics by tracking potential errors and sharing best practices. The IMR team is structured in different areas: • Assets & ALM model standards, Market & Credit Risks,, • Liabilities standards, Best Estimates and Life Risks,, • P&C Risks,, • Operational Risks,, • IFRS17. Historically, the IMR team was only focused on the local entities. Recently, the scope of the team was extended to also cover the models run and developed at Group level. This recruitment takes place in the context of this extension of the missions of the team. Don´t lose this opportunity to join a team that keeps growing, with a large diversity of topics. Your Mission: As part of the IMR team, the candidate will lead some of the in-depth reviews of the Internal Model, focusing on the first two areas listed above (financial risks and L&S technical risks). These reviews can take place both in the local entities and at Group level (in case of models developed and run by central teams), with more focus on the Group reviews given the recent creation of this activity. The candidate will be responsible for performing detailed analysis on the Internal Model, focusing on the modelling choices/approaches, the appropriateness of the codes, the assumptions/calibrations, and the results. Key accountabilities: • Develop a methodology to review the Group´s models, with a similar approach to what is done currently with the local entities., • Review the Life and Financial risks (Market/Credit), as well as the aggregation of the various components. Analysis of the scope, the calibrations, and the application of the shocks, with a particular focus on the models developed and run at Group level., • Analyse the BEL calculations of the Life business, including assets/liabilities projections, ALM interactions, best estimate assumptions., • Review of the codes of the models and challenge of the modelling approaches., • Conduct technical meetings with the experts from the Group and from the local entities and deploy the testing procedures., • Write technical reports summarizing the main deficiencies and areas of improvement identified and present the conclusions to the risk owners and to the top management., • Ensure the appropriate implementation of the remediation plans and the model changes, both at local and Group levels., • Participate to the governance around the validation of the Internal Model (S2 committees, STEC working groups, experts’ communities, technical workshops, etc). Qualifications: Education: • Degree in financial mathematics, engineering, statistics and/or actuarial sciences (ideally with an IT component around the analysis of codes/algorithms) Experience: • Minimum 3-4 years in an investment / actuarial or risk management department or actuarial consulting., • Experience with programming languages as developer notably with Python and R. Knowledge of other programming languages such as VBA and C is desirable., • Experience with Dynamic Financial Analysis (DFA) models is appreciated., • Good knowledge of Solvency 2 principles, • Insurance accounting and regulatory frameworks, • Risk neutral environment applied to Solvency 2, • Risks identification and risks measurement processes, • Eligible Own Funds (EOF) and Solvency Capital Requirements (SCR), • Ideally, exposure to Internal Models at AXA or in other insurance Groups, • Good knowledge of the life & financial models: (We understand that the candidate's expertise may be more balanced between life and technical or financial risks, but we are looking for a profile that is as transversal as possible, with a willingness to learn and work in both areas): • Life business valuation techniques, including DFA tools (e.g. ALM models, Moses/Risk Agility, Prophet, Sunrise, etc.), • Life risks & Financial risks assessment (Lee-Carter for longevity, CAT mortality & pandemic models, Monte Carlo simulations, replicating portfolios, credit risks tools, etc), • IT related skills, if possible: analysis of codes, detection of errors in the models. Soft skills: • Multicultural mindset and ability to work in transversal multinational team., • Pro-active and autonomous., • Ability to conduct interviews in English., • Capacity to challenge experts from the Group central teams and from the local entities to ensure the robustness of the models and the correct application of the standards / guidelines., • Capacity to write in English detailed reports, and/or to summarize findings/recommendations., • Good analytics and formalization skills., • Appetite for short time travels throughout the AXA Group. About the Entity: The headquarters of the AXA Group (GIE AXA) brings together our corporate activities. It provides guidance and support to subsidiaries around the world, to ensure the coordination and monitoring of the Group's global strategy, the application of its standards, the consistency of commercial approaches and the sharing of best practices. The headquarters gathers approximately 1000 employees and is distinguished by its strong international culture (45 nationalities), which makes it a rich and stimulating place to work. Are you ready to be part of a high-calibre, multidisciplinary team at AXA GRM, with a global presence in Paris, Zürich, and Madrid? What We Offer You will join: • A responsible company, towards people, including its employees and customers, and towards the planet., • A company with strong values, • A company promoting internal mobility and the training of its employees., • A company offering many benefits (learn more here: ___), • A flexible company, allowing hybrid work, in the office and from home. At AXA we actively promote Diversity and Inclusion by offering equal opportunities. Possession of a Disability certificate will be positively valued. What are you waiting for? Join the AXA family and contribute to the progress of society!
