Head of Model Validation

Our purpose is to give everyone real confidence to put their money to work. With a heritage dating back more than 175 years, we have a long history of innovation in savings and investments, combining asset management and insurance expertise to offer a wide range of solutions.

Our two distinct operating segments, Asset Management and Life, work together to provide access to balanced, long-term investment and savings solutions.

Through telling it like it is, owning it now, and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.

We will consider flexible working arrangements for any of our roles and also offer work place accommodations to ensure you have what you need to effectively deliver in your role.

The M&G plc Risk and Compliance function:

• Assists the Board to formulate, implement and monitor adherence to the Risk Appetite and Limit framework, risk management plans, risk policies, risk reporting and risk identification processes. Provides guidance, tools and technology and reviews and assesses the risk taking activities of, the first line of defence, where appropriate challenging the actions being taken to manage and control risks; and,provides the Board with an aggregate view of M&G plc’s risk profile and supports them in identifying and assessing key and emerging risks which threaten the achievement of M&G plc’s objectives.
  
  The M&G Life team is responsible for oversight of risks within M&G Life.
• The Model Validation team support the business in managing model risk across the group through the independent validation of both the Solvency II Internal Model and other critical Models and User Developed Applications (MUDA) within the business, including pricing models and operational risk modelling. The team also has responsibility of the company Solvency compliance framework, ensuring the business adheres to the relevant regulatory requirements including any new requirements issued by the PRA.
• The Manager role will provide the opportunity to validate both the Internal Model and wider models used within M&G plc, interpret and support the business in understanding and adhering to the various regulations and produce and present papers for senior committees.

• To set the internal model validation scope and plan, including the provision of Major Model Change validation reports to Internal Model Governance Oversight Committee (IMGOC), Board Committees and the PRA
• To assess, and report to Board Committees, the appropriateness of Internal Model assumptions, methodology and capital results.
• To set and operate the wider MUDA validation plan and provide ongoing MI reporting, oversight and support to the business in managing model risk. This includes the validation of other internal models deemed to be sufficiently critical and not currently overseen by other teams.
• To consolidate results from model validation and present progress and findings to the IMGOC and/or Executive Risk Committee (ERC).
• To advise the business on the PRA regulations and to operate the PRA Rulebook and Solvency II Compliance framework.
• To calibrate with the wider Risk & Compliance function to maintain and enhance controls you are responsible for and to support improvement of the overall control environment, customers outcomes and a reduction in M&G plc’s operational risk
• To work with the business to ensure the right outcomes for customers.

• Expert knowledge of Solvency II regulations and internal model design
• Expert knowledge of model validation frameworks
• Detailed knowledge of industry best practice and good network / links with individuals and external bodies
• Detailed knowledge of UK financial services regulatory environment
• Detailed knowledge of UK life insurance products and pensions products, market, competitors and distribution channels
• Awareness of external developments and ability to identify, recommend and implement improvements to processes and policies in line with these

• Experience in actuarial modelling
• Significant experience in model risk and governance
• Experience of a broad range of…