Manager, Model Validation - Perm - Canada Life Reinsurance

Irish Life

  • Dublin
  • Permanent
  • Full-time
  • 16 days ago
  • Full Time, Permanent position
  • Hybrid role based in our City Centre offices
What we offerWe have embraced a hybrid working model for most of our positions, which means that you can enjoy a balanced approach of working from home for part of the week and working from the office for the remainder of the week.We offer a comprehensive benefits package including competitive salaries and bonuses, robust Learning and Development support, excellent Defined Contribution pension and comprehensive Wellbeing initiatives and support to name but a few.Further details on our benefits package can be accessed here Benefits ( )Role OverviewThe Manager, Model Validation will play a key role in the independent oversight of models used across CRS (Capital & Risk Solutions). Operating within the second line of defence, this role will ensure that models are fit for purpose, appropriately governed, and aligned with regulatory expectations and internal risk appetite. The role supports the model risk management framework and contributes to the overall resilience and integrity of decision-making processes in CRS.Team BackgroundCanada Life Reinsurance (CLRe) has offices in Dublin, Toronto, Philadelphia, Bermuda, Barbados, and Regina. The Dublin office is the base for CLRe's European and Asian operations as well as the Irish reinsurance entity, Canada Life Re Ireland dac (CLReI). It comprises approximately 160 reinsurance professionals, including 110 actuaries and trainee actuaries. It is a proactive, inspiring, and friendly environment where talent and hard work are recognised and rewarded.What you will help us to achieveThis new position will support the Executive Manager, CRS Financial & Operational Risk and will play a pivotal role in providing effective model risk oversight.More specific responsibilities will includeModel Validation & Review
  • Independently validate models used across CRS, including models used in pricing new transactions, as well as models used in valuations, experience studies etc. Assess model design, assumptions, inputs, outputs, and performance.
  • Produce high-quality validation reports and communicate findings to stakeholders. Track remediation actions and ensure timely resolution of validation issues.
  • Provide challenge and oversight on model development and usage by the first line.
Model Governance & Framework Development
  • Support the implementation and enhancement of the model risk management framework and the maintenance of the CRS model inventory. Ensure appropriate risk classification of models.
  • Contribute to Lifeco model governance committees.
  • Produce model risk reporting for senior management as required.
  • Monitor emerging regulatory trends and industry best practices in model risk and ensure compliance with regulatory expectations.
Stakeholder Engagement
  • Collaborate with various Business Development and Actuarial teams across CLRe to understand model usage and limitations.
  • Provide guidance as needed on model risk principles and validation standards.
Additional Initiatives
  • Support additional projects and initiatives to deliver broader risk management oversight as part of the CRS Risk Function. This may include the review of new transactions, the review of risk limits/strategies or other projects/tasks as they arise.
What you will need to be successful in the roleThe ideal candidate will have/be:
  • An actuarial qualification, with at least 3-5 years working in an insurance or reinsurance environment
  • Strong analytical skills, including an ability to quickly understand different modelling platforms/programming languages
  • Strong critical thinking skills and problem-solving abilities
  • Excellent verbal communication and written (report writing) skills, with an ability to manage a range of stakeholders and provide objective challenge
  • High attention to detail and commitment to quality
  • Assertive and self-motivated, with an ability to work autonomously and meet deadlines
  • Proficiency or familiarity with modelling tools (e.g. R, Prophet, Excel/VBA) would be an advantage
Key Competencies
  • Communication and Influencing
  • Risk and Control
  • Problem Solving and Decision Making
  • Planning and Organising
  • Team Working and Cross Functional Collaboration
About usCanada Life Reinsurance (CL Re) is a division of Great-West Lifeco Inc. (Lifeco) and a leading provider of client focused reinsurance solutions in the United States, Europe and Asia. CL Re offers a range of innovative risk and capital management solutions covering mortality, longevity, health, lapse, investment, non-life and P&C risk for insurers, reinsurers, and pension funds. CL Re is continuing to expand the solutions it offers to new and existing clients in many global markets.CL Re has offices in Dublin, Toronto, Philadelphia, Bermuda, Barbados, and Regina. The Dublin office is the base for CL Re's European and Asian operations as well as the Irish reinsurance entity, Canada Life Re Ireland dac (CLReI). It comprises approximately 170 reinsurance professionals, including 120 actuaries and trainee actuaries. It is a proactive, inspiring, and friendly environment where talent and hard work are recognised and rewarded.Lifeco is a Canadian headquartered, international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management, and reinsurance businesses. Lifeco and its companies have approximately 32,000 employees, $3.2 trillion in consolidated assets under administration and a capital ratio (LICAT) of 130% (as at 31/12/2024).As a Company we are committed to a diverse and inclusive workplace where employees can thrive and reach their full potential.The company reserves the right to draw up a shortlist as part of the selection process. Where Agency assistance is required the Canada Life Recruitment Team will engage directly with suppliers. Unsolicited CVs / profiles supplied to Canada Life Reinsurance by Recruitment Agencies will not be accepted for this role.Canada Life Group Services is proud to be an Equal Opportunities employer. We have created an environment of inclusion and growth to help people achieve their potential, to ensure they can bring their whole selves to work and to feel valued. We celebrate diversity of thought and perspective and want all of our employees to feel valued, respected and supported. We have built a culture that promotes equality and inclusion for all of our current and future employees and strive to ensure that our behaviours, processes and practices are aligned to this culture.If you require any accommodations during the recruitment process please contact Lifecareers@irishlife.ie and we will be delighted to ensure you are fully supported to be your best.CLGS supports Equal Opportunity and is regulated by the Central Bank of Ireland.

Irish Life