HSBC - Assistant Vice President/Lead - Actuarial - Independent Model Review

- The Insurance, Pensions, Finance and Wealth Independent Model Review (IPIMR) team was established 8 years ago and is responsible for carrying out independent validations of HSBC's key insurance, pensions, finance and wealth models globally. HSBC's insurance business operates globally and is the world's leading bancassurer.

- HSBC's most significant insurance manufacturing operations are based in Asia Pacific, Europe and Latin America; products include with-profits, unit-linked, protection, and annuities; and models span IFRS, statutory, economic capital, and pricing bases. HSBC also has significant pension scheme liabilities for which reporting is required for valuation and ICAAP purposes. The advisory services that HSBC also offers are extensive and are supported by Wealth and Private Banking advisory models.

- Ensuring insurance, pensions, finance and wealth models and model developments are validated in accordance with the agreed IMR schedule for such models. Ensuring that material insurance, pensions, finance and wealth models are validated as per HSBC policy and guidance, and that issues identified are escalated and appropriate action plan(s) established;

- Provision of support to the Global Functional Head as necessary; including support for relevant Group Model Oversight Forums (MOFs) and preparation of regular updates to the committees on model reviews carried out by the team;

- Supporting the development of skills and knowledge across the modeling teams through insightful and constructive feedback;

- Supporting the development and maintenance of validation methodology for insurance, pensions and wealth models;

- Acting as a key point of contact in IMR for insurance, pensions, finance and wealth model review expertise.

Knowledge:

- Strong understanding of industry good practice and emerging regulations around modeling standards and validation

- Strong technical knowledge of insurance and pensions modeling methodologies and techniques. With significant knowledge of some of the following applications of models: Liability Cash Flow Modelling, Economic Scenario Generators, ALM, Valuation and Capital Modelling such as Solvency II regime or similar, Stress-Testing, Forecasting and Business Planning, management of with-profits/participating business

- Experience of stochastic models (e.g. for pricing/valuation of with-profits, or valuation of embedded options/guarantees)

- Experience of working on any of the actuarial modelling tools (such as Prophet) would be desirable

- Experience of the IFRS17 regime would be desirable

- Expertise in any of French, Asia-Pacific, and Latin American regulatory and market environments would be an advantage

Experience :

- Experience of conducting model validations or audits of models

- Experience of leading projects or streams of work

- Experience of working with and facing off to senior management

- Experience of creating review policy and structures would be desirable

- Experience in both actuarial and accounting models would be desirable

Skills :

- Strong communication and interpersonal skills

- Ability to form effective relationships with model developers and owners and key senior stakeholders within the Insurance, Pensions and Wealth teams and across the Bank

- Effective report writing skills and experience

- High attention to detail

- Drive to understand

- Ability to prioritise competing demands and demonstrate flexibility to meet dynamic requirements

Qualifications : Actuarial student having cleared atleast 10 (of 15) exams towards achieving the qualification of a Fellow, from either of the institutues - IAI or IFoA; along with a relevant graduate / Bachelor's or Master's degree