Head of Model Development

2 weeks ago

Sandton, South Africa Edge Executives Full time
Overall job purpose:
To develop and maintain actuarial models and provide input to actuarial methodology.
Key Accountability
Perform complex actuarial production processes under limited supervision to support sound management of business performance and financial risk. Processes include:
  1. Actuarial modelling subject matter expert using Prophet (conventional, unit-linked and summary libraries) to ensure the accurate calculation of financial reporting metrics which include:
    • IFRS17 fulfilment cashflows, risk adjustment & contractual service margin
    • Embedded value adjusted net worth, present value of future profits & cost of capital
    • SAM technical provisions and life non-market risk solvency capital requirements
  2. Relationship management with 3rd party Prophet software provider as well as assist internal colleagues:
    • Attend meetings with 3rd party Prophet software provider.
    • Validate cloud usage reports to ensure billing is correct.
    • Optimise the allocation of Prophet named user licenses and ownership of the Prophet application including the Prophet Managed Cloud Solution (PMCS)
    • Act as the 1st point of contact to address Prophet related queries of internal colleagues.
  3. Analytics and financial reporting support:
    • Preparation of the analysis of surplus, analysis of embedded value and analysis of basic own funds
    • Production of management information for committee meetings
  4. 1st line Quality Assurance review and checking to ensure accuracy of model outputs for sound business decision making and ensuring a robust control environment.
  5. Model governance by ensuring that the model change documents are sufficiently detailed so that the model change process can be reviewed and signed off by internal and external stakeholders.
  6. People management responsibilities to support talent development and business resilience, may have 1 to 2 direct reports.
Minimum Requirements:
  • Qualified Actuary (passed all subjects) and registered as a fellow Actuary. (Applicants who are not qualified actuaries but have more than 4 years of Valuations experience will also be considered.)
  • Advanced Prophet knowledge required.

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