Senior Manager and Actuary, Group Insurance

Location:Greater London


Role Title: Senior Manager and Actuary, Group Insurance
Business: RBWM
New or Existing Role? New
Grade: GCB4
Role Purpose
  • Reporting to the International Chief Actuary in Group Insurance, this is a senior actuarial position in the International insurance business covering Europe & Latin America (LATAM)
  • As a GCB4, the role holder will support the International Chief Actuary on the oversight of the local actuarial teams in Europe & LATAM. Key responsibilities are to keep a close partner relationships with the entity Chief Actuaries and Actuarial teams in each of HSBC’s manufacturing businesses, keeping abreast of the ongoing conditions of the businesses, identity opportunities and risks and come up with solutions to business requests and sharing of best practices across various counties. ‎For the fast growing markets, to assist the local entity to strike a balance between growth and execution risk, and to find sufficient resources to support various initiatives. For mature markets, to ensure continued efforts on monitoring of emerging experiences and identify opportunities to improve on capital efficiency and profitability.

The role also includes supporting the development and deployment of new capabilities and projects, such as compliance with IFRS17, modernization of respective local regulatory capital regimes, and various Group-led or local initialized projects.

The role holder will also,

  • Help the International Chief Actuary in advising Management on all actuarial matters Europe & LATAM and ensure Appointed Actuary responsibilities are undertaken on behalf of insurance regulators.

  • Drive forward any actuarial activities required to support distribution.

  • Be a deep subject matter expert within the group insurance head office teams for a wide range of business and actuarial matters and issues.

  • Advise and support on insurance team’s response to emerging actuarial issues.

  • Experience of working on corporate valuation and financial management is essential. It is advantageous if the role holder has worked in a regional role or working abroad in English/Spanish speaking countries.

  • The jobholder must be a Fellow of the Institute and Faculty of Actuaries, or an equivalent actuarial body with at least 5 years post qualification experience and at least 12 years of solid actuarial work experience.

Key Accountabilities

Impact on Business

  • Ensure good management of local solvency positions. Knowledge of corporate valuation and financial management essential. Advise on emerging issues.

  • Ensure good management of group financial reporting standards as they relate to insurance manufacturing businesses. Provide ad-hoc support to country actuarial teams.

  • Ensure processes to apply Economic Capital (EC) reporting are robust and efficient. Help to ensure EC positions are understood and proactively managed. Drive improvements to EC reporting and processes. Provide ad-hoc support to country actuarial teams.

  • Lead reinsurance management for HSBC group.
  • Be actively involved in HSBC’s implementation of IFRS 17 reporting standards. Support a smooth transition from IFRS 17 project to BAU reporting processes.

  • Ensuring appropriate controls and frameworks are established to manage model risk and meet the Group model risk management standards.

Customers / Stakeholders

  • Support engagement with key bank stakeholders (RBWM, HBAP, AMH and global functions) and help them understand the insurance business.

  • At times, attend With Profits governance committees on behalf of International Chief Actuary in businesses manufacturing with profits / participating product lines.

  • At time, attend Universal Life governance committees on behalf of International Chief Actuary in relevant business units.

  • Review bonus recommendations and other recommendations on discretionary features (e.g. crediting rates, dividend deposit rates) and provide written advice to local Chief Actuaries, International Chief Actuary and relevant group insurance stakeholders

  • Attend actuarial committees where appropriate and on occasion on behalf of International Chief Actuary. Committees include ACC, ALCO and Model Oversight Committee.

Leadership & Teamwork

  • Coach and train the wider actuarial community in HSBC in Europe & LATAM.

  • Helps to remove barriers and aligning with best practices across the globe for specific areas of accountability.

  • Works in a facilitative manner in the matrix to build capability in progressing objectives, but does not lose sight of the key outcomes.

  • Acts in a manner that transparently promotes the organisations values and delivers in an aligned manner.

  • Cultivates an environment that supports diversity and reflects the HSBC brand.

Operational Effectiveness & Control

  • Maintain and enhance efficiency and control of all actuarial processes.

  • Ensure the model development and control in line with IFIM standards.

  • Support operational risk by ensuring adherence to Group Legal, Compliance, Regulatory, and Information Security standards.

  • Supports the identification and monitoring of BAU problems, establishing and mandating changes in practice that lead to continuous improvement.

  • Supports the development and maintenance of Target Operating Models and FIMs where required linked to areas of accountability.

  • Ensure regular and positive engagement with key support functions such as Risk, Compliance, Finance and HR to ensure alignment of policies and plans necessary to deliver key requirements.

Major Challenges
  • To have the vision and insight to perceive and identify inherent risks in the business and be prepared to recommend course of action.

  • To understand challenges facing the business and to advise on implementable strategies to address these.

  • To ensure important economic assumptions having long term financial implications to the companies are set appropriately in the face of uncertainty and insufficient data.

  • To apply judgment on the levels of risks to undertake and to have the resource to manage the risks assumed.

  • To balance between the long term and short term interests of shareholders and policyholders; and equity amongst different classes and generations of policyholders.

  • To balance between financial viability and marketability of products.

  • To balance between prudence in reserving and reported profits in the near term.

  • To balance between reasonable expectation and contractual rights of policyholders.

  • To be able to explain technically complicated but important issues to stakeholders in non-technical language.

Role Context
  • The insurance businesses operates within a technically demanding and highly regulated business environment. The jobholder supports the leader of the technical resource available to the Europe & LATAM Insurance business.

  • The jobholder will advise local actuarial teams in the production of the actuarial work for businesses to ensure the business objectives of the actuarial function are being met.

  • The primary responsibility of the Actuarial Function is to advise the Board and management on the adequacy of the financial provisions held in Europe & LATAM in relation to the financial and non-financial risks undertaken by the business, having regard to the management of those risks, and that all regulatory and financial reporting requirements in respect of businesses are met.

  • The Actuarial Function will also provide actuarial advice to the Chief Risk Officers and Boards on the appropriateness of the overall Risk Management Framework and the solvency basis adopted within the business’ internal model.

  • The job holder will advise local actuarial teams to ensure good management of group financial reporting and local solvency positions for manufacturing businesses.

Management of Risk
  • Demonstrate leadership on Regulatory & Compliance matters. Maintain awareness of operational risk and minimize the likelihood of it occurring including its identification, assessment, mitigation and control, loss identification and reporting in accordance with section B.1.2 of the Group Operations FIM. Maintain HSBC internal control standards, including timely implementation of internal and external audit points together with any issues raised by external regulators

Observation of Internal Controls

  • Maintain and observe HSBC internal control standards, implement and observe Group Compliance Policy, including the timely implementation of recommendations made by internal/external auditors and external regulators. Foster a compliance culture and implement Group Compliance Policy by managing compliance risk in liaison with the Head of Group Compliance, Regional Compliance Officer, Area Compliance Officer or Local Compliance Officer, ensuring adequate compliance resources are in place and training is provided, and optimising relations with regulators