Senior Quantitative Risk Actuary - Chaucer Group - #2130958

The Senior Quantitative Risk Actuary is a key member of the 2nd line risk management function, responsible for delivering quantitative oversight across the validation, reserving, financial market and credit risk, and broader capital and risk assessment processes. The role is central to maintaining strong regulatory compliance, supporting the ORSA, and ensuring robust model governance aligned to Solvency II and Lloyd’s standards. The position requires a qualified actuary with experience in model validation and reserve risk assessment, and the ability to provide effective independent challenge across Capital Modelling, Reserving, Finance, and Risk stakeholders.

Main Duties

The role encompasses a broad range of risk management activities and as Senior Quantitative Risk Actuary your duties will include:

Internal Model Validation & Reporting

1. Lead the end-to-end Internal Model validation process for S1084 and S1176, ensuring methodology, assumptions, governance and documentation meet Solvency II and Lloyd’s requirements.
2. Support the Independent Actuarial Qualified Person in providing independent assurance over adequacy and effectiveness of the internal model validation framework and process
3. Produce the annual Validation Reports, articulating findings, limitations, and model improvements, and presenting these to risk and model governance Committees.

Reserving Risk Oversight

1. Provide 2nd Line oversight of reserving processes, including review of assumptions, methodologies, uncertainty analyses, and reserve risk capital outputs.
2. Perform independent reviews on key drivers such as inflation, claims emergence patterns, social/economic trends, and operational influences.
3. Challenge the Reserving Committee outputs, reserve movements, and the modelling of reserve distributions.

Financial Market & Credit Risk Oversight

1. Conduct independent assessment of market risk exposures, investment strategies, sensitivity analyses, and the appropriateness of methodologies used by 1st Line functions.
2. Oversight of credit risk reviews covering reinsurance counterparties, broker credit, investment credit exposures, concentrations, and stress impacts.
3. Provide quantitative challenge to capital charges, risk appetite metrics, and control effectiveness across market and credit risks.

Stress & Scenario Testing / ORSA Support

1. Develop, review, and challenge quantitative stress and scenario tests for the ORSA and independent validation, including macroeconomic, geopolitical, reserve-related and market-related stresses.
2. Collaborate with Risk, Underwriting, Capital Modelling and Finance to ensure scenarios are severe but plausible, aligned to Lloyd’s expectations, and cover emerging risks.
3. Produce ORSA inputs and analytical commentary to support forward-looking capital and solvency assessments.

Model Risk Management

1. Develop the 2nd Line model risk framework.
2. Review and challenge 1st line testing of models

Ad-hoc Quantitative Risk Assessments

1. Support business plan and strategy assessments through quantitative analysis such as scenario testing. Considering emerging risks and risk profile changes.
2. Support investigations into risk events, near misses, or unexpected model behaviours with quantitative analysis and challenge.

Stakeholder Engagement & Governance

1. Present quantitative findings to Risk & Capital Committees, Reserving Committee and other governance forums.
2. Build relationships across Capital Modelling, Reserving, Finance, Underwriting, and senior management to provide clear, credible and evidence-based challenge.
3. Support broader Risk Management initiatives including framework enhancements, policy updates, and regulatory requests.

Regulatory responsibilities

1. Support in the production of Regulatory Reports (Validation, ORSA and adhoc requirements)

Our requirements

Relevant experience

Essential

1. Fully qualified actuary (e.g., FIA or equivalent) with post-qualification experience.
2. Internal Model Validation experience within a Lloyd’s or Solvency II-regulated insurer.
3. Strong technical understanding of reserve risk, including methodologies, assumptions, inflation analysis, and uncertainty.
4. Hands-on experience reviewing and challenging capital model components (parameterisation, dependency structures, model change, model outputs).
5. Good understanding of insurance to enable effective engagement at all levels within the business
6. Good working knowledge of financial market risk and credit risk methodologies, including capital charges and stress/sensitivity analysis.
7. Involvement in ORSA processes, including stress and scenario testing.
8. Advanced analytical and critical thinking skills
9. Ability to communicate complex quantitative outputs clearly to senior stakeholders and governance committees.

Desirable

1. Experience working in a 2nd Line oversight role within the Lloyd’s market.
2. Good understanding of Enterprise Risk Management methodologies
3. Exposure to model governance frameworks, model risk taxonomies, and documentation standards.
4. Exposure to internal models through build, maintenance and /or validation
5. Understanding of investment strategy, ALM considerations, or credit portfolio analytics.
6. Experience designing or improving SST frameworks, emerging risk quantification, or strategic/business plan scenario analysis.
7. Prior involvement in regulatory interactions (Lloyd’s, PRA, CBI).
8. Familiarity with underwriting risk modelling concepts and capital attribution.
9. Experience presenting findings at committees such as RCC, Reserving Committee or Board-level forums

Personal Skills