Actuarial Specialist 1

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Job Description:

The Actuarial Specialist for CGAAP Valuation and LICAT is responsible for supporting the Canadian financial reporting processes, including IFRS 17 valuation modelling and capital management functions under LICAT.

Responsibilities

CGAAP Valuation:

• Modelling new insurance products and implementing assumptions changes within the IFRS17 framework.
• Validate actuarial data inputs and reconcile information processed through CGAAP models.
• Prepare calculations and reports for the non-model related IFRS17 liabilities such as Group and IBNR.
• Execute control procedures and variance analysis on IFRS17 model outputs.
• Analyze reserve movement and perform consistency checks across reporting periods.
• Support audit and regulatory compliance activities.
• Perform User-Acceptance Testing for new product valuation extracts.
• Maintain and document model methodologies and procedures for regulatory examinations.

Life Insurance Capital Adequacy Test (LICAT)

• Maintain LICAT calculation models and/or spreadsheets which includes any update for regulatory, assumption, or business changes.
• Calculate actuarial-driven capital components and analyze capital impact on business initiatives and assumption changes.
• Prepare and submit LICAT templates and other related documents in compliance with OSFI guidelines and submission deadlines.
• Execute capital stress testing and scenario analysis for capital adequacy assessments.

Ad-hoc projects depending on business needs such as but not limited to:

• Support automation initiative to enhance efficiency and reduce errors.
• Contribute to annual Financial Condition Testing (FCT) completion.

Qualifications

• University degree with a strong mathematical or statistical background
• Minimum 2 SOA exams passed
• Minimum 4 years of actuarial-related experience
• Advance proficiency in actuarial modeling software (preferably AXIS)
• Strong proficiency in MS Office applications

Job Category:

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