Head: Actuarial Assumption & Model Development Validation

SUMMARY:
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POSITION INFO:

In order to be considered the following is required:

• Fellow of the Actuarial Society of South Africa (with Life Fellowship preferable)
• Preferable – Life Practicing Certificate
• Minimum 10 years post-qualification actuarial experience, with at least 5 years in a senior validation, modelling or assumption governance role
• Advanced understanding of Life valuations across both IFRS 17 and SAM
• Core Prophet model development capability
• Advanced understanding of IFRS 17 and SAM standards
• Advanced understanding of financial reinsurance mechanics

Responsibilities:

Assumption and Model Reviews:

• Prepare assumption review and model development review workplans
• Review actuarial assumptions (e.g., Lapses, Mortality, Expenses etc.) used in long contract boundary models
• Review and pressure test contract boundary assumptions across both IFRS 17 and SAM

Modelling and Validation:

• Review and validate gross and financial reinsurance Prophet modelling and associated output (existing and new models) on a SAM and IFRS 17 basis, including ORSA projections
• Review IBNR triangulation

Results and Reporting:

• Provide high-level review of IFRS 17 and SAM Annual results
• Document and communicate output of reviews and validations to balance sheet management functions and broader stakeholders

Governance & Oversight:

• Work with outsourced Head of Actuarial Function to provide comfort on validations performed and output thereof, feeding into Head of Actuarial Function review processes

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