Quantitative Risk Analyst

Quantitative Risk Analyst

Grade: 4
Reporting to: Head of Risk Analytics
Location: London

About us

IQUW is a speciality (re)insurer at Lloyd’s (Syndicate 1856) underwriting a diverse range of Property, Commercial and Speciality (re)insurance products from Cargo and Marine to Political Violence, Terror and War. We combine data, intelligent automation and human expertise to make smart decisions, fast.

ERS is the UK's largest specialist motor insurer with an A+ rating. We recognise that for some, motor insurance is more than just a must-have; it's a way of taking care of what stands at the heart of their passion or livelihood. For those people, standard insurance isn't enough. That's why we work exclusively with motor insurance brokers to help get under the skin of the most difficult insurance risks, helping build products to meet their customer’s needs.

The role

Support the Risk Analytics team in the development and maintenance of the quantitative aspects of the risk management framework and work on specific risk initiatives and projects as required. This includes supporting the independent validation of the internal model and supporting the Risk function’s deep dives and risk opinions on topics that span the whole business.

The purpose of the independent validation work is to assess the appropriateness of the internal model against the risk profile.  This includes assessment of model processes and governance as well as data, assumptions and model results.  Validation work is seasonal, with work scheduled around annual regulatory submissions and occasional major model change applications.

During the remainder of the year, the role supports the Risk function in performing deep dives.  These will cover areas that the business is concerned about at any particular point in time.  They may arise from changes in the internal risk profile or external environment or emerging risks.  

Other general Risk management activities may be needed to support the broader needs of the Risk function.

Key responsibilities

Assist the Risk Analytics team with oversight of IQUW’s quantitative risk analysis including, but not limited to, the following;

• To enhance the model validation process currently in-place
• To develop a risk intelligence capability within the organisation, working closely with other internal functions/departments

• Supporting with the production of the Internal Model validation report.

• Engaging with stakeholders on validation issues to help identify issues and resolve discrepancies

Independent Model Validation

Supporting the delivery of validation activities in collaboration with first line teams. This involves providing effective challenge to quantitative and qualitative aspects of the Internal Model, including:

• Model design;
• Methodology;
• Parameterisation and Model Results;
• Governance and Documentation

Stress and Scenario Testing

• Supporting the Risk Analytics team performing stress and scenario testing, including reverse stress testing
• Engaging with stakeholders across the business to elicit expert views on scenarios
• Supporting the use of scenarios to validate and challenge the results of the internal model

Risk Deep Dives

• Supporting the Risk Analytics team performing deep dive reviews
• Engaging with stakeholders when performing deep dives

Team

• Champions the company values and works in accordance with the organisational behaviours
• Take responsibility for their own learning and development
• Actively contributing to the Risk team culture of high performance and inclusivity

 Other duties

• Building relationships on behalf of Risk with key stakeholders such as members of the Actuarial, Underwriting, Finance and Investments teams to ensure that validation requirements are adequately understood as part of the enterprise risk management framework
• Ad-hoc requests and support to the Risk Function as required

The above duties and responsibilities are not an exhaustive list and you may be required to undertake any other reasonable duties compatible with your experience and competencies. This description may be varied from time to time to reflect changing business requirements.

Essential qualifications, skills and experience

• University degree in Mathematics, Actuarial Science, or another STEM discipline.
• Studying towards Actuarial qualification (FoA, Fellowship or equivalent).
• Insurance industry experience.
• Ability to analyse and interpret detailed financial information, including capital model output.
• Experience in one or more actuarial areas, ideally including capital modelling.
• Good interpersonal skills, able to communicate effectively with other teams.
• Strong communication skills, both oral and written.
• Good knowledge of Microsoft Office suite of tools including Word, Excel & PowerPoint.
• Experience of one of VBA/R/Python desirable.

Desirable behavioural attributes

• Demonstrate a high level of problem-solving ability and strong organisational skills
• Experience of operating in teams.
• Motivated to continuously seek to improve performance
• Integrity and accountability