Senior Manager, Insurance, Pensions, Finance and Wealth Independent Model Review

Role Title: Senior Manager, Insurance, Pensions, Finance and Wealth Independent Model Review

Business: Risk and Compliance

New or Existing Role: Replacement

Grade: GCB4

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If you’re looking for a career where you can make a real impression, join HSBC and discover how valued you’ll be.

Global Risk is a thriving and expert risk management function supporting HSBC globally with all aspects of risk management. The team actively manages a varied and dynamic range of risk types, including security, fraud, information security, contingency, geopolitical, operational, credit, pension, insurance, financial crime and regulatory compliance, market and reputation risks. All parts of the Global Risk team use their skills, insight and integrity to handle established threats and those they see emerging, acting to protect and enable HSBC to deliver sustainable growth.

We are currently seeking an ambitious individual to join our team as Senior Manager, Insurance, Pensions, Finance and Wealth Independent Model Review, working together with colleagues to define, manage and achieve divisional business targets.

The Insurance, Pensions and Wealth Independent Model Review (IMR) team was established 7 years ago and is responsible for carrying out independent reviews of HSBC’s key insurance, pensions and wealth models globally. HSBC’s insurance business operates globally and overseas over US$75bn of liabilities, making it the world’s leading bank assurer and amongst the leading insurers in the world. HSBC’s most significant insurance manufacturing operations are based in Asia Pacific, Europe and Latin America; products include with profits, unit-linked, protection, and annuities; and models span IFRS, statutory, economic capital, and pricing bases. HSBC also has significant pension scheme liabilities for which reporting is required for valuation and ICAAP purposes.

Role purpose:

• Responsible for leading model validation, supporting the pool of Managers from the team, and expertise from the wider Bank IMR team.
• Support the coordination of model validation plans, and the communication and delivery of constructive challenge to the senior management of the Insurance businesses, Pension Risk, Finance and Wealth teams.
• Contribute tangibly towards the development and maintenance of the team’s capabilities as a quantitative Centre of excellence in relation to insurance and pensions models.
• Ensure model developments are validated in accordance with the agreed IMR schedule for such models.
• Ensure that models are validated in line with IMR and function guidance
• Ensure that issues identified are escalated and appropriate action plans established;
• Provision of support, and deputation for, the Functional Head on wider initiatives
• Provision of support for relevant Group Model Oversight Forums (MOFs) and delivery of regular updates on model validation activity
• Support the development of skills and knowledge across the modeling teams through insightful and constructive feedback
• Support the development and maintenance of validation methodology for insurance, pensions and wealth models
• Point of contact for Global IMR teams for insurance, pensions, finance and wealth model review expertise as required

In this role, you will:

• Carry out independent validations for models developed and used within the Insurance businesses and by the Pensions Risk team,
• Support model validation work for other areas of the Bank
• Support the Functional Head to ensure that IMR responsibilities are appropriately fulfilled as per the global model risk policy
• Help build management, regulatory, and external confidence in the models

Major challenges include:

• Ability to communicate complex technical modelling issues to, and deliver credible feedback to, senior stakeholders (Chief Risk Officers, Global Head of IMR for the Bank, CFOs, etc.)
• Balance resilience with pragmatism and business sense in providing effective challenge to senior management and model owners
• Strong and broad technical expertise, encompassing modelling across a broad spectrum of jurisdictions and business models
• Working in an environment of dynamic model delivery schedule – often within short timescales

Qualifications

To be successful in the role, you should meet the following requirements:

• Strong understanding of industry good practice and emerging regulations (including Solvency II and IFRS17) around modeling standards and validation
• Strong technical knowledge of insurance and pensions modelling, including liability modelling, ESGs, ALM, capital modelling and business planning
• Expertise in any of Asia-Pacific, European and Latin American regulatory and market environments desirable
• Experience of leading teams and projects
• Experience of working with and facing off to senior management
• Experience of creating validation policy and structures would be desirable
• Experience in both actuarial and accounting models would be desirable
• Experience of conducting model validations or audits of models would be desirable
• Strong communication and interpersonal skills
• Ability to form effective relationships with model developers and owners and key senior stakeholders across the Bank
• Ability to prioritise competing demands and demonstrate flexibility to meet dynamic requirements
• Developing and retaining talent, within the team and across the Bank
• Actuarial qualification equivalent to Fellowship of the Institute and Faculty of actuaries

You’ll achieve more when you join HSBC.

https://www.hsbc.com/careers

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As a business operating in markets all around the world, we believe diversity brings benefits for our customers, our business and our people. This is why HSBC is committed to being an inclusive employer and encourages applications from all suitably qualified applicants irrespective of ethnicity, religion, age, physical or mental disability/long term health condition, marital status, sexual orientation, gender identity, gender expression, genetic information (including characteristics and testing), military and veteran status, and any other characteristic protected by local law in the jurisdictions in which we operate. Within the work place you will have access to various employee resource groups which aim to promote and achieve a healthy work / life balance and support our diversity ambitions. HSBC has in place processes in order to avoid nepotism, which means to avoid creating circumstances in which the appearance or possibility of conflicts of interest may exist within the hiring process.

Personal data held by the Bank relating to employment applications will be used in accordance with our Privacy Statement, which is available on our website.

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