Description
HSBC are recruiting for an experienced IFRS17 Actuary to sit within HSBC's insurance business. HSBC Insurance operates globally and manages over US$100bn of assets. HSBC's insurance manufacturing entities are based in Asia Pacific, Europe and Latin America; products include with profits, unit-linked, protection, and annuities.
The Group Insurance IFRS17 Actuary programme team are responsible for delivering the target operating model, systems and processes to enable each of the insurance entities within the group to meet the requirements of IFRS17 reporting. Within the programme, the CSM Platform Workstream has responsibility for delivering the CSM Platform which is a new platform that allows each entity to calculate and track the contractual services margin at the required level of granularity.
The IFRS17 Actuary key responsibilities will be:
- Good understanding of the IFRS17 standard and in particular, the key mechanics of how the CSM calculation works
- Ability to understand the design and architecture of HSBC's CSM Platform
- Ability to organise and run IFRS17 workshops with different HSBC Entities
- Ability to clearly describe the Global IFRS17 technical requirements for each Entity
- Help entities to resolve issues as they upload the required actuarial and financial data to the Global Platform
- Understand each local entities business requirements and helping them fit into the Global Solution
- Performing IFRS17 dry runs, and presenting back the findings on key results and issues found
- Collate questions about the IFRS17 results being produced, and work constructively with entities to remediate
The IFRS17 Actuary will have experience in:
- Good understanding and ideally first-hand experience of IFRS17 including an understanding of the mechanics of how the Contractual Services Margin works
- Good knowledge of insurance products, regulations and financial reporting
- Good knowledge of insurance industry good practice around modelling risk management
- Experience of developing and implementing enterprise risk management
- Sound understanding of insurance modelling methodologies and techniques, including liability modelling, ESGs and ALM, capital modelling, projections
- Experience of interfacing with Audit and Regulators an advantage