Head of Actuarial Methodologies and Models at HSBC

Job Description:

Latest job information from HSBC for the position of Head of Actuarial Methodologies and Models. If the Head of Actuarial Methodologies and Models vacancy in Hong Kong matches your qualifications, please submit your latest application or CV directly through the updated Jobkos job portal.

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This function brings together distinct specialisms to drive greater connectivity in how we manage engagement with key stakeholders for HSBC.

• Finance teams provide the bank with internal and external financial reporting, forecasting, controls oversight, and stress testing expertise. Specialist areas also manage HSBC's worldwide tax affairs, group treasury needs, and events for investors and analysts.
• Sustainability teams lead the bank's work to support sustainable growth in a global economy, including an ambitious plan to prioritise financing that supports the transition to net zero.
• Group External Communications teams – including colleagues from Media Relations, ESG Communications and Group Reputation – deliver communication strategies that support HSBC's strategic objectives, protect our reputation and build trust among our stakeholders.

We are currently seeking a high calibre professional to join our team as a Head of Actuarial Methodologies and Models.

Reporting to the Group Chief Actuary in Group Insurance Finance, this is a senior actuarial position to support the Group Chief Actuary in providing leadership and technical advice on key actuarial topics across methodology, assumption setting, pricing and product review and model development. The role holder is also expected to discharge oversight on all key local and group initiatives which would lead to business value creation and improve the resilience of the business. 

The primary responsibility of the Actuarial Function is to advise the Board and management on the adequacy of the financial provisions held in relation to the financial and non-financial risks undertaken by the business, the appropriateness of the overall Risk Management Framework, having regard to the management of those risks, while ensuring all regulatory and financial reporting requirements are being met.

Responsibilities

• Provide key review and challenge on the actuarial methodology and assumption used in various financial, capital and regulatory reporting, as the key representatives in the market Actuarial Review Forum and the secretary for the Group Insurance Actuarial Review Forum, reporting into their respective Financial Management Meeting (FMM) or equivalent.
• Lead Group Actuarial Modeling team, providing centralized modeling expertise for executing changes in the models, arising from launch of the new products, revision in methodology, or change in business management approach. Also provide oversight on the centralized actuarial platform management, interacting with HSBC IT and also vendor.
• Lead the Actuarial 1LOD review in the Group Insurance Product Approval Process, provide oversight on the appropriateness of the profitability, reserving, methodology, solvency aspects, and connecting and coordinating with the local actuarial 1LOD review in the market Product Approval Process.
• Support Partnerships on agreement review and product ongoing management to ensure appropriate valuation on New Business.
• Lead and drive roll out of key transformation or business projects and work on major group wide actuarial projects. Provide guidance and support to local sites on any urgent and key business and actuarial projects as a deep subject matter expert.
• Advise and support the actuarial teams in response to emerging actuarial issues or other demands from senior stakeholders from the bank. Share best practices around the Group and keeping abreast of local, global regulatory accounting, solvency and actuarial developments.
• Provide key review and challenge on the actuarial methodology and assumption used in various financial, capital and regulatory reporting
• Lead Group Actuarial Modeling team, providing centralized modeling expertise for executing changes in the models, arising from launch of the new products, revision in methodology, or change in business management approach.
• Lead the Actuarial 1LOD review in the Group Insurance Product Approval Process and coordinate the review and challenge in the Market Product Approval Process
• Ensure good management on group wide actuarial projects implementation.
• Ensure efficiently ongoing review on partnership product NBV.  Advise on emerging issues.
• Ensuring all activities follow appropriate controls and aligns with local regulations and group policies/standards on accounting, liability valuation, solvency, pricing and reinsurance etc.
• Work in collaboration with the Group Finance teams and ensure that group wide Finance/Actuarial projects are rolled out in a timely and effective manner to local manufacturing units in Asia
• Support engagement with key bank stakeholders (IWPB, Global functions) and help provide understanding of the insurance business

Requirements

• Comply with any Fit and Proper requirements in force at any time and abide with continuous training and development required for a practicing qualified actuary is a must.
• Intimate knowledge of financial services marketplace is required, along with strong business awareness.  
• Excellent understanding of the dynamics of actuarial management of a life office, excellent technical actuarial skills and the ability to apply these to influence business decisions.
• Worked in a regional role or in more than one country is advantageous
• Excellent communication skills, both written and verbal so that actuarial and non-actuarial colleagues can comprehend complex issues.
• Strong people management, leadership and planning skills and demonstrated ability to manage a team of technical people.
• Demonstrated ability to think strategically balanced with practical day-to-day execution.
• Excellent relationship building and senior stakeholder management skills
• Ability to apply actuarial judgment where there is insufficient time to build a complex actuarial model.
• Prior reserving, capital and financial management experience is essential.
• Work alongside multiple stakeholders in a multinational environment and prior experience of leading cross functional international teams will be an advantage.
• Must be a Fellow from one of the established actuarial associations (e.g. FSA, FIA, FIAA, etc.), or an equivalent actuarial body with extensive years post qualification experience and extensive years of solid actuarial work experience. 

Opening up a world of opportunity 

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Issued by The Hongkong and Shanghai Banking Corporation Limited. 

Job Info:

• Company: HSBC
• Position: Head of Actuarial Methodologies and Models
• Work Location: Hong Kong
• Country: HK

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