GWL/LL

  • Vice President, Actuarial Reporting & Infrastructure

    Job Location CA-MB-Winnipeg
    Posted Date 2 weeks ago(1/3/2019 9:04 AM)
    Job ID
    2018-17010
    Company
    Great West Life
    Job Category
    Actuarial
    Job Type
    Full Time
    Job Industry
    Financial Services and Banking, Insurance
    Career Level
    Management
    Posted End Date
    1/25/2019
  • Job Description

    Corporate Actuarial:

     

    The Corporate Actuarial Team plays a central role in actuarial oversight for Great-West Lifeco.  The team leads the oversight of the valuation of insurance contract liabilities, and supporting processes, across Great-West Lifeco’s operations, as well as the analysis of the robustness of the Company’s financial condition through the DCAT process.  The team supports the Appointed Actuary in exercising oversight on the operation of participating policies and adjustable policies, and in preparing the annual opinions on fairness as required under the Insurance Companies Act in Canada.

     

    The team is split between the London and Winnipeg locations.  The team in London leads the internal peer review process – one of the pillars in actuarial oversight – as well as preparation of the Appointed Actuary Report annually.  The team in Winnipeg leads the quarterly and annual reporting of insurance contract liabilities within the financial reporting process, as well as the supporting regulatory reporting.  The DCAT process is supported by members of both the London and Winnipeg teams.

     

    The Corporate Actuarial Team’s work continuously evolves, in response to advances in actuarial techniques, new actuarial standards and guidance, developments in Great-West Lifeco’s insurance business and advances in technology.  There is heightened change in Corporate Actuarial over coming years as the Company prepares for the introduction of the new insurance accounting standard (IFRS 17) in 2022.

     

    IFRS 17 represents a major change in the valuation of insurance liabilities of life insurers, which will impact earnings emergence and volatility.  IFRS 17 will also introduce a new presentation of insurance results, and supporting disclosures, in the financial statements, which will necessitate significant change within actuarial and accounting systems and processes.

     

    The implementation of IFRS 17 is a demanding program in terms of scale and complexity. The program requires strong support from Corporate Actuarial for policy development and financial modelling, oversight of model development for IFRS 17, and the analysis of business impacts of IFRS 17.  The Corporate Actuarial team also needs to provide leadership on the changes required to actuarial systems and processes to ensure that the actuarial teams are prepared for the reporting changes being introduced by IFRS 17, including the additional granularity required by the standard.

                           

    Two exciting new leadership positions are now available to lead the Corporate Actuarial Teams through their agenda, including the transition of IFRS 17.  The role discussed here is the VP, Actuarial Reporting & Infrastructure, reporting to the SVP, Corporate Actuarial & Appointed Actuary.

     

    The successful candidate will be based in Winnipeg.

     

    Key Accountabilities of the VP, Actuarial Reporting & Infrastructure:

     

    The key functional accountabilities of the role are outlined below.

     

    1) Support the implementation of IFRS 17 from a Technology & Process perspective:

    • Provide support and leadership to the actuarial team supporting the technology build for IFRS 17, whose responsibilities include preparing the business requirements for the IFRS 17 technology build and supporting the development and test phases of the technology build
    • Approve the business requirements (relating to actuarial matters) for the technology build for IFRS 17
    • Play a pivotal role in the design of systems solutions for IFRS 17, including analyzing the costs relative to the benefits of systems solutions relevant to actuarial matters, and make recommendations to the Technology & Process Operating Committee
    • Seek opportunities to streamline existing processes under IFRS 17 in order to create capacity to meet the additional reporting requirements under IFRS 17. This initiative will involve processes of the Corporate Actuarial Team but also co-ordinating the analysis across the regional actuarial teams.
    • Ensure appropriate controls are in place for reporting under IFRS 17

     

    2) Support continuous process improvement in the global valuation process and support a strong control environment:

    • Lead process improvement within Corporate Actuarial, an agenda which has been in place over recent years
    • Leverage best practice / new technology enablers in use in the industry, or in specific regions, and disseminate learnings across the Corporate Actuarial Team and all regions, with the objective of improving process efficiency and/or enhancing controls
    • Monitoring adherence of the regions and Corporate Actuarial to Great-West Lifeco’s guidelines on internal controls

     

    3) Lead Corporate Actuarial reporting:

    • Support the existing Corporate Actuarial Team in the quarter-end financial reporting process, and the annual financial reporting process, including the preparation of annual disclosures including sensitivities and liability movements. In this role, the team works closely with the Finance and Capital Management teams.
    • Co-ordinate forecasting activities across the actuarial teams within the regions

     

    4) People management:

    • Provides leadership to all direct reporting leaders and team members
    • Supports their direct reports in managing the plans, and prioritizing activities, for the Corporate Actuarial team in Winnipeg
    • Supports individual professional and career development of team members through technical and professional support of the team, as well as support for team members in creating their own development plans
    • Ensures the team are supported through new regulatory, system and process changes, with both the necessary knowledge and skills 

     

    Qualifications and Competencies:

     

    • We are seeking an actuary for this role who is fellow of the Canadian Institute of Actuaries (or equivalent actuarial association), and has 10+ years post-qualification experience.  
    • The VP, Actuarial Reporting & Infrastructure will need to be highly engaged in advancing the use of technology and process improvement within actuarial valuation processes, with an immediate application of technology tools and process change to support the actuarial teams in meeting the challenges of reporting under IFRS 17.
    • We are seeking candidates who can lead and build collaborative partnerships across the global and regional actuarial teams, as well as with other functions.  The role will also be supporting the actuarial function through the changes coming with IFRS 17, so we are seeking candidates who are interested in leading their teams through change.

     

    About Great-West Lifeco:

     

    Together Great-West Life, London Life and Canada Life serve the financial security needs of more than 13 million people across Canada, with additional operations in Europe and the United States. As members of the Power Financial Corporation group of companies, we’re one of Canada’s leading insurers with interests in life insurance, health insurance, investment and retirement savings. We offer a broad portfolio of financial and benefit plan solutions for individuals, families, businesses and organizations.

     

    We are committed to providing an inclusive, accessible environment, where all employees and customers feel valued, respected and supported. We are dedicated to building a workforce that reflects the diversity of the communities in which we live, and to creating an environment where every employee has the opportunity to reach their potential.

     

    Great-West Life offers competitive compensation, great benefits such as medical, dental, life insurance, wellness account and personal days not to mention onsite cafeteria and fitness facilities.  If you’d like to join our team submit your information online and introduce yourself.

     

    Discover your opportunity…Apply today!

     

    *LI-PL1

     

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