The Internal Audit Function plays the key “third line of defense” role in Great-West Lifeco’s risk framework. Providing independent assurance over the adequacy and effectiveness of controls operated to mitigate risks to the Company, the Function includes a specialty Actuarial Internal Audit Team that focusses on the Company’s actuarial processes.
The Actuarial Internal Audit Team has a Lifeco mandate: Canada, the US, and Europe & Reinsurance Divisions are all in-scope. The Team is split between Winnipeg, London (Canada), and Dublin; however it operates as a global joined-up unit. This means actuarial audit engagements are often assigned to Team members based in different geographies (e.g. Irish Life engagements may be substantially completed by members of the Winnipeg Team), and frequent multi-entity engagements require Team members to collaborate across geographies.
The actuarial processes audited by the Team include those relating to: pricing, reserving, capital stress testing, and experience studies; covering life, non-life and health insurance obligations; across a variety of direct writers and reinsurers. This means the roleholder will gain exposure to a wide range of markets, products, technical activities, and regulatory environments as part of the role.
An opportunity exists for a dynamic and experienced fully-qualified actuary to lead the Winnipeg based Team. Included in the primary responsibilities of the role will be to lead and effectively coordinate the activity of the Winnipeg Team, and actively contribute to the wider success of the Function by participating in or leading strategic initiatives as required.
The exact accountabilities of the role will be tailored to reflect the capabilities and drive of the successful candidate.
The role holder will be accountable for duties that will include:
- Coordinating and delivering up to 10 engagements each year;
- Coordinating and delivering Internal Controls over Financial Reporting (ICOFR) testing each year, in support of the global programme;
- Directly performing audit planning and execution for more complex engagements;
- Participating in initiatives that drive efficiencies through the Function, including the development of data analytics tools to enhance the depth and breadth of audit assurance provided (e.g. from samples to full populations, from administration systems to administration and finance systems, etc);
- Managing stakeholder relationships and expectations, both internal and external. The successful candidate will be required to manage a heavy workload and ensure key deliverables are identified and prioritized;
- Keeping up to date with external developments through individual research and engagement as required with professional bodies (e.g. Canadian Institute of Actuaries), trade associations (e.g. Insurance Ireland), and regulators (e.g. OSFI); and
- Ensuring familiarity with risk management programmes, as they impact on the role, and following appropriate risk management procedures to control, monitor and report on business activities. Ensuring compliance with Company policies, regulatory, professional and legal requirements.
The responsibilities of the role may include:
- In consultation with appropriate Management including the Chief Actuary, Canada as required, inventory and assess risks for all actuarial processes, including those involved in Product Development & Pricing, Valuation of Actuarial Liabilities, Capital, Policy Dividend & Par Funds, and Asset/Liability Management;
- Develop a risk based actuarial audit plan to ensure appropriate coverage over a reasonable period;
- Oversee the continued development, refinement and standardization of the audit approach;
- Actively manage relationships with Corporate Actuarial and Financial Management;
- Schedule/assign audit engagements in a coordinated effort with other members of the audit management team to maximize stakeholder value;
- Direct and control the execution of the actuarial audit program;
- Direct and control the execution of the ICOFR effectiveness testing program;
- Monitor progress of individual assignments and manage any timing problems or budget over-runs;
- Review completed files to ensure quality of work completed, completeness and appropriateness of audit issues and recommendations raised and adherence to Function standards;
- Review results of actuarial engagements with appropriate management;
- Present engagement findings and recommendations to management; manage finalization of written reports;
- Track audit findings and issues, and work with Management to verify closure of outstanding deficiencies;
- Oversee production of periodic status reports on progress against plan;
- Participate in various high risk Project Committees as required;
- Contribute to the management of the Function;
- Provide regular feedback to staff reporting to the position through regular performance appraisals, and work with staff to ensure appropriate development and training is provided; and
- Ensure the maintenance of an appropriate staff complement; lead recruiting efforts when required.
Qualifications & Competencies
- FCIA designation, ideally with a minimum 10 years of experience;
- Prior experience in a variety of actuarial roles (e.g. Pricing, Valuations, etc) would be an advantage, as would prior exposure to a variety of products (e.g. Insurance, Investment, etc), customer propositions (e.g. Individual and Group Customer), and geographies (e.g. Canada, US, etc);
- Sound business judgment in assessing issues and developing recommendations;
- Strong understanding of key risks and processes in actuarial areas;
- Good understanding of financial reporting controls;
- Excellent communication skills, both oral and written;
- Strong leadership and management skills; thinks strategically;
- Strong relationship skills; demonstrated ability to deal effectively with staff at all levels;
- Results oriented; balances multiple priorities and projects;
- Ability to identify key issues in a complex situation; and
- Commitment to quality.
- Team of 4 actuarial auditors currently report to this position.
- Primary work location for this position is in Winnipeg.
- Some travel will be required, mostly within Canada.
Discover your opportunity….Apply today!
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.
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 Lifeco would like to thank all applicants, however only those who qualify for an interview will be contacted.