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Contract – Senior Manager Insurance Development, Actuarial Services

Scotiabank

This is a Contract position in Toronto, ON posted October 8, 2020.

 

 

 

Requisition ID: 89270

 

Join the Global Community of Scotiabankers to help customers become better off.

 

Purpose:

Contributes to the overall success of the International Banking Insurance team in Canada, ensuring plans, initiatives are executed / delivered in support of the team’s business strategies and objectives in compliance with governing regulations, internal policies and procedures and sound risk management practices.

 

 

Accountabilities:

 

  • Contribute to the development of actuarial liabilities valuation models for IFRS17.

 

  • Support the development and testing of key IFRS17 decisions pertinent to the Bank and its subsidiaries (i.e transition adjustments, portfolio and grouping, onerous testing, discount rate determination, coverage units, expense allocation).

 

  • Leads the model development and sample IFRS17 measurement templates. Including the reconciliation with the previous accounting standard and the financial impact analysis from transition.

 

  • Manages the integration of the source policy data, actuarial models and transactional data files with the IFRS17 accounting software.

 

  • Develop, update and maintain actuarial valuation bases to incorporate key measurement decisions for all subsidiaries.

 

  • Lead the development of IFRS17 accounting rules and its implementation in the new accounting and actuarial tools.

 

  • Provide support with the year-end reporting process to include IFRS17 (review of valuation methodology, assumption changes, sensitivity runs, and the preparation of actuarial exhibits for the Appointed Actuary’s report)

 

  • Responsible for developing and maintaining IFRS17 actuarial models across all relevant international subsidiaries.

 

  • Support monthly/quarterly IFRS17 actuarial valuations for required reporting to shareholders, directors and regulators. This includes fulfilment cashflows, risk adjustment, CSM, onerous testing, actuarial liabilities valuation, source of earnings and solvency reporting for all subsidiaries.

 

  • Provide support to update the capital adequacy processes (LICAT, DCAT, FCR) to be IFRS17 compliant for the relevant international insurance subsidiaries. Work closely with the relevant stakeholders in developing and running stress scenarios.

 

  • Provide Support in the annual financial planning process by providing required IFRS17 actuarial projections to all relevant international subsidiaries.

 

  • Review and improve internal documentation (procedures for monthly valuation, DCAT, MCCSR)

 

  • Provide stress testing support as required for the annual Enterprise Wide Stress Testing and the subsidiaries own stress testing program.

 

  • Communicate results to local management and other stakeholders as applicable and provide training to internal users.

 

  • Responsible for any other insurance risk related reporting, including the development of IFRS17 insurance risk metrics.

 

 

Requirements & Qualifications:

 

  • Must hold an undergraduate degree or a graduate education with an emphasis on Actuarial Science, Statistics, Finance or Math.
  • Fellow of the Society of Actuaries (FSA) or an experienced Associate of the Society of Actuaries or an equivalent designation.
  • Knowledge of IFRS-17, IFRS-4, LICAT and MCCSR.
  • 5+ years of Industry experience in Life and Health Insurance Companies or Consulting
  • Programming knowledge and experience with Actuarial software packages are assets.

                                
 

 

Location(s):  Canada : Ontario : Toronto 

As Canada’s International Bank, we are a diverse and global team. We speak more than 100 languages with backgrounds from more than 120 countries. Our employees are committed to a superior customer experience and use the Bank’s six guiding sales practice principles to ensure they act with honesty and integrity.

 

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, please click here. Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.