Global Head of Valuation Risk – Global Risk

Global Head of Valuation Risk – Global RiskHSBC

Job Description

If you’re looking for a career where you can make an accurate impression, join HSBC and discover how valued you’ll be. Whether you want a career that could take you to the top or simply take you in an exciting new direction, HSBC offers opportunities, support and rewards that will take you further.Global Risk is a thriving and expert risk management function supporting HSBC globally with all aspects of risk management. The team actively manages various risk types, including security, fraud, information security, contingency, geopolitical, operational, credit, pension, insurance, market and reputation risks. All parts of the Global Risk team use their skills, insight and integrity to handle established threats and those they see emerging, acting to protect and enable HSBC to deliver sustainable growth.We seek a high-calibre professional to join our team as a Senior Valuation Risk Actuary.

Principal Responsibilities

The Group Insurance Risk Actuarial team is bringing existing IFRS 17 and embedded value stewardship roles into a structure to meet current and future requirements to oversee a wider valuation remit.

The team will work closely with the newly created Finance second line of the defence team to provide an overall risk stewardship function covering financial and regulatory reporting risks for all HSBC Insurance businesses globally.

HSBC’s Insurance business spans Asia, Europe and Latin America, with liabilities of c. USD 120bn, primarily life business.The role is the Head of the Actuarial Valuation Risk team.The responsibilities of the role are as follows:

• Develop the operating model for, plan and lead the review and challenge and assurance work around assumptions, methodologies, results and controls for insurance liability valuation alongside the Finance second line of the defence team
• Ownership of HSBC’s policies and standards for the measurement of insurance liabilities (forming part of the Group’s Accounting Policy and the Insurance Risk Functional Instruction Manual), ensuring that the first-line actuarial teams perform insurance liability valuations using robust and consistent methodologies and assumptions, covering both Market Consistent valuation under IFRS17 and European-style Embedded Valuation under HSBC’s embedded value approach.
• Be a subject matter expert across all liability valuation topics on IFRS 17, including best estimate liabilities, the Contractual Service Margin, reinsurance, risk adjustment and discount rates.
• Provide subject matter expertise support for local entity compliance with insurance liability valuation policies
• Lead the key relationships between the Actuarial Valuation Risk team and the Global Accounting Policy team, the Insurance Financial Control team, the Insurance CFO, and the Bank’s Finance second line of defence teams
• Provide trusted partnerships, advice and review of regular and developing liability valuation methodologies and assumptions in the HSBC global insurance businesses
• Work with first and second-line teams globally, including the Asian and Western Regional Risk and Actuarial teams and the local entity Senior Risk Actuaries.
• Work closely with the Finance second line of defence teams on collective exercises to deliver the overall responsibilities for Financial Reporting Risk oversight.
• Ownership of insurance liability valuation control standards and oversight of entity controls
• Ownership of external disclosures on risk management of the insurance businesses including in the HSBC Report and Accounts
• Review and challenge the IFRS17 projections in the entities’ annual operating plans
• Oversight and coordination of the work of the members of the Actuarial Valuation Risk team

Requirements

• Senior Qualified Actuary
• Strong knowledge of IFRS 17, with a sound understanding of the key differences between IFRS17 and Regulatory Capital calculations
• Good understanding of Market Consistent, European and Traditional Embedded Value methodologies
• Strong technical knowledge of insurance modelling methodologies and techniques, including stochastic liability modelling
• Strong technical communication skills, both written and verbal, able to adapt and deliver to stakeholders of multiple geographies and seniority levels
• Stakeholder management skills and experience, especially interaction with senior management
• Good knowledge of risk management concepts, including risk appetite controls oversight and challenge.
• Ability to work flexibly, taking leadership for team responsibilities
• Managing changing priorities, making sound judgements and practical problem-solving
• Able to contribute to the constant improvement of process and culture, significantly to enhance integration between teams in different functions and locations which are increasingly needing to be closely aligned

Average Salary: HK$565,000