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Pension Insurance Corporation (“PIC”) provides secure retirement incomes through comprehensive risk management and excellence in asset and liability management, as well as exceptional customer service. Our purpose is to pay the pensions of our current and future policyholders. PIC is recruiting for a Capital Actuary to play a key role in shaping and enhancing the Internal Model that underpins the business's regulatory capital framework. As part of PIC's Finance Department, the Capital team is responsible for maintaining and developing the frameworks, methodologies and models that support PIC's risk and capital management capabilities. The team ensures these remain appropriate for PIC's business strategy and risk profile, while delivering high-quality analysis, management information and insight to stakeholders across the organisation. With a particular focus on Credit Risk, PIC's most material risk component, you will contribute to the ongoing development and enhancement of market risk methodologies, helping to ensure the Internal Model remains robust, fit for purpose and aligned with the evolving needs of the business. Working as part of a collaborative and technically skilled team, you will contribute to the oversight and optimisation of PIC's capital framework, asset valuation methodologies and risk models, providing insightful analysis and management information to support strategic decision-making. This role offers the opportunity to work on complex and intellectually challenging initiatives that are fundamental to PIC's continued growth and success. As part of a highly regarded team, you will contribute to the ongoing evolution of PIC's capital framework and support the delivery of robust risk and capital management across the organisation. Specific accountabilities assigned to the role of Capital Actuary: Internal Model Risk models Take ownership of Credit risk and other risk modules in the Internal Model, and ensure that the approach, design, methodology, operation and results remain robust and appropriate for use in the PIC business and are consistent with the PRA approval of the Internal Model framework and its policies Support activities to enhance and optimise to the PIC regulatory capital strategy with particular focus and specialisation on the market risk aspects, ensuring that such recommendations are thoroughly analysed and presented Contribute to technical development of the Internal Model applying the appropriate quantitative techniques to ensure it is appropriate and suitable for use Contribute to the technical development the proxy model which sits outside the Internal Model to ensure it remains appropriate and suitable for use Analysis, Reporting and other Ensure the delivery of management information on the design, assumptions and performance of the model and its components Manage the delivery of ad-hoc quantitative analyses and investigations Support other users of the Internal Model understand the results and overcome any issues in running the models Support other members of the team as and when required to ensure overall team objectives are met. This could be in areas outside the Internal Model Requirements Experience: Experience of working within a life office or consultancy Experience in developing capital models and processes Experience working on proxy models is desirable Line management is desireable Fellow of the Institute and Faculty of Actuaries or other relevant qualification such as Financial Risk Management (FRM) is desirable Knowledge: Strong knowledge of quantitative techniques used for modelling financial risks Strong technical knowledge of UK life insurance environment particularly for Solvency UK Strong Knowledge of credit risk modelling and matching adjustment in stress is highly desirable Knowledge of ERM modelling is highly desirable Skills: Strong quantitative skills in financial modelling specifically in areas like p