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The Regional Actuary, IFRS17 will carry out actuarial technical policy development work and project implementation. Following implementation, IFRS 17 will transition into BAU and there will remain an ongoing need for skilled IFRS 17 resource.
In May 2017, the International Accounting Standards Board published IFRS 17, a new accounting Standard which will fundamentally change the approach to insurance liability valuation and accounting The Standard is effective on 1 January 2022 and adoption is required for both Group and local reporting, in the majority of territories in which PCA operates.
This is an excellent opportunity for a technically strong actuary with project delivery experience and excellent communication skills to join an advanced and dynamic IFRS 17 team.
This role offers interaction with GHO actuarial and finance specialists and will also interface with LBUs. This means that in practice the candidate will be allocated various technical topics to lead the interaction with GHO, LBUs and other project workstreams with the purpose to analyze what the possible practical solutions are to facilitate decision making by senior stakeholders.
Job Responsibilities : As Regional Actuary, you will contribute to the overall actuarial delivery of the project. Understand the group high level IFRS 17 principles and translate those into practical solutions applicable and most appropriate for LBUs.
Engage with LBUs to get their buy in and at the same time validate what the most appropriate solutions or technical interpretations are, in particular through the following activities : Develop clear and concise guidance helping LBUs implement the new requirements.
Argue for technical interpretation which are optimal for PCA LBUs and at the same time are compliant with the requirements.
Supporting local business units (LBUs) with any local IFRS 17 requests e.g. regulatory or accounting body related. Upskilling LBUs on IFRS 17, delivering / assisting with preparation of training materials for PCA and LBUs.
Work with the solutions team towards the agreement of appropriate business requirements as a basis for system development and data and processes finetuning.
Support Group Accounting Policy development from a more operational stand point through addressing specific follow-up questions or requests for topic based testing’ to inform Group technical decisions.
This would mean that the candidate would drive a variety of projects to gain a more in-depth understand of the Standard before build.
Support the definition and development of future management information and analysis required. Work together across disciplines (accounting, actuarial, reporting, data and systems, etc.
to come up with a holistic analysis of possible solutions and pros and cons, supporting management decision. Manage IFRS 17 Delivery in BAU - assist with the management of transitioning the overall actuarial responsibilities for IFRS 17 to BAU, both at Regional Head Office and in the LBUs.
Job Requirements : Qualified Actuary Significant knowledge of the life insurance industry in Asia (i.e. product features, main types of products per region, relevant regulation, key sources of profit, etc.
Solvency II and / or European Embedded Value knowledge would be beneficial. Knowledge of relevant existing business processes would be beneficial.
A good understand of messaging actuarial results desirable Key Attributes Excellent written and spoken English skills with strong verbal and interpersonal abilities.
Technically strong with excellent attention to detail. A team player with ability to work under pressure and manage multiple tasks Proficiency in Excel and Powerpoint is expected.
Knowledge of Prophet would be an asset but not essential. Excellent organizational skills. Comfortable working with uncertainty and in an environment of change, highly adaptable.
Ability to speak one or more Asian languages desirable Willing to travel (although not extensively). Able to translate complex concepts into laymen explanations and present to stakeholders without a strong finance or actuarial background.