Risk Modelling Lead

We are M&G Global Services Private Limited (formerly known as 10FA India Private Limited, and prior to that Prudential Global Services Private Limited). We are a fully owned subsidiary of the M&G plc group of companies, operating as a Global Capability Centre providing a range of value adding services to the Group since 2003. At M&G our purpose is to give everyone real confidence to put their money to work. As an international savings and investments business with roots stretching back more than 170 years, we offer a range of financial products and services through Asset Management, Life and Wealth. All three operating segments work together to deliver attractive financial outcomes for our clients, and superior shareholder returns.

M&G Global Services has rapidly transformed itself into a powerhouse of capability that is playing an important role in M&G plc’s ambition to be the best loved and most successful savings and investments company in the world.

Our diversified service offerings extending from Digital Services (Digital Engineering, AI, Advanced Analytics, RPA, and BI & Insights), Business Transformation, Management Consulting & Strategy, Finance, Actuarial, Quants, Research, Information Technology, Customer Service, Risk & Compliance and Audit provide our people with exciting career growth opportunities. Through our behaviours of telling it like it is, owning it now, and moving it forward together with care and integrity; we are creating an exceptional place to work for exceptional talent.

Role

The individual should ideally bring multi-asset knowledge and quantitative modelling skills.  The role will include a mixture of technical work (development work and business-as-usual) and communication with various stakeholders.

This is a permanent position, reporting to a Risk Modelling Manager, which has a blended approach between working from home and our Scotland, London or Mumbai offices.

The wider Risk Modelling team is responsible for economic and market-related methods and assumptions used to place a value on benefits that M&G provides to customers and the assets used to back these liabilities, both on a best estimate basis and for the additional capital held to protect solvency under adverse events.  In particular:

• The annual calibration of market and credit risks, as well as the dependency structure between risks, which includes collecting data, refreshing analyses, understanding changes, rationalising judgements and presenting conclusions and proposals to senior stakeholders.
• The refresh of team-owned Solvency II Matching Adjustment policies and the performance of compliance and monitoring exercises required by these policies.
• Maintaining the methodology for valuing M&G’s lifetime mortgage business in base and stressed conditions.
• Undertaking ongoing development to the methodology and tools which underpin the calibrations.  This involves research and implementation of enhancements, with associated testing and communication.  The implementation of new risk models requires interaction with Finance colleagues and the IT developers who own the underlying engine, as well as the users who run the tools.
• The production of regular market data packs, with responsibility for delivering accurate and timely reports to end users across M&G.
• The refresh of Solvency II Pillar 1 Group-wide Operating Standards for the production of Solvency II Own Funds and regulatory capital, including ensuring these keep up to date with change in the regulatory environment.
• The supporting of other asset-related reviews and projects.

Key Responsibilities for this role

• To work collaboratively with colleagues and take personal accountability to maintain and enhance controls you are responsible for to support improvement of the overall control environment, customers outcomes and a reduction in M&G’s operational risk.
• To continue the development of economic and market-related methods and assumptions used to, for example, value options and guarantees, calculate regulatory capital.
• To ensure appropriate governance.
• To generate new ideas, make improvements to existing processes and manage expectations.

Key Knowledge, Skills & Experience

Essential:

• Bachelor’s degree, Master’s degree or PhD in a quantitative subject, e.g. mathematics, computer science, actuarial science.
• 3+ years’ experience of quantitative modelling gained within the insurance, banking or asset management industry.
• Good knowledge of financial markets.
• Good knowledge of multiple assets.
• Good understanding of statistics and statistical methods (e.g. stochastic simulation, VaR methodology and back-testing).
• Good practical experience of development in Python / C++.
• The ability to implement novel technical solutions that are pragmatic, so they fit within business needs and produce analysis to support solutions.
• A track record of successful delivery in pressured environments with the ability to cope with competing demands.
• Experience of developing working relationships with key stakeholders.
• Experience of presenting findings and results, and building an understanding of audience-specific communication requirements.

Desirable:

• Professional designations such as CFA, FRM, FIA/FFA would be viewed as favourable.
• Experience with research and development of stochastic models is a strong plus.

Work Level: Experienced Colleague

We have a diverse workforce and an inclusive culture at M&G Global Services, regardless of gender, ethnicity, age, sexual orientation, nationality, disability or long term condition, we are looking to attract, promote and retain exceptional people. We also welcome those who take part in military service and those returning from career breaks.