Financial Risks Validation Analyst â Internal Model Review (Madrid)
Financial Risks Validation Analyst â Internal Model Review (Madrid)
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Job Description
About AXA
Whatever their stage of life we provide over 108 million customers with the products and services they need to progress. From insurance to personal protection and savings to wealth management no matter the need were always there for them. And were always there for our employees. In 50 countries we work hard to inspire pride and a sense of belonging in our people. To provide opportunities that challenge them inspire them and reward them. And to create a culture thats open supportive and empowering. Because we know thats the real secret to success and the best way for us to keep building a better world for both our customers and the talented people who put them first
Your work environment
The headquarters of the AXA Group (GIE AXA) brings together our corporate activities. It provides guidance and support to subsidiaries around the world in order to ensure the coordination and monitoring of the Groups global strategy the application of its standards the consistency of commercial approaches and the sharing of best practices.
The headquarters of the AXA Group (GIE AXA) brings together our corporate activities. It provides guidance and support to subsidiaries around the world in order to ensure the coordination and monitoring of the Groups global strategy the application of its standards the consistency of commercial approaches and the sharing of best practices.
The headquarters gathers approximately 1000 employees and is distinguished by its strong international culture (45 nationalities) which makes it a rich and stimulating place to work.
AXA is built around diversity and unity which is why we are committed to promoting collective success through inclusion.
GIE AXA SUCURSAL EN ESPAA is a branch of GIE AXA (Group headquarters) located in Spain. The entity is hosted in AXAs facilities in Madrid but is fully independent from other Spanish entities. The Internal Model Review (IMR) department is part of Group Risk Management. The team was created to provide an independent opinion to the regulator and to the board of directors on the compliance and consistency of our Internal Model with Solvency II directives. IMR has the following objectives:
- Provide a gap analysis on the compliance of local entities practices with Groups instructions and/or with Solvency II principles.
- Provide AXA Groups management with an appropriate level of comfort on the quality and adequacy of solvency II metrics reported by entities.
- Ensure the consistency of local methodologies processes and tools used across entities.
- Contribute to the improvement of the metrics by sharing best practices.
Your Mission:
As part of IMR team the candidate will participate in indepth reviews of the Internal Model among AXA entities. The candidate will be responsible for performing detailed analysis on the Internal Model focusing on assets and ALM projected cash flows in Life products.
The candidate will also participate in the analysis of Market Credit and Aggregation risks ensuring the alignment between the local practices and the Group requirements. Recently the scope of the activities of the team has been extended to the review of the Group models.
Key accountabilities:
- Analysis of the Assets and ALM projection in the DFA (Dynamic Financial Analysis) model for Life business. Focusing on:
- Assets projection: Assets model points; Simulations on Risk Neutral environment (Market value evolution Market consistency adjustment); Projection of different components of investment income; Investment fees.
- Detailed analysis of the implementation in the Internal Model of the main ALM strategy components: Investment Strategy and Strategic Assets Allocation; Profit sharing; Management actions; Time Value Options analysis.
- Reviewing Market and Credit risk calculation for Life and P&C businesses as well as the Aggregation methodology for the different subrisk streams. Analysis of scope and local calibrations produced by the entities.
- Conduct technical discussions with the local entities.
- Implement a regular update of the team methodology suggesting improvements and designing new tests.
- Participation on regular followups with the reviewed entities.
- Contribute to Group Risk Management transversal work streams.
Why AXA Every day we work together for human progress by protecting what matters. A mission that puts a smile on your face and makes you want to get up in the morning !
One of the worlds leading insurers in the protection of property people and assets AXA is 145000 employees and contributors who are committed to our customers on a daily basis 51 countries in which we distribute our products and services and more than 90 million customers who place their trust in us worldwide. As a responsible corporate citizen AXA is committed to social and environmental causes on a daily basis. We are committed to an inclusive policy that recognizes and values individual differences. Do these ambitions speak to you Then come and change the world with us !
You will join:
- A responsible company towards people including its employees and customers and towards the planet
- A company with strong values
- A company promoting internal mobility and the training of its employees
- A company offering many benefits
- A flexible company allowing hybrid work in the office and from home.
The information provided by applicants will be treated as strictly confidential and used for recruitment purposes only.
The headquarters of the AXA Group brings together the Groups corporate activities. It is distinguished by its strong international culture.
Qualifications
- Grade in Financial Mathematics/Engineering statistics and/or Actuarial Studies
- Minimum 2 years practical experience in Investment and/or Risk Management department in an Actuarial/Valuation team or in an actuarial audit function.
- Good knowledge of financial risks risk model principles
- Good knowledge of Life insurance business with a focus on:
- Solvency 2 principles.
- Assets/ALM projections and Market & Credit risks valuation
- Risks identification and measurement frameworks.
- AXAs internal model (STEC) (Valuable).
- Ideally have exposure to internal models in insurance entities notably on DFA tools (e.g. RAFM Prophet R3S Sunrise etc) including:
- Risk neutral environment for Solvency 2 reporting.
- Insurance accounting and other regulatory environments.
- Eligible Own Funds (EOF) framework.
- Model Valuation of various asset classes (e.g. securities corporate bonds derivatives alternative assets)
- Experience with the use of VBA valuation tools and familiarity with programming in languages like C Python or R for data manipulation and risk analysis. (Valuable)
Soft skills
- Multicultural mindset and ability to work in transversal multinational team.
- Proactive and autonomous.
- Ability to conduct interviews in English.
- Capacity to challenge local entities and to ensure the correct application of Group standards / guidelines.
- Capacity to write in English detailed reports and/or to summarize findings/recommendations through.
- Good analytics and formalization skills.
- Attraction for short time travels in the AXA Group entities.
Required Experience:
IC
Employment Type
Full-Time
