Experience Inc. Jobs

Manager Actuarial Services

Requisition ID: 217822

Join a purpose driven winning team, committed to results, in an inclusive and high-performing culture.

Purpose

Contributes to the overall success of Actuarial Services, Global Insurance Business, ensuring specific individual goals, plans and initiatives are executed / delivered in support of the team’s business strategies and objectives. Ensures all activities conducted are in compliance with governing regulations, internal policies and procedures.

Accountabilities

• Champions a customer focused culture to deepen client relationships and leverage broader Bank relationships, systems and knowledge.

• Perform monthly/quarterly IFRS17 calculations for required reporting to shareholders, directors and regulators for Scotia’s Insurance and/or Reinsurance entities. This includes liability valuations, IBNR and source of earnings.

• Support the year-end reporting process (review of valuation methodology, experience studies, assumption changes, sensitivity runs, and the preparation of actuarial exhibits for the Appointed

Actuary’s report)

• Perform required capital calculations for Scotia’s Insurance and/or Reinsurance entities in accordance with OSFI Guidelines (e.g. MCCSR/MCT and/or LICAT), local regulatory requirements,

analysts’ models (e.g. BCAR) and any other bases as required.

• Support the annual capital and stress testing activities for Scotia’s Insurance and/or Reinsurance entities.

• Support the annual financial planning process by providing required actuarial projections to the relevant insurance and reinsurance subsidiaries.

• Support profitability analysis reviews, product and business development initiatives of existing insurance and/or reinsurance products, including assessing capital requirements and conducting

financial projections for business cases.

• Provide other support to insurance and reinsurance businesses, as required, including liaising with insurance partners to source required data, supporting insurance risk-related reporting and

providing actuarial advice in assessing insurance risk for a variety of insurance and reinsurance transactions.

• Communicate results to the insurance subsidiaries, the appointed actuary, auditors and regulators as required.

• Review and improve internal documentation (procedures for monthly valuation, stress testing, required capital calculations, etc.)

• Understand and consider the Bank’s risk appetite and risk culture, and conduct all activities in compliance with governing regulations, internal policies and procedures.

• Actively pursue effective and efficient operations of his/her respective areas, while ensuring the adequacy, adherence to and effectiveness of day-to-day business controls to meet obligations with respect to operational risk, regulatory compliance risk, AML/ATF risk and conduct risk, including but not limited to responsibilities under the Operational Risk Management Framework, Regulatory Compliance Risk Management Framework, AML/ATF Global Handbook and the Guidelines for Business Conduct.

• Champion a high-performance environment and implement a people strategy that attracts, retains, develops and motivates their team by fostering an inclusive work environment; communicating vison/values/business strategy and managing succession and development planning for the team.

Education / Experience / Other Information

• The incumbent must hold an undergraduate degree or a graduate education with an emphasis on Actuarial Science, Statistics, Finance or Math.

• The incumbent for this position must be an Associate of the Society of Actuaries and pursuing the designations of Fellow of the Canadian Institute of Actuaries (FCIA), or Fellow of the Society of Actuaries (FSA).

• Eight plus years of Industry experience in Life and Health Insurance or Consulting.

• Most work experience should be from valuation of Life and Health Insurance products with hands on in-depth knowledge of AXIS and other financial modeling experience.

• Valuation experience for property and casualty products is an asset.

• Knowledge of IFRS-17 and LICAT is an asset.

• Knowledge of Creditor Insurance products is an asset.

• Experience working with the Insurance Regulators is an asset.

Location(s): Canada : Ontario : Toronto

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.

At Scotiabank, we value the unique skills and experiences each individual brings to the Bank, and are committed to creating and maintaining an inclusive and accessible environment for everyone. If you require accommodation (including, but not limited to, an accessible interview site, alternate format documents, ASL Interpreter, or Assistive Technology) during the recruitment and selection process, please let our Recruitment team know. If you require technical assistance, pleaseclick here (https://www.scotiabank.com/careers/en/careers/technical-support-for-applicants.html) . Candidates must apply directly online to be considered for this role. We thank all applicants for their interest in a career at Scotiabank; however, only those candidates who are selected for an interview will be contacted.