The Internal Audit Function plays the key “third line of defense” role in Great-West Lifeco’s risk framework. Providing independent assurance over the adequacy and effectiveness of controls operated to mitigate risks to the Company, the Function includes a specialty Actuarial Internal Audit Team that focuses on the Company’s actuarial processes.
The Actuarial Internal Audit Team has a Lifeco mandate: Canada, the US, and Europe & Reinsurance Divisions are all in-scope. The Team is split between Winnipeg, London (Canada), and Dublin; however it operates as a global joined-up unit. This means actuarial audit engagements are often assigned to Team members based in different geographies (e.g. Irish Life engagements may be substantially completed by members of the Winnipeg Team), and frequent multi-entity engagements require Team members to collaborate across geographies.
The actuarial processes audited by the Team include those relating to: pricing, reserving, capital stress testing, and experience studies; covering life, non-life and health insurance obligations; across a variety of direct writers and reinsurers. This means the roleholder will gain exposure to a wide range of markets, products, technical activities, and regulatory environments as part of the role.
Included in the primary responsibilities of the role will be to manage and effectively coordinate the activity of the London Team, and actively contribute to the wider success of the Function by participating in or leading strategic initiatives as required.
The exact accountabilities of the role will be tailored to reflect the capabilities and drive of the successful candidate.
The role holder will be responsible for duties that will include:
Coordinating and delivering up to 10 engagements each year
Coordinating and delivering Internal Controls over Financial Reporting (ICOFR) testing each year, in support of the global programme
Directly performing audit planning and execution for more complex engagements
Participating in initiatives that drive efficiencies through the Function, including the development of data analytics tools to enhance the depth and breadth of audit assurance provided (e.g. from samples to full populations, from administration systems to administration and finance systems, etc)
Managing stakeholder relationships and expectations, both internal and external. The successful candidate will be required to manage a heavy workload and ensure key deliverables are identified and prioritized
Keeping up to date with external developments through individual research and engagement as required with professional bodies (e.g. Canadian Institute of Actuaries), trade associations (e.g. Insurance Ireland), and regulators (e.g. OSFI)
Ensuring familiarity with risk management programmes, as they impact on the role, and following appropriate risk management procedures to control, monitor and report on business activities
Ensuring compliance with Company policies, regulatory, professional and legal requirements
Schedule/assign audit engagements in a coordinated effort with other members of the audit management team to maximize stakeholder value
Direct and control the execution of the actuarial audit program
Direct and control the execution of the ICOFR effectiveness testing program
Monitor progress of individual assignments and manage any timing problems or budget over-runs
Review completed files to ensure quality of work completed, completeness and appropriateness of audit issues and recommendations raised and adherence to Function standards
Review results of actuarial engagements with appropriate management
Present engagement findings and recommendations to management; manage finalization of written reports
Track audit findings and issues, and work with Management to verify closure of outstanding deficiencies
Oversee production of periodic status reports on progress against plan
Participate in various high risk Project Committees as required
Contribute to the management of the Function
Provide regular feedback to staff reporting to the position through regular performance appraisals, and work with staff to ensure appropriate development and training is provided
Ensure the maintenance of an appropriate staff complement; lead recruiting efforts when required
Qualifications and Competencies:
FCIA designation, with minimum 5 years of experience
Prior experience in a variety of actuarial roles (e.g. Pricing, Valuations, etc) would be an advantage, as would prior exposure to a variety of products (e.g. Insurance, Investment, etc), customer propositions (e.g. Individual and Group Customer), and geographies (e.g. Canada, US, etc)
Sound business judgment in assessing issues and developing recommendations
Strong understanding of key risks and processes in actuarial areas
Good understanding of financial reporting controls
Excellent communication skills, both oral and written
Strong leadership and management skills; thinks strategically
Strong relationship skills; demonstrated ability to deal effectively with staff at all levels
Results oriented; balances multiple priorities and projects
Ability to identify key issues in a complex situation
Commitment to quality
Team of 3 actuarial auditors currently report to this position
Primary work location for this position is in London
Some travel may be required, mostly within Canada
Canada Life is a leading insurance, wealth management and benefits provider focused on improving the financial, physical and mental well-being of Canadians. For more than 170 years, individuals, families and business owners across Canada have trusted us to provide sound guidance and deliver on the promises we’ve made.
As of January 1, 2020, Great-West Life, London Life and Canada Life became one company – Canada Life, and today, we proudly serve more than 13 million customer relationships from coast to coast to coast.
Discover your opportunity….Apply today!
Canada Life offers competitive compensation, great benefits such as medical, dental, life insurance, wellness account and personal days not to mention onsite cafeteria and fitness in our head office facilities. If you’d like to join our team submit your information online and introduce yourself.
Canada Life serves the financial security needs of more than 13 million people across Canada, with additional operations in Europe and the United States. As members of the Power Financial Corporation group of companies, we’re one of Canada’s leading insurers with interests in life insurance, health insurance, investment and retirement savings. We offer a broad portfolio of financial and benefit plan solutions for individuals, families, businesses and organizations.
We are committed to providing an inclusive, accessible environment, where all employees and customers feel valued, respected and supported. We are dedicated to building a workforce that reflects the diversity of the communities in which we live, and to creating an environment where every employee has the opportunity to reach their potential.
Canada Life would like to thank all applicants, however only those who qualify for an interview will be contacted