Workforce Group is a Management Consulting and Outsourcing Professional Services Firm. Following its inception in July 2004, Workforce Management Centre Limited (Workforce) has built an enviable reputation as the leading indigenous management and professional services consulting firm in Nigeria. Drawing from its Deep Domain Expertise, in the area of organizational effectiveness and employee performance, the Company is positioned to assist businesses across diverse sectors of the economy in their quest to create sustainable value for their stakeholders.
We are recruiting to fill the position below:
Job Title: Head of Department, Actuarial
Location: Lagos
Employment Type: Full-Time
Job Purpose
- This role will oversee all actuarial matters within the organization. Core purpose is to coordinate the work of the actuarial officers and develop actuarial reports, product development & pricing and experience investigations.
Key Responsibilities
Product Development:
- Understand business requirements and research new products
- Develop business cases
- Development of benefit and premium structures
- Implement developed products through communication with relevant stakeholders and supervision of application
Pricing & Profitability Testing:
- Review of existing rates on a regular basis
- Identifying where products are unprofitable through portfolio monitoring and financial analysis
Valuation and Reporting:
- Calculation and review of actuarial reserves on a quarterly basis
- Any other ad-hoc reporting required by the supervising Manager
Modelling & Actuarial Controls:
- Modelling of actuarial processes, such as expense analyses, burning cost calculations, profitability investigations and other ad-hoc models
- Develop and strengthen controls in all areas of work to improve auditability and accuracy of results
Actuarial Process Efficiency:
- Actively seek areas where existing and new actuarial processes can be improved
- This can be through novel solutions or application and development of software
Experience Analysis & Assumption Testing:
- Perform and guide experience analyses through financial calculations
- Test assumptions used in actuarial modelling to understand the robustness of calculations.
Actuarial Committee Secretariat:
- Engage in and report to Actuarial Committee at its regular meetings
- Develop actuarial reports on current status quo of actuarial function and work performed.
Actuarial Risk Management:
- Support the development of models to quantify the risk profile of the organization.
- Support the company through application of the risk management control cycle in actuarial space
- Develop risk appetite statements
- Review current experience against risk appetite statements.
Regulatory and Tax Reporting:
- Calculation and population of capital requirement templates to the regulator
- Calculation of actuarial quantities for statutory purposes to enable tax calculations.
Asset-Liability, Investment & Capital Management:
- Tracking exposure to inflation, interest, currency and liquidity mismatches
- Review investments and its impact on capital availability
- Assist in capital allocation operations
Actuarial Team Leadership:
- Manage and develop Actuarial staff Undertake any other duties that may be assigned by the Supervisor
Job Requirements
- A minimum of a First Degree in Actuarial Science, Mathematics or other Quantitative Field
- Full (Fellowship) or Partial (Associateship) qualification with one of the major (Property & Casualty) actuarial bodies
- Minimum of 8 years working experience in a generalist or specialist actuarial role in a financial services environment
- People management and team development skills
- Have excellent IT skills and be familiar with Actuarial software packages
- Excellent understanding and use of data for management decision making will be desirable Excellent oral and written communication skills
- Focused and structured in approach, effectively managing multiple tasks to meet deadlines.
- Creative, confident and professional person with high levels of drive and integrity
Other Requirements:
- Assets management, forecasting, statistical analysis, predictive modeling, leadership and team management, realibility, building culture, customer senstivity, asset and liability management, forecasting and projection.