- To manage the Capital Modelling team in fulfilling its objectives.
- To be responsible for leading the Talbot business planning process and ensuring outputs are produced in line with Talbot's strategic objectives.
- To liaise with the Actuarial and Risk Management professions to keep abreast of market and other issues and developments pertaining to capital and planning.
- To assist generally in the efficient running and management of the business.
The planning and capital process is the process that leads to the delivery of the activities below, in line with the strategic objectives and requirements set by the Executive Committee:
- Syndicate Business Forecast ("SBF", i.e. twelve month plan) in normal and stressed circumstances.
- Solvency Capital Requirement ("SCR", i.e. regulatory capital to support the SBF).
- Forward-looking plan in normal and stressed circumstances, and associated regulatory capital.
- Economic capital to support the SBF and forward-looking plan.
- Quarterly monitoring/reviews of the plan.
The Head of Capital Modelling responsibilities are:
- To be responsible for the maintenance and development of the syndicate capital model and the syndicate part of the Group capital model.
- To be responsible for the validation of the syndicate capital model.
- To be responsible for the documentation of the syndicate capital model.
- To manage the syndicate SCR process, including the Lloyd's Risk Based Capital and Funds at Lloyd's processes.
- To provide input to and support for the business planning process to ensure consistency between the plan and capital assessment.
- To assist with the timely implementation of Solvency II requirements, particularly with respect to the SCR internal model, ORSA and reporting.
- To be responsible for preparing capital model outputs for the Board and Management.
- To be responsible for promoting the use and understanding of the capital model.
- To provide input into the Actuarial Function Holder report on the reinsurance arrangements of the syndicate.
- To provide input into the design and cost of the outwards reinsurance programme.
- To consider capital allocation methodologies and measurements of return with a view to more efficient capital usage.
- To promote portfolio optimisation.
- To work with the other teams within the Risk Function on risk appetite, ORSA and stress and scenario testing.
- To work with AIG to support the integration of the syndicate capital process into the Group capital process if required.
- To manage the development and maintenance of internal capital models for regulatory and economic capital purposes, coordinating with Group-wide efforts on internal capital models if required.
- To liaise with external consulting actuaries where necessary in support of the above.
The Head of Planning responsibilities are:
- Setting a timetable for the year that ensures there is alignment between the different activities within the scope of the business planning process. This will include details of inputs and outputs required by the various parties involved in the planning process, when they should be delivered, and who is responsible for delivering them.
- Ensuring all parties responsible for business planning deliverables work within the agreed timetable, in line with objectives set by the Planning and Performance Review Steering Group ("PPRSG") and requirements set by Head of Planning and Capital Modelling.
- Working closely with key stakeholders, in particular the Underwriting leadership team and the Reinsurance and Capital teams, to ensure the plan is aligned to the strategic objectives set by PPRSG. This will involve promoting and agreeing the development and implementation of appropriate analytical output including optimisation and stress and scenario testing.
- Coordinating and liaising with stakeholders to put forward risk appetite changes and other similar special acceptance requests for approval in line with the usual governance arrangements.
- Collaborating with the CRO, Strategy Manager and initiative sponsor, on new business initiatives once they are in the phase for preparation of robust business cases leading to a "yes or no" from management.
- Attending PPRSG, liaising with PPRSG and the Chief Financial Officer ("CFO") on business planning matters, escalating matters to PPRSG and the CFO as appropriate, and providing direction to stakeholders accordingly.
- Collaborating with the Underwriting leadership team in the ongoing communication with Lloyd's regarding the plan.
- Developing the PPR process in collaboration with the Underwriting leadership team. In particular, responsible for:
- The design of the PPR agenda and meeting packs, for approval by Exec Comm.
- Overseeing the PPR process and how it is working in light of Talbot's strategic objectives and suggesting changes if required.
- Attending PPR meetings.
- Recommending to PPRSG any required changes to the business planning process from time-to-time (taking into account any recommendations from such processes as the Lean review).
The Head of Planning and Capital Modelling is responsible for leading and overseeing the delivery of:
- One-year and three-year plans, in normal and stressed circumstances, including projected profit and loss accounts ("P&Ls") and balance sheets.
- Regulatory and economic capital requirements.
- Risk appetite changes and other similar special acceptance requests, and new business initiatives as outlined above.
- Ad hoc business plan deliverables as required by PPRSG.
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