HSBC Group

Role Purpose:

IFRS 17 (IFRS4 Phase II) is a new accounting standard for insurance contracts, which is due to be implemented by 1 January 2021. This standard will have a profound impact on all aspects of the accounting for insurance contracts. This is the first IFRS standard that prescribes one model for the valuation of insurance liabilities. A joint risk-finance implementation programme has been established to manage the required changes across HSBC’s Insurance global operations.

Most of the work streams in the programme will require actuarial support. The programme will use a phased approach starting with the common global elements that are executed by the central team. Thereafter the global models and other deliverables will be rolled out to the countries.

This position is responsible for driving the implementation of the actuarial aspects of IFRS 17 for the legal entity on behalf of the Chief Actuary, working with the central project team.  In particular this is likely to include:

• Development of optimal methodologies for implementing global policies and standards for the entity

• Ensure the specifications for data warehouse and general ledger systems incorporate actuarial requirements

• Work with the central model build team to design and build actuarial cashflow model enhancements

• Perform testing of the actuarial cashflow models, data warehouse and output to the general ledger

• Ensure IFRS 17 actuarial models accommodate foreseeable future requirements and growth for the entity

• Ensure IFRS 17 actuarial models for the entity comply with HSBC’s model risk policy

• Liaise with external auditors to ensure actuarial models and methodology satisfy expectations

• Assist in the communication and training of the new standard towards Risk, Finance and Business in the entity

Impact on the Business

• Deliver high quality results in regards to the delivery of financial reporting, management reporting, regulatory returns and external reporting model / framework in line with requirements.

• Establish and/or maintain system/Infrastructure that supports the IFRS Reporting Standards in support of business objectives.

• Provide the information needed to the drive decision making process.

• Contribute to the design, build, and operation of assigned project tasks.

• Meet targets for data improvement so that reporting is sufficiently accurate for regulatory, management reporting and external publication.

Customers / Stakeholders

• Interact with customer groups to ensure satisfaction with quality and level of support provided by team.

• Promote and maintain effective working relationships with other project members and internal customers.

• Direct and ensure consistency of approach in execution of similar responsibilities across all models and systems.

• Adoption of policies, procedures, risk mitigation methodologies, etc. by internal customers

• Effectively communicate all details to customers.

Leadership / Teamwork

• Work effectively within the team and with other teams

• Strong communication to ensure implementation of new disciplines and continued adherence to standards

• Manage the activity of the team including project and resource prioritization and improving employee engagement

• Lead and drive activities and execution to ensure quality maintained, and compliance with audit standards for area of responsibility

• Regular and positive communication with key contacts from other teams

Operational Effectiveness & Control

• Build efficient and streamlined processes.

• Build effective controls

• Adhere to governance structure, and accuracy of time tracking of all efforts

• Adhere to project prioritization process and ensure optimum use of team resources.

• Deliver systems developments/changes on time and within budget. Maintain cost discipline and adhere to expense limits

• Complete and timely reporting to relevant Steering committees

Major Challenges:

• To work analytically and innovatively

• To meet tight deadline as set by the group and regulation often within short timescales

• To work closely with external specialists

• To keep up-to-date on the latest development in financial reporting, auditing requirement, regulatory and actuarial techniques

Role Context:

 The jobholder is given varying degrees of freedom to make decisions depending on the job nature and his past experience. He/she is encouraged to deal with all issues arising from the normal course of work independently and to consult his superiors for special issues. The nature of the role requires good working relationships with peer and senior executives in order to cross multiple functions and customer groups to provide full support to all business initiatives.

Technical competence and independent judgment is important for this position since it is expected that the jobholder can work with minimal supervision. He/she is also required to provide guidance to his supporting staff during the normal course of work.

Management of Risk:

Maintain awareness of operational risk and minimise the likelihood of it occurring. This includes its identification, assessment, mitigation and control, loss identification and reporting in accordance with section 4 of the Group Operations FIM.

Observation of Internal Controls:

The jobholder will also adhere to and be able to demonstrate adherence to internal controls. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators.

The jobholder will implement the Group compliance policy by containing compliance risk in liaison with the relevant Compliance Department. The term ‘compliance’ embraces all relevant financial services laws, rules and codes with which the business has to comply.

 This will be achieved by adhering to all relevant processes/procedures and by liaising with Compliance department about new business initiatives at the earliest opportunity. Also and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimising relations with regulators.

Management of Risk:

Maintain awareness of operational risk and minimise the likelihood of it occurring. This includes its identification, assessment, mitigation and control, loss identification and reporting in accordance with section 4 of the Group Operations FIM.

Observation of Internal Controls:

The jobholder will also adhere to and be able to demonstrate adherence to internal controls. This will be achieved by adherence to all relevant procedures, keeping appropriate records and, where appropriate, by the timely implementation of internal and external audit points, including issues raised by external regulators.

The jobholder will implement the Group compliance policy by containing compliance risk in liaison with the relevant Compliance Department. The term ‘compliance’ embraces all relevant financial services laws, rules and codes with which the business has to comply.

This will be achieved by adhering to all relevant processes/procedures and by liaising with Compliance department about new business initiatives at the earliest opportunity. Also and when applicable, by ensuring adequate resources are in place and training is provided, fostering a compliance culture and optimising relations with regulators.