Director Corporate Actuarial
London Life
Winnipeg, MB, CA
5d ago

Role Description

The company is fully engaged in the work required to transition to IFRS 17, the new Insurance accounting standard that is to come in on January 1st, 2022.

This standard is a massive undertaking that will transform the processes for calculating actuarial liabilities, the systems used, and the financial disclosure and reports presented.

This role will be instrumental in implementing this standard by designing and subsequently operating the appropriate processes, systems and controls.

As part of the IFRS 17 transformation program, you will help to design processes systems and controls for delivering financial disclosures to the board, the regulator and other external parties.

You will be involved in defining the modelling and data requirements so business units can ensure that the relevant data will be available when needed.

The role requires a good understanding of the accounting standard, frequent communication with the business units to explain interpretations and provide guidance, and participation in several task forces / committees at the program level or at the CIA or CLHIA level to support collaboration on the best way forward.

Accountabilities :

  • Lead and support the formulation of business requirements for the corporate team’s deliveries to the board and OSFI, and the data thereof : Consider the current reporting requirements as well as the IFRS 17 analysis that OSFI are likely to require, taking account of relevant statements made by OSFI and other regulators.
  • Consider the requirements of the Appointed Actuary’s reports, and any other regular and key external reporting activities such as submissions to rating agencies or investors.

    Compare the identified data requirements to the existing interpretation of what is currently provided or will be requested for the IFRS 17 Chart of Accounts, then deliver a gap analysis setting out the additional data requirements

  • Lead the design and implementation of internal controls over the new processConsider processes used to validate the accuracy of results, to evidence the relevant audit trail and to analyse the movements between periods and track the drivers of changesConsider new best-practice processes and controls together with the processes and controls already performed for current reporting
  • Determine the model & system developments which may be needed to support the additional disclosures. Support the development of the relevant analysis toolkit.
  • Provide guidance on the prioritisation of the data requirements, considering the complexity of the requirements, the ease with which data may be available to the business units, and the likely significance of the required data.
  • Qualifications and Competencies :

  • Fellow of the Canadian Institute of Actuaries, or equivalent
  • Excellent understanding of financial reporting controls
  • Experience of designing, planning and implementing process changes in financial reporting
  • Prior excellency in managing complex process changes
  • Prior technical actuarial valuation and reporting or actuarial systems experience
  • Perseverance
  • Excellent communication
  • Ability to listen
  • Ability to cooperate and persuade
  • Experience of working with multidisciplinary teams
  • Due to the high profile of a number of our clients, a Federal Government Enhanced Screening is a job requirement and this will involve fingerprinting and a credit check.

    Our Story

    Canada Lifeis 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.

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