Whatever their stage of life, we provide over 108 million customers with the products and services they need to progress. From insurance to personal protection, and savings to wealth management, no matter the need we’re always there for them. And we’re always there for our employees. In 50 countries, we work hard to inspire pride and a sense of belonging in our people. To provide opportunities that challenge them, inspire them, and reward them. And to create a culture that’s open, supportive, and empowering. Because we know that’s the real secret to success – and the best way for us to keep building a better world for both our customers and the talented people who put them first.
Your work environment :
GIE AXA SUCURSAL EN ESPAÑA is a branch of GIE AXA (Group headquarters) located in Spain. The entity is hosted in AXA's facilities in Madrid, but is fully independent from other Spanish entities. The Internal Model Review (IMR) department, is part of Group Risk Management. The team was created to provide an independent opinion to the regulator and to the board of directors on the compliance and consistency of our Internal Model with Solvency II directives. IMR has the following objectives:
Provide a gap analysis on the compliance of local entities’ practices with Group’s instructions and/or with Solvency II principles.
Provide AXA Group’s management with an appropriate level of comfort on the quality and adequacy of solvency II metrics reported by entities.
Ensure the consistency of local methodologies, processes and tools used across entities.
Contribute to the improvement of the metrics by sharing best practices.
The team is structured in five different areas:
Assets & ALM standards, Market & Credit Risks,
Liabilities standards, Best Estimates and Life Risks,
P&C Risks,
Operational Risks,
IFRS17
Your Mission:
As part of IMR team, the candidate will participate in in-depth reviews of the Internal Model among AXA entities. The candidate will be responsible for performing detailed analysis on the Internal Model, focusing on assets and ALM projected cash flows in Life products.
The candidate will also participate in the analysis of Market, Credit and Aggregation risks, ensuring the alignment between the local practices and the Group requirements. Recently, the scope of the activities of the team has been extended to the review of the Group models.
Key accountabilities:
Analysis of the Assets and ALM projection in the DFA (Dynamic Financial Analysis) model for Life business. Focusing on:
Assets projection: Assets model points; Simulations on Risk Neutral environment (Market value evolution, Market consistency adjustment); Projection of different components of investment income; Investment fees.
Detailed analysis of the implementation in the Internal Model of the main ALM strategy components: Investment Strategy and Strategic Assets Allocation; Profit sharing; Management actions; Time Value Options analysis.
Reviewing Market and Credit risk calculation for Life and P&C businesses as well as the Aggregation methodology for the different sub-risk streams. Analysis of scope and local calibrations produced by the entities.
Conduct technical discussions with the local entities.
Implement a regular update of the team methodology, suggesting improvements and designing new tests.
Participation on regular follow-ups with the reviewed entities.
Contribute to Group Risk Management transversal work streams.
Qualifications:
Education:
Grade in Financial Mathematics/Engineering, statistics and/or Actuarial Studies
Experience:
Minimum 2 years practical experience in Investment and/or Risk Management department, in an Actuarial/Valuation team, or in an actuarial audit function.
Good knowledge of financial risks risk model principles
Good knowledge of Life insurance business with a focus on:
Solvency 2 principles.
Assets/ALM projections and Market & Credit risks valuation
Risks identification and measurement frameworks.
AXA’s internal model (STEC) (Valuable).
Ideally have exposure to internal models in insurance entities, notably on DFA tools (e.g. RAFM, Prophet, R3S, Sunrise, etc) including:
Risk neutral environment for Solvency 2 reporting.
Insurance accounting and other regulatory environments.
Eligible Own Funds (EOF) framework.
Model Valuation of various asset classes (e.g. securities, corporate bonds, derivatives, alternative assets)
Experience with the use of VBA valuation tools, and familiarity with programming in languages like C++, Python or R for data manipulation, and risk analysis. (Valuable)
Soft skills:
Multicultural mindset and ability to work in transversal multinational team.
Pro-active and autonomous.
Ability to conduct interviews in English.
Capacity to challenge local entities and to ensure the correct application of Group standards / guidelines.
Capacity to write in English detailed reports, and/or to summarize findings/recommendations through.
Good analytics and formalization skills.
Attraction for short time travels in the AXA Group entities.
About the Entity:
The headquarters of the AXA Group (GIE AXA) brings together our corporate activities. It provides guidance and support to subsidiaries around the world, to ensure the coordination and monitoring of the Group's global strategy, the application of its standards, the consistency of commercial approaches and the sharing of best practices. The headquarters gathers approximately 1000 employees and is distinguished by its strong international culture (45 nationalities), which makes it a rich and stimulating place to work.
Are you ready to be part of a high-calibre, multidisciplinary team at AXA GRM, with a global presence in Paris, Zürich, and Madrid?
What We Offer:
You will join:
A responsible company, towards people, including its employees and customers, and towards the planet.
A company with strong values
A company promoting internal mobility and the training of its employees.
A company offering many benefits (learn more here: Reward & Benefits | AXA Group )
A flexible company, allowing hybrid work, in the office and from home.
At AXA we actively promote Diversity and Inclusion by offering equal opportunities. Possession of a Disability certificate will be positively valued.
What are you waiting for? Join the AXA family and contribute to the progress of society!