Our teams are innovative, hands-on and collaborative. The power to share and collaborate requires respect, integrity and teamwork. 

United through teamwork

Our company is rooted in a rich heritage but to look to the future, we need new energy and perspectives.

Open and collaborative culture

We are here to help our employees expand their skills and expertise in various areas.

Connect, Grow, Succeed

Prudential plc

Prudential Assurance Malaysia Berhad (PAMB) is a leading and innovative insurance company in Malaysia, serving the savings, protection and investment needs of Malaysians by offering a full range of financial solutions through its branches, agency force and bancassurance distribution partners network nationwide. 
Our purpose For Every Life, For Every Future is to provide simple and accessible financial and health solutions to every generation.
PAMB was established in Malaysia in 1924 and is a subsidiary of Prudential plc, which was founded in London in 1848. Prudential plc provides life and health insurance and asset management, with a focus on Asia and Africa.
This year, we are proud to celebrate Prudential’s 100th anniversary in Malaysia.
Source: <a href="https://www.prudential.com.my/en/our-company-about-us/" target="_self">prudential.com</a>

Who We Are

Purpose
For Every Life, For Every Future
Mission
To be the most trusted partner and protector for this generation and generations to come.
Source: <a href="https://www.prudential.com.my/en/our-company-about-us/" target="_self">prudential.com</a>

Our Values

Prudential’s purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people’s career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.Background and purpose:&nbsp;Group-wide Risk and Compliance functionThe Group-wide Risk and Compliance function is a second line of defence oversight and control function which is responsible for overseeing the acceptance, ownership and management of financial and non-financial risks by the business units (“BU”). In addition adherence to the Group’s regulatory and internal compliance requirements are supported. The Group-wide Risk and Compliance function is led by the Group Chief Risk and Compliance Officer (“GCRCO”) in collaboration with the material subsidiary Chief Risk and Compliance Officers (“CRCO”) and local business unit (“LBU”) CRCO across the Group. The Group-wide Risk and Compliance function serves the business and the Group’s Board, Risk and Audit Committees by providing advice and insight to support effective oversight of the Group’s risks, compliance and security obligations.&nbsp;Model Risk and Model ValidationThe incumbent will join the Model Risk and Model Validation team, which is tasked with the development and implementation of the Model Risk Policy, as well as providing independent assurance and validation of the accuracy and relevance of key models utilised across the Group.&nbsp;This team also independently validates the internal capital model components used for the Group Internal Economic Capital Assessment (GIECA), ensuring compliance with the Groupwide Supervision (GWS) framework of the Hong Kong Insurance Authority (HKIA), thereby enabling the Board to discharge its responsibilities effectively.&nbsp;The role holder is expected to establish and maintain significant interaction with a range of stakeholders, including Finance/Actuarial teams, Group-wide Internal Audit, other functions involved in model building and utilisation, and external stakeholders such as regulators and external auditors.Principal responsibilities:Internal model validation and oversight (50%)<ul><li>Contributing to the development and maintenance of the Internal Model GwOSs relating to model validation, data quality and change management.</li><li>Leading the ‘fit for purpose’ assessment of different models used for risk and capital management across the Group with a focus on GIECA.</li><li>Supporting the validation and opinions on the development, calibration of the GIECA model and the results.</li><li>Providing opinions on model changes to provide assurance to the Board/GRC.</li><li>Leading the review of the GIECA model documentation to ensure it adequately reflects the Group-wide standards and relevant regulatory requirements.</li><li>Producing the Group-wide model validation report. Consolidating BU model validation reports into the Group validation report.</li></ul>Model Review, Validation and Deep Dive review (50%)<ul><li>Supporting the review and validation of models identified and used for a variety of purposes, including valuation and new business pricing.</li><li>Supporting and preparing model risk and validation related papers for the Group Actuarial Technical Committee (“TAC”). &nbsp;</li><li>Interacting with TAC, as required, especially when decisions relating to model change are being taken.</li><li>Performing any additional ad-hoc analysis required by senior management to gain comfort with some aspects of model use decision making.</li><li>Contributing to Deep Dive reviews throughout the Group. In particular, helping to develop the terms of reference; the fact-finding activities; the development of findings, ensuring senior stakeholder support and finally the timely delivery of the review findings to the Group Risk Committee.</li><li>Performing analytical reviews of key business practices and models throughout the Group, with the ability to independently test and reproduce some of the calculations through the use of alternative methods.</li></ul>Skills, knowledge and experience required:<ul><li>Qualified actuary with relevant level of experience and a life insurance or risk management background, including familiarity with current and developing insurance regulation that is relevant to the Group.</li><li>Prior experience of internal model validation or audit is preferable.</li><li>Understanding of the components of an insurance balance sheet, the risks to which insurers are exposed and how they are modelled.</li><li>Good understanding of economic valuation techniques as well as capital calculations.</li><li>Good understanding of the key features of life insurance products and the types of risks associated with them. An international perspective on products and market characteristics would be an advantage.</li><li>An analytical mind-set with strong statistical/problem solving skills.</li></ul> &nbsp;Core competencies required:<ul><li>Strong documentation and verbal communication skills, both to technical and non-technical audiences.</li><li>Strong stakeholder engagement and communication skills.</li><li>Highly motivated and able to work independently at times.</li><li>Ability to provide challenge while being commercially orientated and pragmatic.</li><li>A team player and flexible to adapt to a fluid environment.</li><li>Ability to communicate with confidence to stakeholders, both at the Group and Business Unit levels.</li></ul>&nbsp; Prudential is an equal opportunity employer. We provide equality of opportunity of benefits for all who apply and who perform work for our organisation irrespective of sex, race, age, ethnic origin, educational, social and cultural background, marital status, pregnancy and maternity, religion or belief, disability or part-time / fixed-term work, or any other status protected by applicable law. We encourage the same standards from our recruitment and third-party suppliers taking into account the context of grade, job and location. We also allow for reasonable adjustments to support people with individual physical or mental health requirements.<div></div>

This job is about leading the Model Risk and Validation team at Prudential, ensuring the accuracy of financial models. You might like this job because you&#x27;ll have a significant impact on risk management and compliance while collaborating with various teams.

Prudential’s purpose is to be partners for every life and protectors for every future. Our purpose encourages everything we do by creating a culture in which diversity is celebrated and inclusion assured, for our people, customers, and partners. We provide a platform for our people to do their best work and make an impact to the business, and we support our people’s career ambitions. We pledge to make Prudential a place where you can Connect, Grow, and Succeed.Background and purpose: Group-wi...

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