Model Validation Working Party – members

Application closing date: 26 April 

The IFoA is seeking to appoint both members and suitably qualified non-members to join the newly formed Model Validation Working Party. The group has been created to research and develop fresh industry guidance for actuaries working in model validation.

The scope of the working party covers:

• Best practice for validation of the internal model under Solvency UK / Solvency II (or equivalent capital models under other solvency regimes)
• Emerging approaches to validation of models in banking under the PRA’s model risk management principles for banks (or equivalent regulatory model risk regimes in other jurisdictions)
• Wider validation activity of business-critical models under BAU enterprise risk management 
• Identifying how practices can be adapted to provide robust validation of AI and machine learning models
• Identifying how teams can use AI and machine learning (and / or automation) to deliver more efficient and effective validation activity

The role is open to individuals who have an interest in model validation, existing experience in designing and carrying out validation activity preferred but not mandatory. 

Volunteers will have the opportunity to shape the nature and content of their output for the working party, which may include: IFoA blogs, presentations at conferences, ad hoc webinars, The Actuary magazine articles, and a formal working party report.

Read more in the terms of reference (PDF, 250 KB)

Time commitment

Personal time commitment of around one day per month to research and draft content. Plus one hour per month for discussion meetings to check progress (meetings will be held online using Microsoft Teams). 

Next steps

If you are interested in this role and would like an informal conversation before applying, please email us at engagement.team@actuaries.org.uk.

If you have read all the above and would like to apply, please send us:

• brief details of your relevant experience
• your reasons for wishing to get involved
• your ARN (if you are a member)
• a brief copy of your CV and full contact details (if you are a non-member)
• confirmation that you have read, understood, and agree to the information and requirements laid out in our volunteer information pack (please be aware that until we have received this confirmation, we will not be able to appoint you as a volunteer)

Please email all the above to engagement.team@actuaries.org.uk. Please note, we are unable to accept late applications.

We are committed to promoting diversity, equality of opportunity, and inclusion, within all our vacancies and we actively encourage applications from a diverse range of potential candidates. Recognising and embracing the unique and diverse talents of our volunteers is fundamental to the success of our organisation.

What you need to know

Volunteering provides you with a wide range of opportunities. With all rights and opportunities come responsibilities and we ask all our volunteers to comply with the terms of the IFoA’s governance manual and volunteer information pack. Before offering to provide support, please read through: what you need to know.