All actuarial - from student to senior actuary
I joined Phoenix from university as an actuarial student. My first role was in the reporting teams, updating and running the valuation models for the regulatory reporting. This evolved into reviewing the results and providing commentary, working alongside more experienced actuaries on the team. This role gave me a good introduction to actuarial work and understanding of the Phoenix business.
I qualified four years later and moved to the capital management team. There were two main aspects to this role. Firstly, production of the monthly solvency monitoring reporting across all funds and entities in Phoenix, liaising with different teams across the business and providing analysis of the movements. Secondly, calibration of Internal Model stress assumptions for various market and credit risks, and correlation assumptions. Throughout this time, I also supported the development of proxy model techniques and processes.
I took the opportunity to work on a project to harmonise the Internal Models between two of the entities within Phoenix - the first harmonisation of its kind. I led one of five workstreams, focussing on the aggregation components: aggregation methodologies, correlations, proxy models and the overall Solvency Capital Requirement ("SCR") results from the changes implemented. This was my first leadership role and where I discovered I enjoyed the fast-paced environment of projects, dealing and adapting to challenges that arise and delivering tangible benefits.
I've been working on change projects ever since, and am now leading Phoenix's largest capital programme for the next application of changes to the Internal Model.
I lead key Internal Model capital projects at Phoenix
I am the business lead for key Internal Model capital project (mostly Major Model Change applications), providing the day-to-day leadership on behalf of the Chief Actuaries.
The role is wide ranging - it covers technical actuarial activity, as well as having a strong delivery focus and requiring significant stakeholder management.
I lead a virtual project team of 100+ people, determining the delivery strategy to meet project objectives and ensuring that the project is set up to succeed.
I work closely with several other areas of the business, including the valuation reporting teams, system development teams, Line 2 colleagues in risk and project managers within the Change function.
I communicate with the regulator on behalf of the project.
Shaping how we deliver key projects and working across team boundaries
I get flexibility to shape how we deliver projects. There is often no single right way to approach this, but I enjoy balancing the different demands and constraints to get to the optimal approach. Then getting the team buy-in and seeing the approach work out in practice (often with tweaks here and there!) is really rewarding.
I also get to work with so many different areas of the business. This has its own challenges to ensure everyone is aligned and pulling in the same direction, but it also means I get to learn about other teams. It also means I get the opportunity to learn and develop from such a wide range of individuals.
I enjoy the nature of project work: adapting to changes, overcoming challenges and seeing the tangible benefits that the project work produces.
Build relationships and make things happen
Firstly, as I've progressed through my career, I've realised just how important the people are. Work never happens in your own little bubble - you will need help from others and will need to provide support to others to deliver your objectives. Be open to building relationships and go beyond your immediate team if you can. There is also so much to learn from different people, including beyond your own field of work - even if it is what not to do!
Secondly, don't just wait for things to happen to you. Take control of your own career progression. Take opportunities when they arise and if they don't arise then consider why not. Building out your network will also help with this, talk to you manager, your peers or others to gain different perspectives.
Being involved in the first ever harmonisation of two Internal Models
I was involved in the project to harmonise two Internal Models, which was the first time this had been done. Phoenix acquired the Standard Life business and both businesses had separate Internal Models which needed harmonisation.
I ran one of five workstreams, delivering the aggregation methodologies, assumptions and results. There were significant differences in this area and it was a real focus of the regulator. Despite this, the team and I delivered outcomes that were improved on either Internal Model and made significant advancements in our proxy modelling techniques in particular.
The project was a real coming together across newly formed teams, in which we leveraged different views and experiences to get the best outcome. It was tough going at times but also a great example of team work and commitment that I am proud to have been a part of.
