Actuarial Analyst

ORGANIZATIONAL CONTEXT FOR THE ROLE OF ACTUARIAL ANALYST.

The Social Security Board (SSB) is a statutory body whose mission is to provide a customer-centered and financially sustainable Social Security Program that provides lifetime coverage to its beneficiaries. Achieving this mission requires SSB to deliver a dynamic social insurance program that provides a guaranteed level of protection effectively, efficiently, and inclusively.

The demand for SSB’s programs and services continues to increase, even more so amid national and global economic, socio-economic, and demographic changes and challenges. To thrive and continue to achieve its mission, SSB must institute effective reform measures and continuously engage in evidence-based governance and decision-making.

ROLE SUMMARY

The Actuarial Analyst assists SSB in being responsive to the evolving needs of the public and the changing environment for the social security programs; the analyst will play a crucial role in ensuring the sustainability of social security programs. The analyst will utilize actuarial science expertise and mathematical modeling to analyze, assess, and project the financial implications of our programs. This position requires a deep understanding of actuarial principles and the ability to work collaboratively with cross-functional teams.

Other responsibilities include reporting to the Manager, Actuarial Services, collaboration with external actuaries, providing technical support, verifying the validity of data sources, and communicating actuarial valuations.

Successful candidates will be those who demonstrate exceptional critical thinking, possess an advanced knowledge of actuarial modelling, and can communicate complex actuarial findings and recommendations to non-technical audiences.

Key areas of responsibility and Associated Activities

1. Actuarial Modelling:
   • Actuarial Analysis: The Actuarial Analyst is responsible for performing actuarial valuations and financial projections to assess the financial health and sustainability of social security programs. This involves using actuarial models and methodologies to calculate future social security obligations and evaluate the impact of demographic trends, investment returns, and economic

• Data Analysis: The Actuarial Analyst collects and analyzes data related to social security programs, such as participant demographics, contributions, and The analyst uses this data to calibrate and refine actuarial models and assumptions.

1. Investment, Risk, Policy, Strategy and Operational Issues:
   • Risk Assessment: The Actuarial Analyst evaluates potential risks and uncertainties associated with social security programs, including investment risks and demographic The analyst provides recommendations for risk management strategies to mitigate these risks effectively.

• Policy Support: The Actuarial Analyst collaborates with other departments to provide actuarial insights into developing social security program policies and strategies. The analyst helps ensure that policies are aligned with financial sustainability and actuarial

2. Reporting, Communication, and disclosure:
   • Reporting: The Actuarial Analyst prepares comprehensive actuarial reports that detail the financial status of social security programs. These reports include findings, projections, and recommendations. The analyst presents these findings to management, regulatory authorities, and other stakeholders.

• Communication: The Actuarial Analyst uses strong communication skills to effectively convey complex actuarial concepts to non-actuarial colleagues, management and staff, the Board of Directors, and stakeholders.
• Disclosure: Provides disclosure of the social security programs, their assets, liabilities, limitations, as well as other aspects related to the actuarial valuation and

3. Compliance with Regulatory requirements and guidance:
   • Regulatory Compliance: The Actuarial Analyst stays informed about changes in laws and regulations related to social security The analyst continuously monitors compliance with applicable regulatory and accounting standards to ensure that the social security programs are administered in accordance with legal requirements.

• Legal and Regulatory Recommendations: The Actuarial Analyst plays a critical role in providing recommendations for adjustments to social security programs and funding mechanisms in response to changing regulatory The analyst helps maintain compliance and adherence to relevant standards.

These responsibilities align with the key activities of the Actuarial Department, ensuring that the actuarial work is in line with the core functions of modeling, risk management, policy support, reporting, and regulatory compliance. The Actuarial Analyst contributes to the financial stability and integrity of social security programs while assisting in developing actuarial policies and strategies that align with the organization’s goals.

ROLE REQUIREMENTS

Minimum Education and Experience Requirements:

1. Bachelor’s degree in actuarial science, Mathematics, Statistics, or a related
2. Knowledge of Social Security
3. Strong analytical and mathematical skills, statistical knowledge, and a solid foundation in actuarial principles and techniques and enjoys using
4. Proficiency in actuarial software and tools that build accurate projections and
5. Excellent communication skills, both written and verbal, for presenting findings and interacting with diverse teams and
6. Excellent critical thinking and strong problem-solving abilities and an initiative-taking approach to identifying and mitigating
7. Strong diligence and the ability to work with complex data
8. Knowledge of relevant legal and regulatory requirements related to social security
9. Ability to adapt to changes in the regulatory environment and maintain
10. Commitment to upholding the highest ethical standards in actuarial

Additional qualifications and experience which are considered assets(s):

 9. Certifications in Specific Fields, such as pension actuarial work, healthcare actuarial work, or investment management, are

9. Qualifications in legal or regulatory fields, such as a law degree or certification as a compliance professional, are valuable when dealing with complex regulatory requirements.
10. Proficiency in languages relevant to the organization’s geographical and stakeholder context is an asset, especially in multinational or diverse
11. Expertise in the specific industry served by the organization, such as insurance, pensions, or government social security programs, is highly
12. Experience in participating in complex actuarial projects and the ability to demonstrate successful project outcomes is a significant
13. Experience in public speaking, delivering presentations, and representing the actuarial department at conferences, meetings, or industry events.
14. Experience in policy analysis and formulation is an
15. Proficiency in advanced mathematical and statistical software, such as R, Python, or specialized actuarial software, is an
16. Experience working with large datasets and data analytics tools for more advanced modeling and
17. Prior experience as a consultant in actuarial or financial advisory services is an
18. Experience working in different regions and with international stakeholders can be advantageous in organizations with a global
19. Having authored or contributed to industry publications, research papers, or articles can showcase expertise and thought
20. Participation in actuarial or industry associations, volunteering, or contributions to the actuarial community reflects a commitment to the profession.

RESPONSIBILTIES ASSOCIATED WITH ACHIEVING THE RESULTS OF THIS ROLE.

In fulfilling the key responsibilities and achieving the expected results of the role, the Actuarial Analyst:

1. Establishes and maintains data governance practices to ensure the accuracy, consistency, and security of actuarial This includes data validation, data quality control, and data protection measures.

2. Conducts scenario analysis and sensitivity and reform tests to assess the impact of various economic, demographic, and regulatory scenarios on social security This helps in understanding the range of potential outcomes and developing strategies to address different scenarios.

3. Stays updated on the latest actuarial research and emerging industry This includes studying and applying cutting-edge actuarial techniques and methodologies to improve the quality of actuarial work.

4. Reviews actuarial assumptions, such as mortality rates, investment returns, and inflation rates, to ensure that assumptions are appropriate and up to date.

5. Assists in audit processes by providing actuarial data and reports to auditors and participating in audit inquiries to ensure compliance with financial and regulatory standards.

6. Develops and maintains actuarial models used for valuations and Ensures these models are up-to-date, accurate, and consistent with regulatory requirements.

7. Conducts solvency testing and analysis to determine the financial strength and adequacy of reserves and funds for social security programs. Provides recommendations for maintaining

8. Invests in own professional development by staying current with actuarial education and This includes preparing for and passing actuarial exams to attain higher designations.

9. Maintains detailed records and documentation of actuarial calculations, assumptions, methodologies, and reports for transparency, accountability, and audit

10. Collaborates with internal and external stakeholders, including finance, legal, regulators, and third-party This collaboration involves sharing actuarial insights, answering inquiries, and working together to make informed decisions.

11. Assists in educating non-actuarial staff within the organization about the principles and implications of actuarial work, particularly in relation to social security

12. Contributes to the strategic planning process by providing actuarial input on the short, medium, and long-term financial implications of different strategic options and initiatives.