Actuarial and Risk

Grant Thornton's Actuarial and Risk team provides market leading actuarial and risk management advice to clients in the financial services sector and further afield. We consult extensively to the life insurance, general insurance, health insurance and pensions sectors as well as providing financial modelling and financial instrument valuation services more widely.

We specialise in developing bespoke solutions for clients that are theoretically robust but also pragmatic to implement and commercially sound.  In this way, we aim to enable clients to make informed management decisions.

Below, we highlight the range of services we offer:

Preparations for Solvency II

·     Designing and building capital models under the Solvency II regime

·     Validating internal models

·     Calculating the regulatory capital requirements using the latest version of the standard

       formula and analysis of results

·     Calculating and advising on the derivation of technical provisions on a Solvency II basis

·     Board and senior management mentoring and education

·     Gap analyses

·     Development of implementation plans, including work streams, resourcing and dependencies

·     Development of ORSA processes, reports and models

·     Advising on the development of Solvency II balance sheets

·     Development of governance arrangements under the new regime

·     Articulating risk appetite statements

·     Development and embedding of risk management frameworks including target operating models and ERM frameworks

·     Development of Solvency II–compliant reporting and disclosure procedures. 

General insurance

·     Reserving

·     Provision of Statements of Actuarial Opinion

·     Section 166 Skilled Persons reviews

·     Capital modelling, including development of ICA models

·     Fulfilling the role of independent expert on Part VII transfers

·     Pricing of portfolios and individual risks

·     Price optimisation

·     Development of business plans

·     Review and optimisation of reinsurance programmes

·     Advice on preparing for IFRS4 phase 2

·     Development of management information systems

·     Expert witness assignments

·     Fulfilling the role of Scheme Actuary for schemes of arrangement

·     Provision of strategic advice

·     Transaction support

·     High quality secondments 

Life insurance

·     Financial reporting

·     Section 166 Skilled Persons reviews

·     With-profits capital management

·     Capital modelling, including development of ICA models

·     Fulfilling the role of independent expert on Part VII transfers

·     Expert witness assignments

·     Provision of pricing support

·     Development of business plans

·     ALM modelling

·     Review and optimisation of reinsurance programmes

·     Advice on preparing for IFRS4 phase 2

·     Development of management information systems

·     Provision of strategic advice

·     Transaction support

·     Advice on defined benefit pension schemes

·     High quality secondments 

Pensions

·     Benefit change advice supporting employee consultation process

·     Liability Management, Enhanced Transfer Values, Pension Increase Exchange, Early  Retirement exercises, Buyouts/Buyins and other insurance solutions

·     Independent advice to employers on Scheme Funding issues

·     Transactions and restructuring advice

·     Local Government Pension Scheme and Social Housing sector pensions

·     Accounting for pension costs under FRS17, IAS19 and FAS158

·     Pension scheme investment strategy

·     Expert witness assignments

·     Advice to employers around executive benefits

·     Scheme health checks

·     PPF levy analysis/reduction

Other modelling and valuation advice

·     Ad hoc statistical and actuarial assistance for entities in the financial services industry and   beyond

·     Valuation of derivatives and other complex financial instruments for a wide range of purposes including financial reporting and litigation

·     Expert witness assignments

·     Development and review of actuarial models

·     Development and review of stochastic models

Risk management

·     Developing and implementing sophisticated ERM frameworks, processes, controls and reporting metrics

·     Designing, quantifying and embedding risk appetite statements

·     Ensuring full compliance with regulatory regimes

·     Conducting complex risk assessments and root cause analyses

·     Identifying emerging risks and designing responses to them.

·     Designing and implementing risk frameworks and registers

·     Developing and quantifying stress and reverse stress tests.

·     Developing risk reporting processes and procedures