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Senior Expert on Internal Models

10:19:00 AM
STAFF VACANCIES
Ref. 1703TAAD7
The European Insurance and Occupational Pensions Authority (EIOPA) is an independent advisory body to the European Parliament, the Council of the European Union and the European Commission that was established on 1 January 2011.
EIOPA is at the heart of insurance and occupational pensions’ supervision in the European Union. It is part of the European System of Financial Supervision (ESFS) which includes also the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Systemic Risk Board (ESRB).
EIOPA’s core responsibilities are to support the stability of the financial system, transparency of markets and financial products as well as the protection of insurance policyholders, pension scheme members and their beneficiaries.
Further information on EIOPA is available on EIOPA’s website: https://eiopa.europa.eu/.
For its offices in Frankfurt am Main, Germany, EIOPA is currently inviting applications for a position as
Senior Expert on Internal Models
Job description
Major purpose
The successful candidate will work in the Oversight and Supervisory Convergence Department to oversee the tasks carried out by National Supervisory Authorities (NSAs) in order to enhance a common supervisory culture in accordance with EIOPA’s Regulation.
Providing expertise in internal models and other quantitative aspects of Solvency II, he/she will take part in on-site visits to NSAs, represent EIOPA in colleges of supervisors and participate in projects with a high profile towards EIOPA senior management as well as its Board of Supervisors. He/she will play an active role in enhancing convergence and consistency of supervisory practices throughout the European Union through a risk based approach and following up the progress at the NSAs. He/she will work closely together with other teams across the organisation.
Main responsibilities
  • Preparing,  participating in and providing feedback during on-site visits to National Supervisory Authorities and working in cross-border colleges, drawing on both an understanding of Solvency II as a whole and in particular providing expertise in internal models and other quantitative topics;
  • Ensuring that issues identified during engagements with national supervisors are documented, prioritised and appropriately followed up;
  • Participating in projects to assess and enhance the quality and consistency of the implementation of internal models and related areas across the European Union;
  • Contributing to the review of standards, guidelines and recommendations;
  • Drafting reports to EIOPA Senior Management and Board of Supervisors on main findings and recommendations;
  • Developing and maintaining effective working relationships with internal and external stakeholders;
  • Any other tasks as required.
 REQUIREMENTS
Eligibility Criteria
  • Thorough knowledge of one of the languages of the Communities and a satisfactory knowledge of another language of the Communities;
  • Be a national of a Member State of the European Union, Norway, Iceland or Liechtenstein;
  • Be entitled to his or her full rights as a citizen;[1]
  • Have fulfilled any obligations imposed by the applicable laws on military service;
  • Be physically fit to perform the duties linked to the post.[2]
Essential Skills
  • Qualification:
a)  a level of education which corresponds to completed university studies, preferably in Finance, Economics, or Actuarial Science or other relevant field attested by a diploma, when the normal period of university education is four years or more; or
b)  a level of education which corresponds to completed university studies, preferably in Finance, Economics, or Actuarial Science or other relevant field attested by a diploma and appropriate professional experience of at least one year, when the normal period of university education is at least three years.
  • Have at least 6 years of proven full-time professional experience in a field relevant for this position acquired after the qualification required under a) or b) above.
  • Proven experience of building, testing or using capital models;
  • Proven experience in reviewing or testing financial models;
  • Deep knowledge of Solvency II;
  • Proven strong analytical skills;
  • Strong drafting skills and experience in drafting documentation for decision-making bodies;
  • Very good command of oral and written English;
  • Working knowledge of MS Office, in particular Word, Excel and PowerPoint.
Desirable Skills
  • Supervisory experience in the insurance sector;
  • Experience in on-site inspections;
  • Good knowledge of the main insurance products sold across Europe and their features;
  • Deep knowledge of one or more quantitative areas of insurance, for example valuation of assets and liabilities, market risk, credit risk, non-life risks or life risks;
  • Proven work experience in a multicultural environment;
  • Knowledge of a third EU language.
For the above position, the following behavioural competencies have to be fulfilled:
  • Flexibility in terms of openness to taking over other tasks within EIOPA in view of the dynamic and evolving institutional environment;
  • Excellent team player sharing relevant information and supporting team members without taking over responsibility for their work, able to work in different teams with different levels of stakeholders in a multicultural environment;
  • Being able to have and express a critical view towards own performance and open to learn from experience;
  • Being able to influence: conducting negotiations and maintaining relations to advance the interests of EIOPA and its role;
  • Handling and analysing large amount of documentation, focusing on key information and applying judgement to choose a course of action;
  • Clearly conveying information and ideas in a manner that engages the audience and helps them understand and retain the message;
  • Being able to manage multiple assignments and track progress on numerous processes simultaneously.
Place of employment
Frankfurt am Main, Germany
Function group and grade
AD 7
Monthly basic salary
Step 1: 5,937.01 EUR
Step 2: 6,186.49 EUR
Plus specific allowances where applicable*.
Start date
1 July 2017
Contract type and duration
Successful candidates may be offered an employment contract for three years as a Temporary Agent. The contract may be renewed for a second fixed-term period, and upon its second renewal converted into a contract of indefinite duration.
Reserve list
Possibility of reserve list with validity until up to 12 months, in case of more than one successful candidate.
*Summary of Conditions of Employment
1. Successful external candidates will be classified either in step 1 or 2.
Grade / step3Monthly basic  salary4Monthly net salary, excluding allowancesMonthly net salary, including specific allowances5 
AD 7 Step 1  €5,937.01€4,420.91€6,261.28
AD 7 Step  2€6,186.49€4,580.38€6,474.07
2. Salaries are subject to a Union tax deducted at source and are exempt from national taxation.
3. Depending on the individual family situation and the place of origin, the successful jobholder may be entitled to: expatriation allowance (16% of the basic salary), household allowance, dependent child allowance, education allowance, pre-school allowance, installation allowance, reimbursement of removal costs, initial temporary daily subsistence allowance, and other benefits.
4. Annual leave entitlement of two days per calendar month plus additional days for grade, distance from the place of origin and in addition on average 15 EIOPA holidays per year;
5. EU Pension Scheme (after 10 years of service);
6. EU Joint Sickness and Insurance Scheme (JSIS), accident and occupational disease insurance coverage, unemployment and invalidity allowance and travel insurance;
7. General and relevant technical training plus professional development opportunities;
Information reserved for applicants employed under Article 2(f) of the CEOS, in EU Agencies other than EIOPA:
According to EIOPA Management Board decision EIOPA-MB-15-072 adopting the implementing rules on the procedure governing the engagement and use of temporary staff under Article 2(f) of the CEOS, and in particular Article 12 (2), if a successful applicant from this external procedure, on the closing day for applications, as well as on the day of taking up duty at EIOPA:
  • is a member of temporary staff under Article 2(f) of the CEOS, and
  • is employed within his/her agency in function group and grade included in the range “AD6 – AD8”,
EIOPA shall offer the applicant, in writing, the opportunity either:
a) to be assigned to the post by means of internal mobility, as per Article 10 of EIOPA-MB-15-072. In this case the contract at EIOPA will be in continuity with the contract of the previous agency (namely with regard to grade, step, seniority in step, and duration).
OR
b) in case the eligibility, qualification and professional experience requirements for the grade indicated in this external vacancy notice, (AD7) are met, to be assigned to the post on the basis of a new contract (first fixed-term) of three years duration, subject to the probationary period of 9 months, at the grade indicated in the external vacancy notice (AD7).
Application process
The recruitment process will include a panel interview and a written test. In addition, there may be a pre-screening exercise, a presentation to be delivered by the candidate and a bilateral interview.
Applications should be submitted in English language including:
(1) Curriculum Vitae clearly indicating (among all):
-Qualifications (please list exact dates of your academic qualifications gained)
-Responsibilities, experience and skills gained in previous positions (please list exact dates of your work experience gained)
-Nationality/Citizenship
-Language skills
and
(2) Motivation Letter of no more than one page, explaining why you are interested in the post and what would be your added value you would bring to EIOPA if selected.
Applicants will be assessed on the basis of the eligibility and selection criteria specified in the vacancy notice and these must be met by the closing date of the vacancy notice.
Applications should be submitted to recruitment@eiopa.europa.eu, specifying in the subject the reference number above. Deadline for application is 23:59 CET on 23 April 2017.
The successful candidate will be required to make an annual declaration in respect of any interests which might be considered prejudicial to his/her independence. Before recruiting a member of staff, EIOPA’s Executive Director will examine whether the successful candidate has any personal interest which may impair his/her independence or any other conflict of interest. To that end, the successful candidate, using a specific form, shall inform the Executive Director via the Ethics Officer of any actual or potential conflict of interest.
For more information on the selection process of temporary agents and on the contractual and working conditions, please, refer to:


[1] Prior to the appointment, the successful candidate will be asked to provide a Police certificate confirming the absence of any criminal record.
[2] Before being engaged, a candidate shall be medically examined by one of the institution’s medical officers in order that the institution may be satisfied that he fulfils the requirements of Article 12 (2)(d) of the Conditions of Employment of Other Servants of the European Communities.
[4] The basic salary weighted by the current correction coefficient for Germany. 
[5] An estimation of net salary, including the deduction for tax and social security and adding the allowances (this estimation has been calculated with expatriation allowance of 16%, household allowance and one dependent child allowance). Allowances depend in any case on the personal situation of the candidate. 

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