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ACTUARIAL ASSOCIATE - Workplace Safety and Insurance Board - Toronto, ON

Organization:

Workplace Safety and Insurance Board

Division:

Actuarial Services

City:

Toronto

Job Term:

1 Temporary

Job Code:

WSIB/20 - WSIB

Salary:

Not Available

Understanding the job ad - definitions

Posting Status:

Open

Job ID:

120903

What can I expect to do in this role?

Participates in the implementation of the new IFRS 17 standard at the WSIB. Become a subject matter expert on IFRS 17, specifically as it affects actuarial work.

Provide technical and functional advice to internal and external stakeholders and all levels of management as required.

Provide actuarial support to the implementation through research, valuation modeling and testing of financial, reporting and other impacts to the WSIB.

Play a key role in providing the actuarial expertise to deliver timely and successful implementation according to plan.

Major Responsibilities:
1. Participate as a member in the implementation of the new IFRS 17 standard at the WSIB, functioning in a technical capacity for some assignments or as a project coordinator in others. Project responsibilities include providing actuarial support to the implementation through research, valuation modeling and testing of financial, reporting and other impacts to the WSIB. Prepare results for assessment by Actuarial Management, Chief Actuary, and Internal Controls and Accounting Policy. Participate in meetings, presentations and information sessions with internal clients.

2. Within the Actuarial Services Division, the candidate will provide support, as necessary, to the following functional area:

• classification and pricing - use current WSIB rate-setting strategy and assumptions, economic forecasts and other financial information to derive annual premium rates for over 150 rate groups; monitor the industrial classification scheme for Schedule 1 employers and participate in premium rate consultation with industry groups; produce Premium Rates Manual which is posted on WSIB website for use by both internal staff and external stakeholders; provide table of premium rates to Operations for billing employers
• valuation of liabilities – perform valuation of benefit liabilities calculations; prepare various reports detailing benefit liabilities and cash flows; collect and validate data for reasonableness and completeness and confirm data integrity; perform experience analysis and create/ design, revise and review models and assumptions to determine the present value of expected future benefit payments for all incurred injuries on a quarterly basis and at year end for publication in the annual report;
• projection of financial position - develop long-term forecasts of revenues and expenditures, assets and liabilities to determine WSIB funding sufficiency; monitor experience and prepare analyses of results for senior management and MOL use in strategic planning and legislative development;
• experience rating - develop and review experience rating models, reserves and other factors to reflect current situation; forecast rebate/surcharge for ER programs; prepare response to employers' requests or questions about ER programs or account information; advise industry committees and associations on construction industry experience rating plan (CAD-7) and new experimental experience rating plan (NEER) matters and monitor these programs.

3. Participate in secondary projects:

• provide support and participate in claims experience, mortality, termination and occupational disease studies – research, create actuarial models and analyze claims experience.
• Prepare valuation of liabilities for Schedule 2 employers - Provide claims details files; prepare year-end valuation calculations of liabilities and provide detailed summaries.
• work with Internal/ External Auditors – provide year end valuation results, models and assumptions used in benefit liabilities calculations; provide support to auditor to complete sign off of the annual audit and assist in all audit requests.
• generate net average earnings tables for Operations' benefit payment system
• determine indexation of benefits
• analyze claims experience
• prepare report to the Association of Workers' Compensation Boards of Canada (AWCBC)
• co-ordinate information requests

4. Participate in ad hoc actuarial support projects, as assigned:

• Perform funding and costing exercises to convey impacts of potential legislative amendments under the supervision of Actuarial Management for both the Ministry of Labour and Ministry of Finance
• Maintain and update WSIB actuarial systems to reflect legislative, policy or operational changes. Liaise with IS staff in developing system and data requirements for changes and/or enhancements for information retrieval and report generation.
• Liaise with staff in other WSIB areas such as Financial Reporting, Revenue, Communications, Policy and BTS to obtain accurate and adequate information and facilitate effective interactions on matters requiring actuarial knowledge and expertise.
• Liaise with various external agencies including other WSIBs, government agencies (eg. Statistics Canada and Canada Revenue Agency), insurance groups and organizations as well as external stakeholders such as employers and industry associations. Respond to requests for reports, information or explanations on actuarial matters and obtain data required to conduct actuarial analyses.
• Perform other related duties as assigned or required

How do I qualify?

Job Requirements:

1. Education (Level and Specialty / Discipline):
-University degree in mathematics or actuarial science or business

2. Experience (Years of Related Experience and Type of Experience):
-3 years of actuarial experience

3. Technical or Professional Qualifications or Certifications/Designations:
-Associate of the Society of Actuaries (ASA) or Associate of the Casualty Actuarial Society (ACAS)

How to Apply:

Please apply on the WSIB website:
WSIB Job Opportunity

Additional Information:

Address:

• 1 Temporary, duration up to 24 months, 200 Front St W, Toronto, Toronto Region, General Screening Requirement

Compensation Group:

Excluded

Understanding the job ad - definitions

Schedule:

N/A

Category:

Legal Services

Posted on:

Tuesday, February 27, 2018

Note:

• This posting is for an organization that is not a part of the Ontario Public Service. The information and tips on the Ontario Public Service Careers website may not apply to this posting. Please use the contact information below to contact the organization directly if you have questions.
• In accordance with the Ontario Public Service Employment Screening Checks Policy, the top candidate(s) may be required to undergo a security screening check. Please refer to the Additional Information / Address section above to determine the screening checks that are required for this position.
  
  You will be responsible for obtaining the criminal record check at your own expense and provide it, along with your written consent, to the Transition and Security Office (TSO), HR Service Delivery Division to evaluate the results. If applicable, the TSO, with your written consent, will request and obtain any additional screening checks as indicated in the Additional Information / Address section above that were not obtained directly by you. (Note: If a Vulnerable Sector Screening/Check is required, it must also be obtained in person at your local police service.)
  
  A record under the Criminal Code and/or other federal offence record(s) does not automatically mean you will be ineligible for the position. The screening check(s) will only be reviewed and evaluated by the TSO for the purpose of making a security clearance decision. The details of an individual's screening check(s) will be considered in specific relation to the duties and responsibilities of the position being filled. Screening check records will be maintained by the TSO and kept strictly confidential.

How to apply:

1. You must submit your application using only one of the methods identified below.
2. Your cover letter and resume combined should not exceed five (5) pages. For tips and tools on how to write a concise cover letter and resume, review the Writing a Cover Letter and Resume: Tips, Tools and Resources.
3. Customize your cover letter and resume to the qualifications listed on the job ad. Using concrete examples, you must show how you demonstrated the requirements for this job. We rely on the information you provide to us.
4. Be sure to quote the Job ID number for this position.
5. OPS employees are required to quote their WIN EMPLOYEE ID number when applying.

Send application to: 
Apply by visiting the WSIB Career Page (wsib.on.ca)

All external applicants (including former employees of the Ontario Public Service) applying to a competition in a ministry or Commission public body must disclose (either in the cover letter or resume) previous employment with the Ontario Public Service. Disclosure must include positions held, dates of employment and any active restrictions as applicable from being rehired by the Ontario Public Service. Active restrictions can include time and/or ministry-specific restrictions currently in force, and may preclude a former employee from being offered a position with the Ontario Public Service for a specific time period (e.g. one year), or from being offered a position with a specific ministry (either for a pre-determined time period or indefinitely). The circumstances around an employee's exit will be considered prior to an offer of employment.

Remember: The deadline to apply is Tuesday, March 13, 2018 11:59 pm EDT. Late applications will not be accepted.

We thank you for your interest. Only those selected for further screening or an interview will be contacted.

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