The Group Investment Office (GIO) oversees the management of the invested assets of SCOR Group. Within the Group Investment Office, the Group Investment Risks and Control team is in charge, for the Group and the entities, of monitoring market and credit risks (quantitative and qualitative) borne by SCOR’s invested assets portfolios, as well as ensuring the compliance of the invested assets portfolios.
The intern will join the Credit Risk team and contribute to the work related to the assessment and monitoring of credit risk under the IFRS 9 framework applied to the invested assets portfolios. Within an international environment and a wide range of asset classes (bonds, loans, securitized products, etc.), the intern will participate in the analysis of the methodologies and models used for credit risk evaluation.
The main purpose of the internship is to propose a potential alternative simplified and comprehensive model for Expected Credit Losses under IFRS 9. The staging rules, the calculation of Loss Given Default, and the economic scenarios to be considered for conditional probabilities are not to be studied as part of the internship. However, a method for calculating conditional probabilities that incorporates economic scenarios must be proposed.
The intern will be able to leverage on the current IFRS 9 framework and model, identifying bottlenecks, complexity and limitations.
It is expected that the intern will consolidate these analyses into a comprehensive and well-structured research paper, including a quantitative analysis on a target portfolio representative of SCOR’s assets.
This internship offers a unique opportunity to deepen methodological understanding of IFRS 9, work closely with experts in financial risk management, and develop solid knowledge of credit risk dynamics within a globally diversified investment portfolio.
You will work closely with the other team members of the Group Investment Office and with various other stakeholders (asset managers, accountants, IT, Group Risk coverage team, auditors…).
Credit Risk & IFRS9
Required experience & competencies
Experience:
Personal Competencies:
Soft skills:
Digital Competencies:
Required Education
As a leading global reinsurer, SCOR offers its clients a diversified and innovative range of reinsurance and insurance solutions and services to control and manage risk. Applying “The Art & Science of Risk,” SCOR uses its industry-recognized expertise and cutting-edge financial solutions to serve its clients and contribute to the welfare and resilience of society in around 160 countries worldwide.
Working at SCOR means engaging with some of the best minds in the industry – actuaries, data scientists, underwriters, risk modelers, engineers, and many others – as we work together to find solutions to pressing challenges facing societies.
As an international company, our common culture is defined by “The SCOR Way.” Serving both to build momentum that drives the Group forward and as a compass to guide our actions and choices, The SCOR Way is anchored by five core values, reflecting the input of employees at all levels of the Group. We care about clients, people, and societies. We perform with integrity. We act with courage. We encourage open minds. And we thrive through collaboration.
SCOR supports inclusion and the diversity of talents, and all positions are open to people with disabilities.
SCOR, one of the world's largest reinsurers, provides its clients with a diversified and innovative range of solutions to control and manage risk. Using its experience and expertise, “The Art & Science of Risk”, SCOR provides cutting-edge financial solutions, analytics tools and services in all areas related to risk – in Life & Health as well as in P&C.
The reinsurance industry is about combining technical expertise and experience with the developments of science. However many tools we use to conduct our activities (models, databases, pricing tools, reserving tools, and so on), we also need expert judgments and human experience to correctly underwrite. This is what we call the art of underwriting. Reinsurance is a knowledge industry. Expertise is an accumulation variable.
The most advanced tool will never replace the intuition of a seasoned underwriter facing a complex risk. Because at the end of the day, you have to make a decision, to sign, to underwrite. And what we have underwritten, we cannot overwrite - our word is our bond, as is our signature. This dimension of our business, linked to the art of underwriting, is more important than some observers would have people believe.
One way to acquire this art is to share experiences – both good and bad – and to share doubts and questions. Artists always belong to a school, from which they learn their craft.
Like artists, we have to learn, imitate, mimic, and then innovate, in order to find our own style and create our own distinctive work.
