Financial Model Quality Assurance Analyst

About us

At the Government Actuarys Department (GAD) our mission is to support effective decision-making and robust reporting within the public sector as the first-choice provider of actuarial and specialist analysis, advice and assurance. The departments work covers quality assurance of analysis, financial modelling, and valuation work and policy support in relation to insurance and contingent liabilities, pension schemes, financial risk, and social security.

To deliver our mission GAD works like a consultancy within the UK Civil Service, charging by the hour to recover our costs and ensure value for money in our advice and analysis. Being a Government Department allows us to still work more closely in partnership with our clients and to offer secondments and other ways of helping departments and public sector bodies.

About the Role

The roles sits within the Analytical Solutions Team (AST) which comprises around 80 analysts and actuaries and works across a wide and growing range of analytical areas. You will be part of the Models, Development & Assurance team whose mission is to deliver high-quality models and systems that help government make better decisions. Within this team, this role will focus on the assurance of Excel-based and financial models as a distinct category of model types.

Many important decisions across government are supported by spreadsheets, actuarial models, financial projection tools, budgeting models, valuation models, and other Excel-based analytical tools. These models can be business-critical, even where they are smaller or less technically complex than statistical or machine learning models. They therefore require clear design, robust checks, good documentation, appropriate governance, and proportionate assurance.

We are looking for a proactive and detail-focused analyst to help review, test, and improve the quality of Excel-based and financial models used across government. You will help clients identify and manage model risks, improve model transparency, strengthen controls, and build confidence that models are fit for purpose.

This role would suit someone who has experience developing, reviewing or analysing complex spreadsheet models used to support investment, regulatory, commercial, or public policy decisions. The ideal candidate would have relevant experience:

• Financial modelling / corporate finance,
• Actuarial, pensions or investment modelling
• Infrastructure or project finance, or
• Economic appraisal

N.B. GAD may work with recruiters on this campaign provided prior agreement is reached for this specific campaign

What does the role involve?

As a Financial and Excel Model Quality Assurance Analyst, you will help deliver independent and proportionate assurance of models that support important public sector decisions. You will work with analysts, actuaries, policy teams and client organisations to review how models have been designed, built, tested, documented and governed, with a particular focus on spreadsheet-based, actuarial and financial models.

The role will involve examining model logic, formulae, inputs, assumptions, outputs, controls and audit trails to assess whether models are robust, transparent and fit for purpose. You will help identify errors, weaknesses and areas of model risk, and work constructively with model owners to agree practical recommendations that improve confidence in the model and the decisions it supports.

You will support a range of assurance activities across the model lifecycle. This may include helping clients define model requirements, reviewing documentation and governance arrangements, testing calculations and sensitivities, checking changes to existing models, assessing the suitability of assumptions, and preparing clear assurance reports for technical and non-technical audiences.

You will also contribute to the development of GADs wider model quality assurance capability. This will include sharing good practice, helping improve assurance templates and guidance, supporting colleagues to apply appropriate standards, and promoting a culture where model risks are understood, documented and managed effectively.

Managing delivery

• Work with client leads and project managers to agree proportionate QA scopes, plans, priorities and deliverables.
• Manage allocated assurance work to agreed timescales, budgets and quality expectations.
• Maintain clear records and audit trails, including issue logs, findings, actions, risks and follow-up activity.
• Prepare clear, concise and accessible assurance outputs for clients and internal stakeholders, including reports, findings summaries and recommendations.

Conducting QA

• Conduct quality assurance reviews of Excel-based, actuarial and financial models, including reviewing model design, structure, formulae, inputs, assumptions, outputs, documentation, controls and governance.
• Carry out verification and validation activities to check that models have been built correctly, work as intended, and are suitable for their stated purpose and level of risk.
• Test model calculations and sensitivities, investigate issues, challenge assumptions constructively, and identify practical recommendations to improve model quality, transparency and reliability.
• Apply relevant modelling and quality assurance standards, including GAD guidance, professional standards and wider government good practice such as the AQuA Book.

Building capability

• Support improvements to model QA templates, tools, checklists and guidance, with a focus on spreadsheet and financial model assurance.
• Share learning and good practice across the team and wider organisation to promote consistent, proportionate and effective model assurance.
• Support training, mentoring and knowledge sharing for colleagues involved in model development and assurance.
• Promote a culture where model risks are understood, documented and managed effectively.

Other

• To ensure effective and agile co-operation with other teams within AST, including flexible working across teams as required to meet client demand.

This job description is a broad reflection of the current duties. It is not an exhaustive list, and changes may be required, based on GADs immediate operational needs which are at the discretion of the relevant Unit Director and in conjunction with the post holder.