Angela Smith. Career model

Current work

Approved person, interim, consultancy and NED work in finance, risk, strategy and actuarial areas.

Opportunities for others

Lots of opportunities to network with other consultants.

Which skills do you consider to be essential for your job?

Maths! I know that's obvious but I come from a non-mathematical background and it is hard work catching up with your peers, especially when it comes to the exams which can be a bit of a struggle when you haven't done much maths since GCSE! I also think good communication is essential as we work closely in teams and you have to be able to express opinions and views clearly and not be afraid to ask questions of more senior associates.

First job

Investment Analyst and Fund Manager at Phillips & Drew.

Career history

In 1983 "rocket science" was not yet fashionable. Despite this Angela joined Philips & Drew/Union Bank of Switzerland as an analyst and fund manager, subsequently moving to trading and becoming head of fixed income derivatives trading and head of proprietary trading.

Angela joined KPMG in 1993, growing the Financial Sector Risk and Strategy Consultancy Practice to a 60 consultant business. Angela’s consulting experience covered a wide range of strategy, transformation and risk management engagements. In this period Angela created the Three Lines of Defence governance model that is now the most widely used in the industry and many new approaches to quantitative credit risk rating, some of which are still regarded as best practice.

Angela joined HBOS plc in 1999 as General Manager Finance, Chief Financial and Operational Risk Officer, Chief Actuary and Chief Credit Risk Officer. Angela also led Basel 2, implementing one of the first effective Economic Capital Frameworks within a global FS firm. Angela held the largest personal lending authorities in HBOS in all relevant operating divisions.

After another period as a partner in KPMG, Angela started GlobeRisk in 2007. GlobeRisk offers NED, interim, consultancy and approved person services in finance, risk, strategy and actuarial areas.

Angela assisted LV= in 2008/09 as General Manager Finance, Chief Actuary, Chief Financial Risk Officer, Actuarial Function Holder and With Profits Actuary. She was also responsible for Solvency2. Angela assisted MGM Advantage in 2010 as Chief Actuary, Chief Investment Officer and Solvency2 lead.

Over the years Angela has helped the Profession as an examiner and served on a number of working groups, particularly those in risk management areas.

Keys steps between first job and current one

Angela’s career had two key enabling steps:

The first was broadening her quantitative skills into business skills through doing an MBA. This enabled her to be successful as a consultant and to operate at board level.

The second was extending her banking skills through qualifying as an actuary. This enabled her to execute Chief Risk Officer, Chief Actuary and senior finance roles across much of the financial sector.

Hurdles to surmount

When Angela started her career it was very difficult for mathematicians to be taken seriously as business people. At her first city interview in the early 1980s the firm (which no longer exists!) thought Angela was studying philosophy whilst Angela thought they were interested in her mathematics doctorate. That interview did not go well but eventually Angela found in Phillips & Drew a firm that really believed in the potential for mathematical insights to create value.

The last 20 years has seen an explosive growth in quant led business. Whilst actuaries have been left a little behind by developments in the banking sector, the future will offer more opportunities for actuaries to become business leaders.  

Original reason for becoming an actuary

To broaden existing quantitative and banking technical skill.

Subsequent thoughts

The most important skill to acquire for any real success in business is salesmanship – of either/both yourself or/and particular products and services. Technical actuarial skills are useful in making a good start, but it is only a start. 

Other comments

There is an increasing tendency for people to specialise at an early stage in their careers. This is particularly true for qualified actuaries who can look forward to a reasonably comfortable working life whatever they choose to do. The last 10 years has shown just how important it is for business leaders to have people, finance and technical skills and to keep those skills up to date as the business environment evolves.