Leads and performs model validations for key models owned by finance, actuarial, and risk functions of the Inc. and our US business units as part of the Model Risk Management (MRM) program. Models owned by Global Investment (GI) and OTHER are not in scope of the model validation efforts of this role because GI models are reviewed by GI Risk Management (GIRM) and OTHER models are reviewed by its ERM. Coordinates with GI Risk Management and OTHER model validation leads for coordinating efforts and sharing best practices. Serves as a designated leader to enhance the existing model risk validation process organizationally so that it adds sustainable business value and changes the culture of model development, model control, and model maintenance. This role will report to the SVP Corporate Capital Modeling, with dotted line reporting to the Global Enterprise Risk Senior Manager in order to ensure alignment with the overall Model Risk Management program and communicate closely on all validation work/findings.

 

 

• Leads model validations, model control testing, and model risk reporting
• Executes model validations timely by creating model test plans and data requests, reviewing model and methodology documents/technical specifications, understanding the model components and model and process flow chart, understanding the intended use of the model and materiality of the business impact, selecting and performing appropriate model validation procedures, performing the model validations, summarizing and documenting the procedures and findings, identifying the areas of weakness, working with model owner and user to create a mitigation plan and monitoring the process, assessing the business impact and reporting to MRM and business unit leads, and communicating the steps to relevant parties
• Coordinates with the business model owner and user team to establish the first-line independent model validation process
• Coordinates with GIRM and OTHER model validation needs
• Assigns, directs and monitors model validations performed by others such as proper internal and/or external resource
• Supports Global Enterprise Risk Management's Senior Manager leading MRM overall program in managing model inventory, assessing risk rating, creating a model risk validation schedule, and improving the processes and procedures
• Creates a robust model validation training program; provides model validation trainings, enhances model document and model validation report templates, provides education on model control and maintenance; creates model testing tools as needed
• Adheres to the MRM framework and leverages existing tools and procedures
• Provides a model validation report summary with status, findings, and mitigation plans and reports out to various committees as needed
• Builds and maintains an effective relationship with business unit counterparts
• Learns and monitors the relevant model risk and model validation guidelines from relevant industries such as ASOP and learns industry best practices from attending model risk related seminars, consulting, and peers
• Performs other duties as required

 

Degree Specification

Actuarial science, mathematics, data analysis, physics, engineering, computer science or a related field Related technical degree

 

An FSA designation or ASA designation from the SOA working toward FSA (required), as well as a Continuing Professional Development standard kept current FSA track for investment or ERM is preferred

 

 

 

Five years of modeling and model validation experience in actuarial or other relevant fields with FSA designation, or eight years of experience working in actuarial fields that require modeling, model validation, valuation, pricing and data modeling with ASA designation. Or an equivalent combination of education and experience.

 

 

Job Knowledge & Skills

• Proficiency in industry actuarial modeling software is required; MG ALFA is preferred
• Proficient in coding with programming languages such as Excel-VBA, SQL, Python, or C-type language is required
• Understanding of key insurance product cash flow and proforma balance sheet and income statement is required
• Experience in and understanding of experience studies, US GAAP LDTI, Solvency II-like capital, stochastic scenario generation, and Market Consistent Embedded Value (MCEV) or Traditional Embedded Value (TEV) is preferred
• Experience in ALM and asset modeling is preferred
• Experience in model validation, model control, database, and model documentation is preferred
• Strong written and oral communication skills including ability to articulate technical results and concepts to non-technical audience and influence others
• Ability and appetite to read technical specifications and learn concepts quickly
• Strong analytical skills, both quantitative and qualitative
• Strong project management skills to work on multiple cross-functional efforts and deliver and report projects timely
• Effective interpersonal skills to build partnerships with model owners/users and function leads
• Value driven to find the most impactful method and delivery
• Designations such as CFA, FRM, PRM, CPA, FINRA, or Python certification preferred
• Proficiency in Microsoft applications such as Word, Excel, PowerPoint, and Access
• Experience with Archer is preferred

• Acting with Integrity - Clearly states goals and beliefs; lets people know his/her true intentions; does what he she said they would do; follows through on commitments
• Communicating Effectively - Expresses ideas and information in a clear and concise manner; tailors message to fit the interests and needs of the audience; delivers information in a manner that is interesting and compelling to the listener
• Pursuing Self-Development - Demonstrates ambition and desire to move forward in his/her career; engages others in discussions about career development; seeks feedback on ways to increase his/her performance; takes advantage of opportunities to build new skills and capabilities
• Serving Customers - Builds strong relationships with customers; stays aware of customer needs, concerns and satisfaction; responds promptly to customer questions and requests; effectively manages customer expectations
• Supporting Change - Enthusiastically participates in new change initiatives and programs; focuses on reasons why changes will work and how they will be beneficial
• Supporting Organizational Goals - Actively supports organizational goals and values; demonstrates enthusiasm toward the company's goals and mission; aligns actions around organizational goals
• Working with Diverse Populations - Shows respect for the beliefs and traditions of others