Head of Model Validation - Senior Director
Location: Jersey City
Posted on: February 14, 2019
Employer Equitable recently went through an IPO and became a publicly listed company. As part of the IPO process, senior management identified substantial additional investments to make within the Actuarial and Risk organizations. Model Risk Management is one such growth area identified within the Risk team, in particular related to Model Validation. This position offers a unique opportunity to shape a growing team and institute best practices at a company experiencing rapid and positive change.The Head of Model Validation will be a member of the Model Risk Management team that oversees management of the risk inherent in models (e.g. Actuarial, financial) used throughout the company. This individual will lead a team performing Model Validations on existing and new models. Opportunities include:
- Establish and develop a dynamic new team and function following the IPO
- Exposure to Chief Risk Officer (CRO) and other leaders within Risk Management, Actuarial and Finance
- Positively impact decision making by securing the models used for financial reporting, risk measurement, pricing and strategic business decisions
- Deepen understanding of the products, assumptions, models and processes across different areas (Life Insurance/Annuity/Health, Inforce/New Business)
- Enhance modeling and risk management skills
- Be part of a growing industry-wide actuarial and risk practice areaResponsibilities include:
- Lead and develop the Model Validation team (approximately 8-10 actuarial resources)
- Lead and coordinate all model validations, including resource allocation (e.g. testers & reviewer) and management to ensure timely and high-quality delivery
- Lead validation of existing models according to the Model Validation Framework and the 3-year schedule for US GAAP financial reporting. Expand to US Statutory reporting models when there are sufficient overall resources.
- Lead validation of new models according to the new implementation governance framework
- Lead validation of other targeted models (e.g. VA/GMxB Hedging)
- Support Sarbanes-Oxley (SOX) processes around Model Validation
- Expand validation procedures beyond main liability projection models and spreadsheets as needed (e.g. Asset Valuation, Pricing)
- In the first 1-2 years, actively partner with HR/Recruiters to build out the team to full capacity
- Coordinate with any 3rd party model validators and ensure appropriate review of their work
- Maintain the recurring model validation schedule and obtain management approval, including the 3-year US GAAP plan
- Maintain and enhance the Model Validation Framework and documentation, including research of leading practices. Note the framework covers review of inputs, calculations (including development of benchmarking spreadsheets for higher risk models), outputs, documentation, conceptual soundness, static/dynamic validations, hand-offs between models, production confirmation, etc.
- Provide updates to management and the Model Governance Committee
- Liaise with modeling teams, management, external auditors, internal audit, SOX teams, and Model Governance Committee
- Provide training and guidance to model validators, help to resolve issues and peer review validation work and reports as needed QUALIFICATIONS:
- FSA with at least 10 years of actuarial experience, including team management
- Significant experience leading Model Validations through audit, consulting or internal teams
- Experience with liability modeling and actuarial projection systems (GGY-AXIS is a plus)
- Software skills including MS Office
- Experience with Variable Annuities with enhanced Guarantees (GMxB's) and/or Universal/Variable/Indexed Life Insurance is preferred
- Must possess strong accountability, high quality of work ethic, strong organizational skills, strong interpersonal & communication skills and be a self-starterABOUT EmployerWe have been providing stability and reliability to our clients since 1859 to help them live their lives with confidence, to give them peace of mind, and enable them to realize their dreams for their loved ones and their legacy.As an employer Employer is committed to creating an environment where everyone feels completely comfortable bringing their true selves to work every day. Employer US has been recognized and certified as a great place to work by the Great Place to Work Institute.We provide our employees opportunities to move within our organization so they can grow their career and skills without ever having to leave Employer. Almost 40% of our open jobs are filled with current employees.NOTE: Employer participates in the E-Verify program.In addition to competitive compensation and an outstanding benefits package including 401 (k) and medical programs, we offer the opportunity for continued professional development in a congenial corporate environment.Employer is committed to providing equal employment opportunities to our employees, applicants and candidates based on individual qualifications, without regard to race, color, religion, gender, gender identity and expression, age, national origin, mental or physical disabilities, sexual orientation, veteran status, genetic information or any other class protected by federal, state and local laws.
Keywords: AXA, Jersey City , Head of Model Validation - Senior Director, Executive , Jersey City, New Jersey
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