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Vice President, Head of Credit Risk
New York Life Insurance
New York, NY, United States
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New York Life Insurance Company (“New York Life” or “the company”) is the largest mutual life insurance company in the United States*. Founded in 1845, New York Life is headquartered in New York City, maintains offices in all fifty states, and owns Seguros Monterrey New York Life in Mexico.
New York Life is one of the most financially strong and highly capitalized insurers in the business. The company reported 2016 operating earnings of $1.954 billion. Total assets under management at year end 2016, with affiliates, totaled $538 billion. As of year-end 2016, New York Life’s surplus was $23.336 billion**. New York Life holds the highest possible financial strength ratings currently awarded to any life insurer from all four of the major ratings agencies: A.M. Best, A++; Fitch AAA; Moody’s Aaa; Standard & Poor’s AA+. (Source: Individual Third Party Ratings Report as of 8/17/16).
Financial strength, integrity and humanity—the values upon which New York Life was founded—have guided the company’s decisions and actions for over 170 years.
Reporting to the Head of Financial Risk, the Head of Credit Risk will be a key role within the Risk Management team and will require an individual with deep specialized credit risk management experience.
The person in this role will lead a credit risk team and develop the procedures and framework for oversight of investment strategies and decisions across all asset classes including public credit, privates, structured securities and real estate. The incumbent will need sufficient experience, stature, and credibility in the organization to provide the appropriate risk perspective consistent with industry best credit risk practices and regulatory expectations.
Key Responsibilities:
• Design and build a review and oversight framework capable of providing an informed risk view on New York Life’s general account
• Develop a target operating framework for monitoring and evaluating credit risk. Identify potential gaps in independent control, oversight and risk perspective.
• Provide ongoing overview of investment strategies and investment decisions including review of appropriateness of assumptions used and recommendations made.
• Responsible for credit risk concentrations and aggregation reporting, exposure methodology, limit setting and monitoring, escalation of limit breaches to management and portfolio reviews.
• Serve as a member of the Financial Risk Committee. Present to the NYL Risk Steering Committee, as needed.
• Conduct or assist in enterprise or regulatory stress tests and/or scenario analyses.
• Develop and implement procedures for reviewing significant credit transactions consistent with review limits.
• Develop investment risk policies.
• Review 1st line of defense back testing of impaired investments for potential improvement in underwriting guidelines.
• Support, collaborate and liaise with the business leaders.
CANDIDATE QUALIFICATIONS:
• 10+ years of risk management experience with specific background in credit risk management or equivalent investment experience (e.g. credit analyst)
• Accomplished change management leader, able to operate effectively in a highly matrix environment.
• Relationship Management and strong communication and partnering skills
• Ability to develop talent, empower individuals and manage diverse teams to drive engagement and performance.
• Demonstrated ability to influence policy and strategy through effective collaboration
• Undergraduate degree required, CFA, MBA or other advanced degree preferred
SF: LI-KV1
EOE M/F/D/V
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*Based on revenue as reported by “Fortune 500, ranked within Industries, Insurance: Life, Health (Mutual),” Fortune Magazine, June 17, 2016. See http://fortune.com/fortune500/ for methodology.
**Total surplus, which includes the Asset Valuation Reserve, is one of the key indicators of the company’s long-term financial strength and stability and is presented on a consolidated basis of the company.
1. Operating earnings is the key measure use by management to track Company’s profitability from ongoing operations and underlying profitability of the business. This indicator is based on generally accepted accounting principles in the US (GAAP), with certain adjustments Company believes to be appropriate as a measurement approach (non GAAP), primarily the removal of gains or losses on investments and related adjustments.
2. Assets under management represent Consolidated Domestic and International insurance Company Statutory assets (cash and invested assets and separate account assets) and third party assets principally managed by New York Life Investment management Holdings LLC, a wholly owned subsidiary of New York Life Insurance Company.