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Director, Financial Risk Oversight
Jackson National Life Insurance Company
Lansing, MI, United States
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Description
Job Purpose
The Director, Financial Risk Oversight assists in enhancing and managing an effective second line of defense oversight of risk programs of the North American Business Unit (NABU). Reporting to the Head of Financial Risk, this position will effectively understand, measure, monitor and report asset, insurance liability and other risk exposures and bring strong liability modeling, risk analysis and risk management experience to the financial risk team.
Essential Job Duties & Responsibilities
• Monitors and analyzes risk exposures, including financial positions, hedging activities, valuations and related processes.
• Builds financial risk management oversight across Jackson. Provide Board level management information to assist strategic decision making.
• Develops and leads an effective program of deep dives to review the Actuarial and financial models, and setting of assumptions.
• Monitors the methods and tools used by the Actuarial team and propose improvements to the management information used by the Jackson Risk Committee, Jackson Asset Liability Committee (ALCO) and senior management to monitor risk exposures.
• Drives financial risk monitoring and limits development and implementation, both at Group and Business Unit level.
• Supports the Risk function in communicating with Group Risk in respect to the monitoring and reporting of risk management information and limit compliance.
• Produce papers on financial risk topics for the Head of Financial Risk and Chief Risk Officer and possible presentation to Jackson Board members and senior executive management.
• Keeps up to date with trends and emerging matters in financial risk.
• Builds models to test the first line efficiency of liability assumptions.
• Responsible for analysis in support of recommending and opining on various assumption settings, stress scenarios, risk processes and calculations.
• Recommends, develops, implements, and communicates risk-related policies and procedures.
• Recommends enhancements for strong oversight and governance processes with respect to risk models.
• Reports on and escalates risk-related issues internally within Jackson and supports an effective working relationship within the Risk function.
• Supports the NABU Risk team in the implementation of new regulatory requirements as well as Group Risk requirements and rating agency expectations.
• Supports the NABU Risk team to provide constructive challenge with respect to NABU’s risks.
• Provides recommendations and implements enhancements of NABU’s risk management information and reporting processes.
• Develops and maintains effective relationships with other functions (ALM, Treasury, Finance, Actuarial, Audit, Compliance, etc.), to allow a holistic view of risk across the organization and to strengthen cross-disciplined risk management.
• Monitors and supports resolution of outstanding audit points relating to risk.
Other duties
• Other duties as assigned.
Qualifications
Job Requirements (Knowledge, Skills & Abilities)
• Strong verbal and written communication skills especially when articulating technical concepts in a compelling manner to engage both technical and non-technical audiences.
• Demonstrated sound knowledge of US retirement products, enterprise and financial risk exposures.
• Demonstrated sound knowledge in the design, operation and testing of quantitative analytical models.
• Working knowledge of USGAAP and IFRS accounting standards, regulatory capital requirements and economic capital methodologies.
• Demonstrated sound understanding of risk management principles, processes and practices.
• Familiarity with advanced Excel, Access, or SQL, as well as actuarial and ALM software including SAS and ALFA.
• Strong analytical and problem solving skills. Able to analyze problems, synthesize detailed information, identify key issues and drivers, make balanced recommendations and execute solutions.
• Strong ability to exercise sound judgment when analyzing situations and resolving issues.
• Highly detail-oriented, with strong organization and multi-tasking skills.
• Able to quickly build and maintain effective relationships with stakeholders across business functions and teams.
• Forward–thinking, collaborative and proactive individual with confidence and ability to recommend and implement change.
• Ability to provide simple solutions to complex problems.
Education and Experience
• Bachelor’s Degree in quantitative discipline required.
• Advanced degree in quantitative discipline preferred.
• Professional designation related to risk management, actuarial or investment experience. (e.g. CERA, FSA, CFA, CPA, or MBA)
• Minimum of 8+ years of related experience in a diversified life and annuity/financial services company required.
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