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Director, Market Risk Oversight
Jackson National Life Insurance Company
Lansing, MI, United States
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Description
Job Purpose
The Director, Market Risk Oversight assists in enhancing and managing an effective second line of defense oversight of risk programs of the North American businesses (NABU). Reporting to the Head of Financial Risk, this position will effectively understand, monitor and report market risk exposures and bring strong hedge design, pricing, and capital markets 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 market risk management oversight and liquidity assessment across Jackson. Provide Board level management information to assist strategic decision making.
• Develops and leads an effective program of deep dives to review the Asset Liability Management (ALM) and hedging program.
• Monitors the methods and tools used by ALM team and proposes improvements to the management information used by Jackson’s Asset Liability Management Committee (ALCO) and senior management to monitor risk exposures.
• Leads the model development and oversight for the Jackson ALM department on behalf of Head of Financial Risk.
• Drives Market 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.
• Understand and monitor short and long-term capital market trends and interest rate dynamics.
• Develops hedging oversight approaches and methodologies that are appropriate for NABU risk profile.
• Challenges the ALM team on the design of new hedging strategies.
• Produce papers on market trends for the Head of Financial Risk and Chief Risk Officer.
• Work with the ALM and actuarial teams to enhance the asset and hedging strategies and methods.
• Work with the ALM department to develop a full range of methods to manage Basis Risk exposure.
• Track changes in key markets and provide a weekly update to the Head of Financial risk.
• Keep up to date with capital market trends and emerging matters in hedging.
• Builds models to test the first line efficiency of hedging 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 market risk-related policies and procedures.
• Provides recommendations and implements enhancements of Jackson’s risk management information and reporting processes.
• Reports on and escalates risk-related issues internally within Jackson and supports an effective working relationship within the Risk function.
• Recommends enhancements for strong oversight and governance processes with respect to risk models in NABU.
• 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, ALM techniques and derivatives.
• Demonstrated sound knowledge in the design, operation and testing of quantitative analytical models.
• Demonstrated sound understanding of risk management principles, processes and practices.
• Working knowledge of USGAAP and IFRS accounting standards, regulatory capital requirements and economic capital methodologies.
• 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. Proven ability to prioritize competing demands.
• Ability to quickly develop and maintain effective relationships with stakeholders across business functions and teams.
• Good knowledge of derivative markets products and relevant traded markets.
• Forward–thinking, collaborative and proactive individual with confidence and ability to recommend and implement change.
• Ability to provide simple solutions to complex problems.
• Demonstrated ability to assess risk trends, both internally and externally.
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).
• 8+ years of experience in a diversified life and annuity/financial services company required.
• Minimum of 3+ years management experience preferred.