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Director of Actuarial Risk Modeling
Ameritas Life Insurance Corp
Cincinnati, OH, United States
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Ameritas Life Insurance Corp is seeking a Director Actuarial Risk Modeling to drive the business by providing actuarial and risk management services for actuarial model-based risk management applications such as Risk Capital / Risk Management, Asset Liability Management, Own Risk Solvency Assessment (ORSA) compliance, Cash Flow Testing, Liquidity Testing, and Financial Planning.
Help provide timely information to senior management, product management, regulators, rating agencies, and auditors. Work is performed for the company's various insurance products, possibly including, but not limited to, individual life, individual annuity and retirement plan products.
The position also supports the Enterprise Risk Management (ERM) program which includes support of program development and direction for management of risks across the organization. Partnering with the businesses and shared services, in coordination with the ERM Department, this position helps identify risks which are considered in the development of the strategic vision, and helps to proactively manage the balance of risk and rewards of the business. This role contributes to the organization's risk assessment and reporting and provides support for the Enterprise Risk Management working groups as a risk coordinator.
Participate in the financial management of the company by providing actionable information that enables senior management to make appropriate decisions.
Essential Job Functions:
• Actuarial Risk Modeling (approx. 65%)
◦ Project management
# Manage the various actuarial risk modeling projects by developing and managing project scheduling, checkpoints and workflow as well as ensuring appropriate documentation of assumptions and validations by the ARM team
# Projects can include but are not limited to Risk Capital, Risk Management / ORSA, Asset Liability Management, Asset Adequacy / Cash Flow Testing, Liquidity Testing, and Financial Planning.
# Develop and enhance various actuarial model results reporting for efficiency, clarity and auditability
# Develop and implement process improvements where possible for efficiency and controls
◦ Life modeling
# Manage the application of multiple Individual Life actuarial models. This involves developing a complete understanding of how the modeling software functions, maintaining documentation of assumptions, presenting and analyzing output from models, and meeting deadlines.
# Perform static and dynamic validation of actuarial models, ensuring accuracy of projections and compliance with departmental applications of those particular models.
# When needed, participate as Corporate Actuarial representative on any applicable product development initiatives
◦ Model Risk Management
# Function as a model risk management advocate by working with the model steward to ensure the ARM unit's compliance with modeling standards of practice, governance policies and assumptions and model change management where appropriate.
# Support the implementation of Prophet Enterprise
# Significantly participate in maintaining and refining of actuarial models under the direction of the Model Steward.
# Participate as peer reviewer for other model developers.
# Participate in Assumption Review Team and Model Review Team discussions
• Enterprise (Actuarial) Risk Management (approx. 35%)
◦ Produce regular Derivative Use Plan (DUP) compliance reports and calculations; participate in hedging and Asset Liability Management Working Group (ALMWG) discussions
◦ Support the VP of ARM in developing and producing actuarial and financial risk management reports with timely and actionable information to management and the ERM Workgroups
◦ Function as the enterprise risk coordinator for Corporate Actuarial
# Risk reporting (tolerances, activities, issues, etc.)
# Developing and monitoring risk metrics
# Supporting internal risk capital modeling and measurement when necessary
◦ Help ensure that financial risk exposures are managed within established appetite, tolerances and limits
◦ Assist in the development of policies, programs, and plans to support the risk management function.
◦ Respond to modeling-related and risk management questions and requests for information from internal actuaries, accountants, auditors, management and other associates, as well as external rating agencies, auditors and regulators.
◦ Provide input into risk management review and recommendations to Division management, IOC or ERM Committee.
◦ Research industry leading practices and communicate/recommend changes to company management.
◦ Perform ad hoc financial analyses or any other duties as requested by management.
◦ Support the evolution of risk management processes towards industry best practice and promote the use of risk management in the enterprise as an enabler of opportunities by expanding its role towards that of a management tool for informing decision making, creating value and competitive advantage.
Required Knowledge:
• Bachelor degree in Actuarial Science, Mathematics, Statistics Finance or a related field.
• Actuarial or similar designation preferred: ASA or FSA of the Society of Actuaries, Member of American Academy of Actuaries or similar ethical standards certification, CERA, CFA, etc.
◦ Advanced knowledge of
# Insurance company investments, insurance products and financial statements
# Insurance company asset liability management and hedging strategies
# Principles-based, Statutory, GAAP and tax reserve calculations
# Professional risk standards and procedures.
◦ Ability to accurately perform detailed calculations with an understanding of how those calculations impact higher-level values and the company's financial statements.
◦ Ability to effectively lead, delegate and generate team environment
• Ten or more years of actuarial or related experience.
• Experience in individual life, individual annuity and/or retirement plans products
◦ Actuarial theory and techniques
◦ Modeling insurance product cash flows.
◦ Regulation of the insurance industry.
• Ability to clearly and thoroughly document assumptions, decisions, processes and other work performed.
• Understanding of advanced mathematical and statistical concepts.
• Ability to work effectively both independently and as part of a team.
• Demonstrates leadership and initiative in a professional manner.
• Strong analytical, problem solving, written / oral communication and organizational skills.
• Experience with actuarial modeling software (Prophet preferred)
• Experience with Microsoft Office (and Visual Basic) and database programming.
• Ability to take initiatives and switch back and forth between projects as needed.
• Willingness to learn new software tools and packages.
• Ability to work effectively with other departments and at the senior management and Board levels.
• Possess general management skills (project management, staffing models, HR management, etc.)
• Ability to effectively communicate both orally and written with various audiences required.
• Awareness of legal, political, economic and environmental impacts on insurance products and operations.
We are Ameritas: proud to say we're in the business of fulfilling life.