Actuary - Model Validation Project Manager (Corporate Vice President)

Employer
New York Life Insurance Company
Location
New York, USA
Salary
Competitive
Posted
Aug 11, 2017
Closes
Aug 16, 2017
Job Function
Risk Management
Industry Sector
Finance - General
Employment Type
Full Time
Education
Bachelors
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.
The Model Risk Team works independently of the business units as a second line of defense function to identify and reduce model risk across New York Life (NYL). This work ensures that model output data are both accurate and reliable so that they can be used to support decision-making and reporting.

Responsibilities:
  • Direct vendor work to effectively coordinate and facilitate model risk management activities
  • Assess vendor compliance with project acceptance criteria
  • Ensure that vendor validations of actuarial models are performed in accordance with the Model Validation Management Policy and the Three Lines of Defense framework
  • Track vendor performance and make project recommendations to senior management
  • Direct model risk dashboard updates related to vendor progress
  • Monitor and implement emerging model risk management best practices

Qualifications:
  • Fellow of the Society of Actuaries with minimum 10 years of experience in both life insurance and annuities
  • FSA and/or CFA a plus
  • Exceptional project management skills with a demonstrated history of success
  • Ability to think strategically about model risk governance and strategy; history of employing model risk governance procedures preferred
  • Strong modeling, analytical, and technical skills
  • Superb written and verbal communication skills
  • High standard of accuracy and attention to detail
  • Interest in understanding all aspects of the work
  • Ability to become a trusted partner and implement change
  • Comfortable working in a team environment


SF:LI-JS1
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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.