Institutional Annuities Risk Officer

New York Life Insurance Company
Jersey City, USA
Aug 24, 2017
Aug 27, 2017
Job Function
Risk Management
Industry Sector
Finance - General
Employment Type
Full Time
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 Institutional Annuities Risk Officer will be responsible for the Risk Management function within Institutional Annuities. This officer will be an integral member of the Institutional Annuities leadership team and will be relied on to understand the key risks facing the organization, including insurance, financial, operational and business risks. The Institutional Annuities Risk Officer will need to work collaboratively with Institutional Annuities leadership, IAG's Risk Management office and Risk Officers from around the organization to deliver innovative solutions to complex risk issues. Decisions made will have an impact within Institutional Annuities and across the broader organization.


  • Member of the Institutional Annuities leadership team expected to bring a risk perspective to strategic discussions and tactical issues. Work closely with IAG's Risk Management office and serves as a liaison between Institutional Annuities and the broader risk management organization.
  • Work with the various Institutional Annuities businesses and functional areas to assess risks and develop mitigating strategies. Act as a liaison between the business and broader enterprise-wide risk management programs that are being implemented, e.g. Third Party Risk Management.
  • Perform detailed risk assessments of the Institutional Annuities organization, driving the development of the Institutional Annuities risk self-assessment for insurance, financial, operational and business risks. Risk Registers will need to be updated and maintained. Initial emphasis will be on operational risks.
  • Develop and report on key Institutional Annuities risk metrics on a regular basis
  • Represent Institutional Annuities in supporting IAG's Risk Management office in various risk analyses.
  • Evaluate emerging risks and stay abreast of industry developments, current events and industry best practices that might impact the organization.
  • Represent Institutional Annuities, or ensure proper representation, on various company-wide committees and working groups to address specific risks, e.g. fraud risk.
  • Oversee the maintenance and compliance with business continuity and record retention plans for Institutional Annuities.
  • Implement Governance, Risk and Compliance (GRC) tool within the business unit.
  • Work with the Compliance team to ensure timely implementation of laws and regulations impacting the Institutional Annuities businesses.
  • Reporting structure:
    • Reports directly to IAG's Chief Risk Officer
    • Reports on a dotted line basis to Institutional Annuities Business Head,
  • Risk Officer responsibilities could expand in the future to include other IAG businesses.
  • Help promote a strong risk culture of integrity, transparency, accountability, collaboration and continuous improvement.
  • Minimum of 6 years relevant Institutional Annuities or related business experience
  • Relevant certifications preferred (CFA, FRM, PRM or CERA)
  • Superior communication skills, both written and verbal, with the ability to influence others
  • Inquisitive by nature to explore unidentified issues
  • Able to stay abreast of multiple issues, knowing when appropriate to perform a deeper analysis
  • Strong technical, analytical and problem solving skills
  • Able to work both independently and as part of a broader team
  • Willingness to take on new challenges


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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 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.