General Purpose of Job
As the Model Risk and Governance (MRG) Actuary, working with all areas of risk and all lines of businesses, you will help support the continued development and implementation of the Lincoln Financial Group's MRG program. MRG is a team reporting to the Chief Risk Officer within the Investment and Risk Department.
The focus of this group is to deliver insightful, added-value, actionable risk analytics and governance to drive business results. The MRG Actuary will assist in developing a model risk framework and building a Corporate Model, which captures a strategic view of all business units over various stress scenarios. You will contribute to the establishment of model risk methodologies for Lincoln Financial with an emphasis on developing a Model Inventory, prioritizing model testing, and preparing Lincoln Financial Group for emerging regulatory modeling.
The development emphasis will be on implementing an effective “second line of defense” for model risk, specifically focusing on regulatory models such as GAAP items like reserves, DAC, and other key measurements in light of upcoming regulation changes within LDTI. Insights gained from the implementation of GAAP LDTI will be applied for other key models across the organization to bolster the department’s role as a second line of defense.
Education
- Bachelor's degree is required, preferably in math, business or other quantitative field
- Highly desirable:
- FSA and/or Chartered Enterprise Risk Analyst designation
- Advanced degree in financial engineering
- PhD level degree in a quantitative field
- FRM/PRM/CQF designations
- CFA designation
Responsibilities
- Develops an expert opinion on the calculation methods and governance procedures involved in GAAP LDTI
- Establishes effective working relationships throughout the organization, both at the corporate level and within the businesses.
- Assists in the calculation and aggregation of the Corporate Model, which incorporates inforce ALM projections with new business projections across a variety of market scenarios and business sensitivities
- Participates or leads workgroups by evaluating issues and problems of strategic significance to Lincoln Financial Group, especially via the Corporate Model
- Consults with Investments and Risk leaders on strategic and risk related issues and problems
- Facilitates model risk assessment discussions and analyses with risk groups throughout the organization
- Helps identify, measure and communicate model risk issues
- In conjunction with other risk management areas in the lines of businesses, helps develop, implement, monitor, and manage model risk mitigation programs for the enterprise
- Researches and prepares briefings on status of key projects and initiatives to senior leaders
- Provides research and data analysis support and coordinates special projects
- Acts as a subject matter expert on current and emerging industry issues
- Implements process improvements, consistency, governance, controls, and oversight
- Assists in the development of risk methodologies for Lincoln Financial based on actuarial and capital markets/economic principles
- Develops robust capabilities for an end to end view on risks at the company
- Helps to facilitate transition from existing approaches to newer approaches, and overcomes barriers to mindset change
Certifications
- FSA designation or ASA designation with additional years actuarial experience -Upon Hire
Experience
- 5 7+ Years experience in actuarial science that directly aligns with the specific responsibilities for this position (Required )
- Relevant experience in life insurance industry and actuarial training
- Relevant experience with valuation modeling and related governance procedures
- Knowledge of techniques and tools in market, credit and operational risk management
- Market consistent embedded value, or capital market-based insurance product development, risk management experience is valuable
- Proficient with ALFA or similar projection software systems
- Tableau, Dataiku, SAS or other data management packages