Model Risk Management Actuary

Model Risk Management Actuary
NC, Charlotte ;NJ, Jersey City
Job ID : 45104
Job ID : 45104

Company Description

AXAis a leading financial protection company, committed to fostering and maintaining a diverse, multicultural and inclusive environment, and one of the nation’s premier providers of life insurance and annuity products. The organization was established in 1859 and we are committed now more than ever to helping clients meet financial goals in all stages of their lives. One of the hallmarks of our proud heritage is providing world-class customer service.

We're always looking for smart and talented people to help us develop new and innovative ways to expand our product portfolio, reach new customers and serve well the clients already a part of the AXA family.

Job Purpose

The Model Risk Management Actuary will be a member of the Model Risk Management team that oversees management of the risk inherent in models (e.g. Actuarial, financial) used throughout the company. They will support Model Governance, Model Change & New Model Management, Model Inventories & Risk Assessments, Model Policies, and other activities. 

Opportunities include:
• Deepen understanding of products, assumptions, & processes across different areas (Life/Annuity/Health, Inforce/NewBusiness)
• Enhance modeling and risk management skills
• Positively impact decision making by securing models used for financial reporting, pricing, and other strategic business decisions
• Help build out and establish a new team and function
• Exposure to Chief Risk Officer (CRO) and other leaders within Risk Management and Finance
Responsibilities include:
• Support periodic model reviews & validations (adherence to minimum 3 year validation schedule for financial reporting) and development or update of benchmark models (e.g. baselining spreadsheets)
• Expand validation procedures beyond main liability projection models (GGY AXIS, MG-Hedge) as needed – Valuation systems, Pricing, Asset Valuation, Employee Benefits (new Health Business Line), etc.
• Support and facilitate Model Governance Committee – including review of documents, perform Risk Management independent review on implementation of changes & new models, share feedback with CRO/management, draft & distribute meeting minutes, maintain repository of documents, and liaise with auditors & AXA Group.
• Support development, implementation, and compliance monitoring of Model Risk Policies/Standards; work with modeling teams to develop action plans and follow-up on remediation
• Maintain a complete model inventory listing and support annual model risk assessment
• Maintain a comprehensive Model “Simplifications & Approximations” list
• Support Sarbanes-Oxley (SOX) processes around Model Governance, Change Management, & Validation (maintain narrative, oversee controls, maintain evidence, etc.)
• Research emerging industry & best practices around Model Risk Management
• Review model documentation and help identify weak spots in process & documentation
• For Management Actions, ensure there is an overview across all models & metrics, periodic review, and documentation
• Support model review & signoff for CRO on new product approval process, coordinating with Modeling Teams & New Product Risk Management
• Help identify critical inputs and any model breakages (i.e. stressing models beyond normal assumptions
• Liaise with SOX team on spreadsheet controls and governance

Internal Title: Lead Manager


Job Requirements:

• ASA with at least 4 years of actuarial experience, FSA a plus
• Experience with liability modeling and actuarial projection systems (GGY-AXIS is a plus)
• Software skills including MS Office/Excel/VBA
• Risk Management (in particular model validation or governance) or audit experience is a plus
• Must possess strong accountability, high quality of work ethic, strong organizational skills, solid interpersonal & communication skills, and be a good self-starter

Other information

NOTE: AXA participates in the E-Verify program.

In addition to competitive compensation and an outstanding benefits package including 401 (k) and medical programs, we offer the opportunity for continued professional development in a congenial corporate environment.

AXA is committed to providing equal employment opportunities to our employees, applicants and candidates based on individual qualifications, without regard to race, color, religion, gender, gender identity and expression, age, national origin, mental or physical disabilities, sexual orientation, veteran status, genetic information or any other class protected by federal, state and local laws.


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