|Contribute to the completion of the internal audit plan through the effective review, verification, examination, and recalculation of product performance/financial information/market risk/actuarial data and models. May lead and/or direct the work of others.
Essential Job Functions:
- Participate as a member of the audit team providing subject matter expertise to actuarial, financial, product, and risk framework audits.
- Plan, direct, assign, and monitor assigned phases of audit work, ensuring that results are timely, accurate, and consistent with project objectives. Coordinate work with other departments as project leader.
- Evaluate and recalculate rate development for new products, product modifications, product specifications, rate assumptions, and re-rating activity.
- Review mathematical reasonableness of valuation reserve calculations considering product design elements and data inputs.
- Evaluate conceptual design and general reasonableness of assumptions for financial projection, market and capital risk management models.
- Analyze product, valuation reserve, risk management, and/or other financial/non-financial data to identify trends or indicators. Verify the accuracy of numerous reports and underlying data/calculations. Provide interpretive insights based on analysis of the results.
- Review system/model inputs and outputs for audited processes. Evaluate completeness of data and accuracy of mapping and aggregations.
- Uses business understanding to evaluate problems and potential solutions. Effectively communicates audit issues.
- Create audit engagement plans based on the risk and its impact on the organization; ensuring that the scope of work is appropriate for the audit assignment.
- Select and apply the appropriate tools and techniques to data gathering, analysis and interpretation, and reporting.
- Maintain industry specific knowledge appropriate to the organization, assigned audit engagements, and advisory projects.
- Identify and escalate strategic implications to the organization from audit issues. Ensure management actions have been effectively implemented through timely and consistent communication.
- This position requires extensive or prolonged typing/keyboarding.
- This position requires sitting over 66% of the time.
- This position requires Visual Acuity at 20 inches (or less) over 66% of the time.
- 3+ years of insurance industry and/or company experience.
- 1+ years supervisory/project lead experience
- Background in math, statistics, economics, or finance.
- Bachelor degree in relevant field of study (Actuarial Science, Mathematics, Statistics, Economics, Finance, or other related business field).
- Superior aptitude for statistical interpretation, a working knowledge of modeling assumptions, formulas, and practices.
- Ability to demonstrate a high-level of analytical and problem-solving skills.
- Awareness of actuarial modeling concepts and model risk management framework.
- Understanding of risk management concepts such as risk appetite, risk tolerance, inherent risk, and residual risk, and how to apply them within business processes.
- Ability to express thoughts, ideas, concepts in a clear and articulate manner using strong verbal and written communication and presentation skills.
- Ability to sustain working relationships with diverse teams, and individual stakeholders at all levels of the organization to achieve department and enterprise goals.
- Understanding of insurance industry operational and compliance concepts.
- Understanding of the organization's industry; including markets, competitors, and industry risks.
- Advanced knowledge of MS Office Tools (Word, Excel, PowerPoint, Access) including application in a business environment.
- Demonstrated project management skills with the ability to influence others to accomplish projects.
- Ability to lead engagements within the organization's audit methodology to meet the audit engagement objectives.
- Experience in reviewing controls related to relevant fields of experience
- 5+ years of insurance industry and/or company experience.
- Seasoned background in math, statistics, economics, or accounting/finance.
- Master's degree in relevant field of study (Actuarial Science, Mathematics, Statistics, Economics, Finance, or other related business field).
- Professional certifications from one of the following credentialing organizations: Global Association of Risk Professionals, Society of Actuaries, CFA Institute, Investment Training and Consulting Institute, or the Financial Modeling Institute.
- Experience in processes related to actuarial modeling, market risk management, insurance product pricing, valuation reserves, or investment portfolio management.
- Experience with modeling tools such as MG-ALFA, Case, ArcVal, AXIS, etc.
- Understanding of internal controls frameworks, such as the COSO Internal Control - Integrated Framework, including: proper control design and implementation and corresponding control objectives, components, and principles.
- Understanding of risk management frameworks, such as the COSO Enterprise Risk Management - Integrated Framework, including: risk appetite, risk tolerance, inherent risk, and residual risk, and how to apply them within business processes.
- Understanding of the organization's strategy and how strategic objectives impact and link to audit work.