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Associate Actuary, Collateral Risk Management
2 weeks ago
**Position Overview**
Global Financial Solutions (GFS) accounts for over 50% of RGA’s consolidated income. The Longevity line of business is one of RGA’s fastest growing lines of business. The GFS Longevity Risk Management team is responsible for the effective inforce and risk management of longevity risk assumed globally, which represents over $70 billion in benefit obligations. The incumbent will be a key player in ensuring that the longevity line of business continues to be a key part of the long-term success of GFS and RGA.
The incumbent is responsible for:
- Driving efficiencies in longevity and collateral systems and processes
- Effective risk and inforce management of globally assumed products with longevity risk
- Leveraging the value in the inforce, through actionable analytics and business insights
- Supporting new business growth
**Responsibilities**
Inforce Management
- Collateral Management
- Maintain, enhance and develop collateral models in order to estimate current and ongoing collateral needs
- Gain in-depth knowledge of the collateral provisions in order to ensure compliance with the treaty requirements and oversee cures, as needed
- Analyze sensitivity runs with respect to the potential variability of GFS collateral needs, including detailed explanations of any period-over-period changes
- Retrocession management
- Manage external retrocession arrangements, providing required reporting to retro partners, ensuring compliance with treaty terms
- Support implementation of new retrocession agreements, as needed
- Data, Experience and Performance Analysis
- Identify and analyze the impact of data changes in the inforce file, and work with clients to establish revised premium and financial settlement
- Conduct experience analysis and leverage insights to propose appropriate changes to best estimate assumptions, and comment on income expectations incorporated in GFS annual Plan
- Develop performance and trend metrics from inforce experience studies
Strategic Projects
- Using an in-depth knowledge of applicable capital regimes, support initiatives to manage longevity capital requirements and risk limits
- Actively participate in cross-functional collateral optimization and system initiatives
- Drive innovation in inforce Longevity processes in order to achieve scalability and improve controls through database and cloud technology to structure centralized storage for longevity in force and risk management processes
- Effectively utilize visualization tools to improve reporting of inforce Longevity business metrics and analytics
Risk Management
- New Business Reviews
- Using an in-depth knowledge of the key longevity risk & pension risk transfer risks (longevity, collateral, deferred lives) and processes, conduct a comprehensive assessment of risk characteristics for proposed new transactions
- Review the risk analysis and treaty documents for new or amended transactions, highlighting any potential areas of heightened risk, providing feedback/recommendations to support deal teams in treaty negotiations and to mitigate risk, escalating as necessary
- Maintain and enhance inforce guidelines outlining acceptable terms, negotiation options and escalation points for new longevity transactions
- 2nd Line of Defense and Risk Assessments
- Enhance framework for monitoring risk metrics in relation to key risk (longevity, deferred lives, collateral, liquidity)
- Ensure effective monitoring of risk limits and KRIs, escalating issues with actionable recommendations
Leadership and Coaching
- Manage junior staff and co-op student performance to support department goals and objectives
- Support development of junior staff and drive team engagement
- Support Longevity team in hiring process for co-op students
**Requirements**:
- Fellowship in a recognized actuarial organization preferred (FSA, FIA, FCAS, FIAA)
- Chartered Financial Analyst (CFA) or demonstrated knowledge of investments and capital markets
- 7+ years’ experience; at least 4 years post-qualification experience
- Undergraduate degree in related field
- Experience in actuarial modelling software such as Prophet and/or AXIS
- Advanced knowledge of life, health, and/or annuity products
- Advanced written and verbal communication skills, whereby complex and technical information can be conveyed in a way that is meaningful by all stakeholders, including senior management
- Advanced interpersonal skills, demonstrating the ability to work effectively with different stakeholders and disciplines across the company, including local offices, pricing, finance, treasury, valuation, investments, administration as well as external customers
- Effective project management skills
- Ability to work independently as well as within a team environment
- Strong service and result orientation and a drive to make a difference.
- Ability to operate at both strategic and detailed levels, anticipate future needs, be proactive and adjust to constant change
Prefer
