26 days old

Vice President & Actuary (Enterprise Risk Management) - INS0005J

Prudential
Newark, NJ
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  • Job Code
    586041
Primary Location United States-New Jersey-Newark (NJ)
Job:Full-time
Travel:
Description
!*!

The Insurance Assumptions Oversight area within Enterprise Risk Management is seeking a Vice President & Actuary to lead the Insurance Assumptions Oversight function.

 

The Insurance Assumptions Oversight areas mission is to support an agile business framework by establishing an appropriate, risk-smart level of governance, leveraging technology to improve processes, providing insightful recommendations and promoting best practices.

 

The Insurance Assumptions Oversight area is responsible for reviewing and challenging insurance assumptions and documentation for consistency, completeness, and appropriateness.  It is also responsible for developing and maintaining the actuarial assumptions standard that covers assumptions governance, experience studies, and assumption development.  The team partners with the business units to identify and promote best practices, as well as serving a critical role in challenging assumptions and highlighting assumptions requiring senior management review as part of assumption governance and authorization.  The team cultivates strong collaborative relationships with business and corporate partners.

 

The Insurance Assumptions Oversight Lead is responsible for managing a team that plays a lead role in the insurance assumptions governance process.  This is an important position with high visibility, particularly during the companys 2Q annual assumptions update process. 

 
 
Responsibilities
  • Manage a team that takes the lead in the insurance assumptions governance process

  • Engage with and challenge business units and provide a cross-business unit perspective

    • Understand and challenge assumption development practices across Prudentials businesses, promoting consistency where appropriate

    • Implement cross-business unit subgroups to share best practices and to enhance processes

  • Partner effectively with and formulate solutions that consider stakeholders across Prudential, including the business unit assumption teams, chief actuaries, Enterprise Risk Management, Corporate Actuarial Oversight, Enterprise GAAP, Enterprise Stat, and Internal Audit.  

  • Coordinate the 2Q annual insurance assumptions update and the quarterly insurance assumptions authorization processes

  • Lead assumptions oversight for at least one business, including:

    • Review and challenge of actuarial insurance assumptions

    • Provide guidance to the business units regarding the governance process

    • Review and comment on the business unit assumption development and documentation

    • Assist the business units in preparing for assumption escalation meetings with the Chief Actuary and the Insurance Risk Oversight Committee

    • Prepare business unit assumptions inventories for the quarterly actuarial assumption authorization

  • Lead the team in the development and implementation of process improvements, which may include the following:

    • Automate the assumptions inventory process

    • Improve SharePoint structure

    • Assess, propose, and implement a long-term documentation / workflow / inventory solution

  • Work with the business units and corporate areas to prepare for regulatory changes (e.g., GAAP Targeted Improvements for long duration contracts and IFRS 17)

  • Oversee the areas SOX/MAR responsibilities

 



Qualifications
@!*!
  • 10 years of actuarial experience

  • Fellow of the Society of Actuaries (FSA) or Associate of the Societies of Actuaries (ASA) preferred

  • Possess thought leadership and a strategic mindset to provide a vision for the insurance assumptions oversight function as the enterprise continues to evolve

  • Strong collaboration and influence skills to partner with business unit and corporate areas to achieve shared objectives

  • Strong knowledge of experience study methods, including evaluating relevance and credibility preferred

  • Knowledge of GAAP and Stat financial reporting preferred, including some exposure to principles-based reserving, such as AG43 and/or Life PBR

  • Experience with multiple lines of business and multiple actuarial functions (e.g., assumption development, valuation, forecasting, pricing, ALM)

  • Excellent oral and written communication skills required

  • Strong project management skills and the ability to manage multiple tasks / initiatives

  • Attention to detail when reviewing/preparing documents and presentations

  • Strong quantitative and analytical skills, including the ability to solve complex problems

  • Knowledge of audit and control concepts preferred

  • Highly motivated, conceptual thinker who is able to work independently and/or in a team setting




@!*!Prudential is a multinational financial services leader with operations in the United States Asia Europe and Latin America. Leveraging its heritage of life insurance and asset management expertise Prudential is focused on helping individual and institutional customers grow and protect their wealth. The companys well-known Rock symbol is an icon of strength stability expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services including life insurance annuities retirement-related services mutual funds asset management and real estate services. For more information please visit www.prudential.com.

Prudential is not accepting unsolicited resumes from search firms for this open position unless contracted with Staffing. Agencies must work with Staffing as the primary point of contact and follow the Prudential application process to be considered for business. All resumes submitted by search firms to any employee at Prudential via-email Internet or directly to hiring managers in any form without a valid written search agreement in place for that position will be deemed the sole property of Prudential and no fee will be paid in the event the candidate is hired by Prudential.
Note: Any search agreement entered into with Prudential before January 2004 is null and void. Search firms are essential to the recruitment and staffing efforts at Prudential and we value the partnerships we have built with our preferred vendors. Prudential has established and regularly maintains a preferred vendor list and even preferred vendors need to have a written search agreement signed by the Director Recruiting Programs Staffing at Prudential in place for the specific position in order for a fee to be paid for any candidate referrals.
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Posted: 2020-05-07 Expires: 2020-06-06
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Vice President & Actuary (Enterprise Risk Management) - INS0005J

Prudential
Newark, NJ

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