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Model Validation Actuarial Lead

The Company:  Aflac Incorporated
The Location: 

Columbus, GA, US, 31999

The Division:  Enterprise Corporate Actuary
Job Id:  2463

Job Summary

Leads and performs model validations for key models owned by finance, actuarial, and risk functions of Aflac Inc. and Aflac US business units as part of the Model Risk Management (MRM) program. Models owned by Global Investment (GI) and Aflac Japan are not in scope of the model validation efforts of this role because GI models are reviewed by GI Risk Management (GIRM) and Aflac Japan models are reviewed by its ERM. Coordinates with GI Risk Management and Aflac Japan model validation leads for coordinating efforts and sharing best practices. Serves as a designated leader to enhance the existing model risk validation process organizationally so that it adds sustainable business value and changes the culture of model development, model control, and model maintenance. This role will report to the SVP Corporate Capital Modeling, with dotted line reporting to the Global Enterprise Risk Senior Manager in order to ensure alignment with the overall Model Risk Management program and communicate closely on all validation work/findings.

 

Principal Duties & Responsibilities 

  • Leads model validations, model control testing, and model risk reporting 
  • Executes model validations timely by creating model test plans and data requests, reviewing model and methodology documents/technical specifications, understanding the model components and model and process flow chart, understanding the intended use of the model and materiality of the business impact, selecting and performing appropriate model validation procedures, performing the model validations, summarizing and documenting the procedures and findings, identifying the areas of weakness, working with model owner and user to create a mitigation plan and monitoring the process, assessing the business impact and reporting to MRM and business unit leads, and communicating the steps to relevant parties 
  • Coordinates with the business model owner and user team to establish the first-line independent model validation process 
  • Coordinates with GIRM and Aflac Japan model validation needs 
  • Assigns, directs and monitors model validations performed by others such as proper internal and/or external resource 
  • Supports Global Enterprise Risk Management's Senior Manager leading MRM overall program in managing model inventory, assessing risk rating, creating a model risk validation schedule, and improving the processes and procedures 
  • Creates a robust model validation training program; provides model validation trainings, enhances model document and model validation report templates, provides education on model control and maintenance; creates model testing tools as needed 
  • Adheres to the MRM framework and leverages existing tools and procedures 
  • Provides a model validation report summary with status, findings, and mitigation plans and reports out to various committees as needed 
  • Builds and maintains an effective relationship with business unit counterparts 
  • Learns and monitors the relevant model risk and model validation guidelines from relevant industries such as ASOP and learns industry best practices from attending model risk related seminars, consulting, and peers 
  • Performs other duties as required

 

Education & Experience Required 

  • Minimum Required Bachelor's Degree Actuarial science, mathematics, data analysis, physics, engineering, computer science or a related field
  • Minimum Required An FSA designation or ASA designation from the SOA working toward FSA (required), as well as a Continuing Professional Development standard kept current
  • Minimum Required Five years of modeling and model validation experience in actuarial or other relevant fields with FSA designation, or eight years of experience working in actuarial fields that require modeling, model validation, valuation, pricing and data modeling with ASA designation

 

Education & Experience Preferred

  • Preferred Master's degree Related technical degree
  • Preferred FSA track for investment or ERM is preferred Qualification Level Experience

 

Or an equivalent combination of education and experience.

 

Job Knowledge & Skills 

  • Proficiency in industry actuarial modeling software is required; MG ALFA is preferred 
  • Proficient in coding with programming languages such as Excel-VBA, SQL, Python, or C-type language is required 
  • Understanding of key insurance product cash flow and proforma balance sheet and income statement is required 
  • Experience in and understanding of experience studies, US GAAP LDTI, Solvency II-like capital, stochastic scenario generation, and Market Consistent Embedded Value (MCEV) or Traditional Embedded Value (TEV) is preferred 
  • Experience in ALM and asset modeling is preferred 
  • Experience in model validation, model control, database, and model documentation is preferred 
  • Strong written and oral communication skills including ability to articulate technical results and concepts to non-technical audience and influence others 
  • Ability and appetite to read technical specifications and learn concepts quickly 
  • Strong analytical skills, both quantitative and qualitative 
  • Strong project management skills to work on multiple cross-functional efforts and deliver and report projects timely 
  • Effective interpersonal skills to build partnerships with model owners/users and function leads 
  • Value driven to find the most impactful method and delivery 
  • Designations such as CFA, FRM, PRM, CPA, FINRA, or Python certification preferred 
  • Proficiency in Microsoft applications such as Word, Excel, PowerPoint, and Access 
  • Experience with Archer is preferred

 

Competencies 

  • Acting with Integrity 
  • Communicating Effectively 
  • Pursuing Self-Development  
  • Serving Customers 
  • Supporting Change 
  • Supporting Organizational Goals 
  • Working with Diverse Populations 

 

Working Conditions

The statements below describe the general nature and level of the work and are not an exhaustive list of all responsibilities, duties, and skills required.

Normal office environment (virtual or in-person)

 

Travel

≤ 25%


Nearest Major Market: Columbus GA